Equity Group net profit jumps 26.6pc to Sh33.3 billion in nine months

EquityGroup CEO James Mwangi during the release of the lender’s quarter 3 results at the bank’s headquarters on November 22, 2022. PHOTO | DIANA NGILA | NMG

Equity Group reported a 26.61 percent growth in net profit for nine months through September on increased earnings from interest and non-funded income streams. 

Profit after tax and minority interest hit Sh33.35 billion compared with Sh26.34 billion in the same period last year, the lender said Tuesday.

Interest earnings from lending rose 23.43 percent to Sh59.84 billion, while non-interest income from transactions went up 32.06 percent to Sh42.22 billion.

Equity’s loan book expanded 20.55 percent to Sh673.91 billion, while customer deposits increased 15.07 percent to Sh1.007 trillion.

 The lender, Kenya’s largest by market share, reported a 31.73 percent growth in operating costs to Sh57.74 billion.

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