Kenya: Equity Group net profit grows sharply in the first quarter of 2021

Equity Group on Wednesday (May 26th) reported net income up 64% to 8.7 billion shillings (81 million USD), thanks to strong growth in interest and non-interest income.

“Our strategy, primary focus, inclusiveness, accessibility, reach, agility and quality have proven to be resilient and sustainable,” said James Mwangi, Group CEO.

Regarding net interest income, it increased by 28% to 14.8 billion shillings (138 million USD), in line with a 29% growth of the loan portfolio to 487.7 billion shillings (4.5 billion For its part, non-interest income rose 30% to 25.5 billion shillings (237 million USD), giving the lender a high income position.

In addition, the banking establishment noted that its subsidiaries in Tanzania, Rwanda, Uganda and DR Congo recorded growth in their net income. This resulted in an increase in the group’s results. Regional subsidiaries now represent 40% of total deposits and total assets.

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