Equity Bank – Kenyan Enterprise

Equity, John Deere Strike Financing Deal for Farm Packages

Enterprise Team — Thu, 21 Sep 2023 08:00:47 +0000

A two-year agreement between Equity Bank and the agricultural machinery giant John Deere would help Kenyan farmers get access to financing choices for buying tractors through reasonable programs. The deal was struck in Chicago at the second roadshow event for US Ambassador to Kenya, Meg Whitman. The relationship between John Deere and the listed institution, […]

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Despite a ban from 2017, Microplastics choke Kenya’s coastline

Clara Situma — Sat, 24 Jun 2023 09:38:53 +0000

Silt deposits and rocks cover the Mwanguwa Ravine’s pathway in Mahoo Village, Taita Taveta County, under the intense midday sun, exposing patches of steep terrain that flood when it rains. The ravine can be safely navigated without water, but as you walk through the silt deposits, you’ll notice that some of them have been transformed […]

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

Lesile Selelo — Tue, 16 May 2023 10:03:33 +0000

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 […]

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Equity Ventures into Full-time General Insurance

Lesile Selelo — Tue, 16 May 2023 05:51:41 +0000

As it enters the general insurance sector, Equity Group Holdings is aiming for a larger share of Kenya’s insurance market. This implies that Equity will engage in the underwriting of fire, marine, motor, accident, and other non-life insurance products. The lender has gained authorisation in principle from the Insurance Regulatory Authority (IRA) to establish a […]

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Equity Group Expands Regionally, adding 538 Jobs

Clara Situma — Fri, 21 Apr 2023 08:45:51 +0000

Last year, Equity Group hired 538 more people to work at more branches, mostly in the Democratic Republic of the Congo (DRC), which is also home to its most successful subsidiary. The lender stated in its most recent annual report that the number of permanent employees increased from 7,688 to 8,226 in the year ended […]

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Borrowers Struggle to Repay Debts on High Cost of Living

Lesile Selelo — Fri, 31 Mar 2023 06:15:45 +0000

Due to their limited resources and the rising cost of living, Kenyan borrowers are finding it difficult to pay their credit obligations. According to the most recent statistics from the Central Bank of Kenya (CBK), the percentage of nonperforming loans (NPLs) increased to 14% in February from 13.3% in December 2022. “Increases in NPLs were […]

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Equity will Get up to Sh510m for Acquisition of Spire Bank

Clara Situma — Mon, 30 Jan 2023 07:13:14 +0000

In exchange for taking over the struggling Spire Bank, Mwalimu Sacco will pay Equity Group up to Sh510 million, which will result in the lender’s entire workforce being laid off. The arrangement is backed by teachers. The transaction is modelled after an asset purchase transaction and is supported by the Central Bank of Kenya (CBK). […]

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Banks’ Sh224bn record profits signal bonus, dividends boom

Clara Situma — Fri, 27 Jan 2023 07:16:45 +0000

Banks’ pre-tax profits for the 11 months to November last year reached a record Sh223.7 billion due to increased lending, paving the way for a dividend windfall for shareholders when full-year results are released in March. According to Central Bank of Kenya (CBK) economic indicators, pre-tax earnings are already 25% higher than the 178.8 billion […]

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Equity Rates up on New Loan Pricing Model

Clara Situma — Fri, 13 Jan 2023 13:24:11 +0000

Risk-based pricing of Equity Bank’s credit facilities has started to be implemented, and riskier customers will now pay up to 21.02 percent for loans. The largest retail bank in the nation now has a base rate of 12.5 percent plus a maximum margin of 8.5 percent, according to a notification delivered to some of the […]

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Equity Group Q3 Profit Up 27.9% To Sh34.3B

Enterprise Team — Tue, 22 Nov 2022 12:43:13 +0000

Equity Group has reported a Sh34.3 billion profit for the first nine months of the year, a 27.9 percent jump from Sh26.9 billion posted in the same period last year attributed to an increase in non-funded income. Non-funded income rose by 31 percent to Sh41.1 billion in the period from Sh31.4 billion in Q3 2021, […]

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