Equity Group’s net profit for the year ended December 2022 has increased by 15 percent from Sh40.07 billion to Sh46.1 billion, deepening its position as the most profitable lender in the region.
The growth in profits came on the back of a rise in interest and non-interest income, coming in the period the lender’s loan book expanded from Sh587.78 billion to Sh706.59 billion.
Kenyan unit contributed Sh33.4 billion or 73 percent of the group’s net profits, even as its subsidiaries in markets such as DRC Congo continued to grow.
The earnings growth means Equity Group has for the third year running retained its spot as the most profitable lender in the market, with KCB Group’s net profit in the same period being Sh40.8 billion.
“Equity is not about numbers. It is a human story, built to solve problems in the society. But this human story manifests itself in numbers. It is a story of consistency,” said James Mwangi, group CEO at Equity.
The lender has on the back of increased earnings declared a dividend of Sh4 per share, being a 33 percent rise from the Sh3 that was paid previously.
