Equity Group's Nine-month Profit Rises 13 To 317 Million

Equity Group, East Africas leading financial services group led by Kenyan banker James Mwangi reported a robust financial performance for the nine months of its 2024 fiscal year 9M 2024, with profit rising to 317.39 million, driven by its regional diversification strategy.

According to the groups unaudited recent release , profit increased by 13.09 percent, rising from Ksh36.2 billion 280.67 million in the first nine months of 2023 to Ksh40.94 billion 317.40 million in nine months period of its 2024 fiscal year. Regional subsidiaries contributed 49.78 percent of the earnings, reflecting the group's successful regional diversification strategy.

Profit growth was driven by a 13.32 percent rise in interest income, from Ksh111.13 billion 861.45 million to Ksh125.93 billion 976.2 million, and a 5.8 percent increase in non-interest income, from Ksh57.8 billion 448.07 million to Ksh61.15 billion 474.06 million, despite inflation and fluctuating interest rates.

Customer deposits grew 9.04 percent, reaching Ksh1.32 trillion 10.21 billion from Ksh1.21 trillion 9.36 billion, supported by a customer base of over 20 million. Liquidity improved, with cash and cash equivalents rising 55 percent to Ksh295.5 billion 2.29 billion.

Equity Group has expanded its presence in East and Central Africa, with operations now in Uganda, Tanzania, South Sudan, Rwanda, and the Democratic Republic of Congo.