Browsing: Equity Group

Equity Group has reported a 36% growth in its after-tax profit to hit KSh 24.4 billion principally driven by the growth of loans to customers
  • Equity Group has reported a 36% growth in its after-tax profit to hit KSh 24.4 billion, principally driven by the growth of loans to customers
  • The Kenyan-based regional lender also attributed the performance to its recovery and resilience strategy
  • Equity Group CEO James Mwangi said the loan growth was targeted to supporting their clients to recover and rebuild after the Covid-19 business disruptions

Equity Group has reported a 36 per cent growth in its after-tax profit to hit KSh 24.4 billion.

The performance was principally driven by a 29 per cent growth in interest income to KSh 55 billion, up from KSh 42.8 billion as a result of the growth of loans to customers by 29 per cent to KSh 650.6 billion, up from KSh 504.8 billion.

The Kenyan-based regional lender also attributed the performance to its recovery and resilience strategy.

Equity Group CEO James Mwangi said the loan growth …

  • Equity Group grew the volume of diaspora remittances it processed by 39 per cent in 2021 compared to the corresponding period in 2020
  • The lender handled Ksh383.5 billion in remittances in the 12 months to December, up from Ksh279.4 billion in 2021
  • Equity Group CEO James Mwangi attributed this to linkage with multiple digital platforms, which have helped widen the geographical reach in the remittances segment

Equity Group grew the volume of diaspora remittances it processed by 39 per cent in 2021 compared to the corresponding period in 2020, leveraging on the growing popularity of digital channels for sending money home from abroad.

The lender handled Ksh383.5 billion in remittances in the 12 months to December, up from Ksh279.4 billion in 2021.

The Group’s Chief Executive Officer and Managing Director, James Mwangi attributed this to linkage with multiple digital platforms, which have helped widen the geographical reach in the remittances …

  • Equity has recorded a 99 per cent rise of its net profit to reach KSh 40.1 billion from KSh 20.1 billion
  • Net interest income grew by 25 per cent to KSh 68.8 billion, up from KSh 55.1 billion, driven by a 23 per cent growth in loan book to KSh 587.8 billion
  • Equity Group CEO James Mwangi said the bank has now strategically positioned itself as a systemic regional diversified business in six countries

Equity Group has recorded superior performance for the year ended 31st December 2021 despite the challenging operating environment of a global COVID-19 pandemic.

Profit After Tax increased by 99 per cent to KSh 40.1 billion from KSh 20.1 billion, with Profit Before Tax recording a growth of 134% to KSh 51.9 billion, up from KSh 22.2 billion the previous year.

The Group has recommended a record dividend pay-out of KSh 3 per share totalling KSh …

  • Equity Group has been given a life insurance license through its Equity Life Assurance (Kenya) Ltd
  • The group said it will use the license to provide life insurance solutions to an underserved market
  • Kenya’s insurance industry has continued to witness steady growth over the years, with the insurance market premiums currently being valued at approximately KSh 235 billion 

Equity Group joins insurance sector

The Insurance Regulatory Authority (IRA) has issued a license to Equity Group to joins the insurance sector business under Equity Life Assurance (Kenya) Limited (ELAK).

Equity Group said the license will enable it to provide life insurance solutions to the underserved market and contribute towards the vision of Equity Group to transform lives and expand opportunities for wealth creation.

IRA said the new business entity is a fully-fledged business with separate structures and commercial arrangements in line with its regulations.

The Commissioner of Insurance and …

Equity Group has reported a 36% growth in its after-tax profit to hit KSh 24.4 billion principally driven by the growth of loans to customers
  • James Mwangi is among 100 global leaders selected by Ernst & Young’s Meaningful Business 100 (MB 100) 2021
  • Mwangi was selected under the financial services category, for championing initiatives that address the 17 SDGs and specifically focusing on alleviating poverty and inequality
  • The 2021 nominees included corporate CEOs, entrepreneurs, sustainability leaders and impact investors

Equity Group Managing Director and CEO, Dr. James Mwangi is among 100 global leaders selected by Ernst & Young’s Meaningful Business 100 (MB 100) 2021.

The third edition of the awards hailed leaders for their role in tackling the world’s most pressing issues and for fostering the achievement of the UN Global Goals.

Dr. James Mwangi was selected under the financial services category, for championing initiatives that address the 17 SDGs and specifically focusing on alleviating poverty and inequality at the bottom of the socio-economic pyramid.

This has been realized through his vision and through his …

  • Equity Group has reported a 79% growth in profit after tax for the third quarter of the year to KSh 26.9 billion
  • Mwangi said the performance was against a background of the COVID-19 pandemic and its consequent disruption of global economic activities with the resultant social disruptions

Regional banker Equity Group has reported a 79% growth in profit after tax for the third quarter of the year to KSh 26.9 billion.

The group’s Chief Executive James Mwangi said the performance was against a background of the COVID-19 pandemic and its consequent disruption of global economic activities with the resultant social disruptions.

He added that the bank had demonstrated a resilient, versatile business model, leadership agility, innovation and diversification capability and strength of strategy to report a 27% growth in total assets and a 25% growth in total income.

At the same time, the group’s resilience in the execution of an …

Equity Group Plc said it intensified its ‘shared prosperity’ business model in the first half of 2021 by investing US$ 496 million (approx Sh54.3 billion) in social impact projects through Equity Group Foundation.

 

The Group said the projects are anchored around the Foundation’s key pillars, namely: health, energy and environment, food and agriculture, enterprise development and financial inclusion, education and leadership development, and social protection.

 

Equity Group Managing Director and CEO Dr. James Mwangi said he believes the Group’s principle of putting people before profits has greatly contributed to the Group’s impressive performance in the just-released half-year financial results.

 

“We recognize that beyond a regulator license we also get a license from our host communities and we have continued to treat them as significant stakeholders and invest in them through our shared prosperity programme,” said Dr. Mwangi

 

In the health sector, the Group said it rolled out a massive Covid-19

Regional bank Equity Group Holdings has announced a 98 percent growth in half year profits to Sh17.9 billion up from Sh9.1 billion registered the previous year.

The Group’s Managing Director and CEO Dr James Mwangi said attributed improved performance to the defensive and offensive strategy, which they adopted at the onset of the COVID-19 pandemic.

As such, deposits registered a 51 percent growth to Sh820.3 billion up from Sh543.9 billion, while long term borrowed funds grew by 78 percent to Sh102.3 billion up from Sh57.6 billion.

Net Loans and advances grew by 29 percent to Sh504.8 billion up from Sh391.6 billion, while investment
in Government securities grew by 46 percent to Sh315.5 billion up from Sh216.4 billion resulting in 50 percent
growth in Total Assets to Sh1.12 trillion up from Sh746.5 billion.

The CEO also revealed that the strategy led to a 33 percent growth in topline Total Income to …

Equity’s operations in the DRC now constitute 28 per cent of the Group by asset size signalling the company’s positive sentiment on the future outlook of the country. By virtue of the acquisition, Equity also became the largest bank by asset size at the Nairobi Securities Exchange (NSE).
Banking penetration in the DRC ranks at the bottom of regional peers, with only 6 per cent of the population holding a bank account. This presents a great opportunity for the Equity Group to leverage on its digital platform and inclusive products to penetrate the market and generate high returns. …

Equity Group Holdings has recorded huge profits of $80.6 million after-tax in its first quarter of 2021 amidst the impacts of the pandemic on economies.

In its latest financial report, for the first quarter that ended on March 31, 2021, Equity group profits increased by 64 percent after-tax to $80.6 million compared to $49.1 million recorded in 2020, which shows recovery in the financial sector.

Equity group holdings total income grew by 29 percent to $236.3 million in the same period while staff costs, loss loan provisions and other operating expenses increased to $127.9 million from $117.7 million.  During the same period, non-performing loan book grew by 11.3 percent compared to 14.6 percent which is the industry average.

The group’s interest income grew by 32 percent while non-funded income grew by 30 percent to contribute 42 percent of the total income.

While releasing the report, the Equity Group CEO James …