Browsing: Equity rwanda

Equity Group

How subsidiaries buffeted Equity Group’s $230M half-year earnings

Banking
  • 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 …

Rwanda to benefit from Mastercard USD2.5m tourism recovery funding

Rwanda

The Mastercard Foundation’ Komeza program is gaining momentum and Rwanda, the fastest growing economy in East Africa, is not about to be left behind.

Equity Bank of Rwanda as announced that it will be partnering with Rwanda’s Entrepreneurial Solutions Partners (ESP) under the Komeza program to stimulate recovery from the negative effects of Covid-19.

Komeza is the brainchild of Entrepreneurial Solutions Partners (ESP) which has won support of Mastercard’s ongoing USD2.5 million MasterCard Foundation COVID-19 Recovery and Resilience Program. The Mastercard program is designed to support small and medium enterprises (SMEs) specifically in the Tourism and Hospitality sector. (https://spoonerberries.com)

Under the program, with Equity Bank Rwanda PLC as the financing partner, ESP will provide both financial support and technical assistance to 120 SMEs that operate within the Tourism and Hospitality sector.

Over the next year, the Komeza program will provide technical assistance and financing of up to USD50000 …