Equity Group’s Q1 net profit up 36pc to Sh12bn

NAIROBI, Kenya, May 12 – Equity Group has posted a 36 percent growth in its Q1 net profit which rose to Sh11.9 billion from Sh8.7 billion.

The firm’s Managing Director James Mwangi has attributed the growth to a clear development strategy and adoption and usage of digital transaction capabilities.

He said that the Covid-19 pandemic accelerated the adoption and usage of self-service banking using digital channels such as Equity Virtual Assistant (EVA).

“The first quarter of 2022 is a demonstration of the strategy Equity is executing which is developmental. We want to use the Group to transform East and Central Africa and eventually the rest of Africa,” he remarked while issuing the results.

Over the same period, the earnings per share grew by 34 percent to Sh 3.1 billion underlying its ability to sustain dividends.

Net interest income recorded a growth of 31 percent to Sh19.4 million while interest-earning assets saw a growth of 36 percent.

Equity Life Assurance Kenya Limited (ELAK) which started operations beginning of the year has built an asset base of 2.2 billion within the first quarter of its operations

Mwangi reaffirmed that the firm which has subsidiaries in Kenya, Uganda, South Sudan, Rwanda, and Tanzania is committed to ensuring Africa’s growth and development.

Recently, the group signed a partnership with International Finance Corporation (IFC) which seeks to support Equity’s`Africa Recovery and Resilience Plan’.

The two signed a partnership that seeks to finance at least 5 million MSMEs and 25 million households, therefore, creating 50 million direct and indirect jobs.

“We are more than a bank, we are an enabler of lifestyle. It’s the convenience we are offering that is attracting customers. We fulfill the needs and aspirations of customers and communities,” he said.

As part of its 2025 strategy, the bank eyes 100 million customers, 5 million borrowing businesses, 25 million borrowing customers and offer 25 million direct jobs.

The framework is pillared on food and agriculture, manufacturing and logistics, trade and investment, MSMEs, and social, transformation. environmental.