Browsing: Profits increase for Equity Group

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 …