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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
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 …