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Browsing: James Mwangi
- 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 …
A statement posted by Equity Bank on its website indicated the plan hopes to revive the economy in the continent following the COVID-19 pandemic that halted operations in different sectors leading to the loss of jobs.
In this, AfCFTA and Equity will work on the private sector economic recovery and resilience stimulus plan where the lender has seeded with a $ 6 billion (Sh 678 billion) fund focusing on food and agriculture, extractives, manufacturing and logistics, trade and investments, social impact, health and environmental investments.
Equity plans to finance over five million micro, small and medium-sized businesses (MSMEs) and 25 million vulnerable households by 2025 to support the creation of 50 million jobs.…
- Chief executive officers (CEOs) of listed banks in Kenya took home Sh 1.4 billion in 2021
- Co-operative Bank CEO Gideon Muriuki was the highest earner during the period under review
- Former Kenya Commercial Bank (KCB) CEO Joshua Oigara was placed second behind Muriuki with compensation of Sh368.5 million
In the financial year ended December 31, 2021, the banking sector in Kenya registered a growth of pre-tax profit of 78.5 per cent.
The Central Bank of Kenya’s Bank Supervision Annual Report 2021 revealed the sector’s assets grew from KSh 5.4 trillion in December 2020 to KSh 6.0 trillion in December 2021, representing an 11.4 per cent increase.
The report revealed that customer deposits grew from Sh 127.2 billion in 2020 to Sh 136.3 billion as of December 2021.
According to The Standard, chief executive officers (CEOs) of listed banks in Kenya took home Sh 1.4 billion in 2021.
The top earners:
… 
Kenya is home to over 3,300 millionaires.
According to the 2022 Knight Frank wealth report, the number of self-made dollar millionaires increased by 39 to 3,362 in 2021.
The survey indicated that ultra-high net worth individuals (with a net worth of over Sh 3.4 billion) reduced by two 88 during the period under review.
During the release of the report, Knight Frank Wealth Report editor Andrew Shirley said he knew Kenyans for their tough resilience in running successful businesses.
“I have always been impressed by the high level of entrepreneurship in Kenya, having lived in Kenya before. You can see people creating money virtually out of nothing. Fortunes start from small seeds,” he said.
1. James Mwangi
James Mwangi is the managing director and chief executive officer of Equity Group Holdings Ltd.
The career banker grew up in Nyagatugu, a small village near the Aberdare
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 …