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Browsing: Equity BCDC
- The strong performance of key subsidiaries in Rwanda, DRC, and Kenya largely drove growth in customer deposits.
- Equity South Sudan emerged as a standout performer, posting a 48% jump in revenue.
- Collectively, the subsidiaries accounted for 55% of the group’s revenue and 58% of pre-provision operating profits.
In the six months to June 2024, regional lender Equity Group posted strong results amid a tough macroeconomic environment marked by high interest rates and currency woes.
An analysis of the Group’s performance shows that subsidiaries spread in Rwanda, the Democratic Republic of Congo (DRC), Kenya, and South Sudan played a pivotal role in bolstering its financial performance.
The subsidiaries’ performance helped cushion the lender from the impact of external pressures on the overall earnings.
Equity Group reported a 12.5 per cent year-on-year jump in net earnings, reaching $230.2 million (KSH29.62 billion) in the first half of 2024. This growth was underpinned by …
- Equity Group anticipates regulatory changes, currency fluctuations, and the broader economic repercussions of global events as obstacles in the future.
- However, the regional lender looks well-positioned to overcome these obstacles due to its robust capital base, diversified business model, and continuous digital transformation.
- Analysis shows that industry-specific factors, market sentiment, and macroeconomic conditions may be exerting an impact on the stock’s performance.
Amidst the ongoing repercussions of the pandemic and geopolitical unrest on a global scale, Equity Group Kenya, arguably the largest financial institution in East Africa, has exhibited exceptional fortitude and expansion during the three months ending September 30, 2023.
In spite of the tough economic climate characterized by inflationary forces and disruptions in the supply chain, Equity Group has disclosed a consistent upward trend in its fundamental financial indicators. An important growth driver has been the bank’s emphasis on digital innovation and customer-centric services, which have significantly …