Equity Group, in its recently unveiled half-year financial results, exhibited a notable surge in customer deposits which led to a resurgence and an impressive 8 percent augmentation in Equity Bank Group’s profits, reaching Kshs 26.3 billion as opposed to the Kshs 24.4 billion reported during the previous period the last year.
The bank’s financial report, presented to investors yesterday, disclosed a remarkable 21 percent increase in customer deposits, soaring to Kshs 1.2 trillion from the Kshs 1.0 trillion recorded in the same time period last year. The group’s gross profits before tax also encountered substantial growth, expanding by 14 percent to Kshs 35.2 billion from the previous Kshs 30.9 billion, with subsidiaries contributing a notable 45 percent to this positive trajectory.
Dr. James Mwangi, the CEO of Equity Bank Group, commented on this achievement, highlighting the influential role of Equity Bank Kenya in propelling subsidiary growth. Mwangi also noted that subsidiaries are swiftly catching up and are on the verge of contributing nearly 50 percent of the group’s deposits. The chief executive emphasized the bank’s continuous support for businesses and entrepreneurs, aiding them in navigating the challenges during the existing tough economic times.
Consequently, the group’s assets soared past the Kshs 1.5 trillion thresholds, marking an impressive 23 percent surge to Kshs 1.6 trillion. This is in contrast to the Kshs 1.3 trillion reported in the corresponding period of the previous year. This notable achievement further solidifies Equity Bank’s prominent standing as the largest lender in both East and Central Africa, as evidenced by its substantial asset value.
The bank demonstrated substantial growth in loans, with total loans experiencing a commendable 26 percent increase, reaching Kshs 817.2 trillion compared to Kshs 650.6 trillion during the same half of the previous year. Overall, Equity Group’s financial results reflected a robust recovery and expansion, supported by impressive gains in customer deposits, gross profits, and asset value and increased support for businesses and entrepreneurs.
