EQUITY  GROUP REGISTERS  KSHS. 29.6 BILLION HALF YEAR PROFIT

Equity Group has recorded  a  half year –  that ended  in   June  2024 –  profit after tax of Kshs.29.6 billion.  This was a 12% year on year growth.  By the same token, the lender’s earning  per share  grew from Kshs. 6.7 to Kshs. 7.8. 

Addressing investors while releasing these results,  Dr. James Mwangi,  Equity Group   CEO said : “ We are proud that  the group has sufficient cushion on its key balance sheet buffers being liquidity, capital and NPL coverage , while at the same time it continues  to report above industry  profitability metrics with return on average equity of 26.7% and return on average assets of 34%.”

Gone digital

The regional subsidiaries  played a  major  role in this growth.  They accounted  for 50.2% of  the half year profit.  The  group’s transformation  goes beyond  regional and product offering diversification.  In this day and age of  digitalization,   the business is now  enabled   and  led by technology under the One Equity offering.  In  this regard,  with  84%  transactions,   digital  channels are  dominant.  Agency channels on the hand process 9% transactions,  ATM and merchant acquiring  process 2% each, while the branches handle 3%.