Equity Net Profit Rises 6.6% to Sh12.3B in Q1

In the three months ending in March 2023, Equity Group’s profit after tax increased by 6.6 percent to Sh12.3 billion, boosted by an increase in non-funded income.

The profit jumped slightly from Sh11.5 billion during a similar period last year.

James Mwangi, the CEO of the company, stated that non-funded income is still increasing more quickly than interest income.

The amount of money made through commissions and fees, which are unfunded sources of income, increased by 54 percent to Sh18.4 billion during the review period.

Net interest revenue rose to Sh21.7 billion while investments in government debt surged significantly to Sh392.5 billion.

Nevertheless, expenses for personnel, creativity, and technology increased from Sh15.6 billion to Sh22.8 billion.

Non-performing loan percentage increased from 8.65 to 9.1 percent.