Equity Group has posted a net profit of Ksh. 24.4 Billion translating to 36 percent in the first half of this year.
This follows an increased lending and strong performance of non-funded income.
Speaking during the announcement of the results, Equity Group CEO James Mwangi says that the growth was also boosted by trade missions in the Democratic Republic of Congo.
Over the last three years during the Covid-19 pandemic, Equity Group has gone through its greatest business transformation in line with the environmental challenges.
“To align to the realities of the operating environment, the business challenges of disruptions by Covid-19 and the broken global supply chains, the Group strategically opted to focus on becoming a leading Trade Finance regional bank to ease the cost of financing trade while facilitating cross border trade in the East African common market and the African Continental Free Trade Area,” said Dr Mwangi.
The profit growth was principally driven by a 29% growth in interest income to Kshs 55 billion up from Kshs 42.8 billion as a result of growth of loans to customers by 29% to Kshs 650.6 billion up from Kshs 504.8 billion.
“The loan growth was targeted to supporting our clients to recover and rebuild after the Covid-19 business disruptions while allowing re-purposing and retooling for resilience and agility to take advantage of emerging opportunities and green shoots in the real economy, “said Dr Mwangi.
