Equity Bank Group of Kenya recorded a net profit of KSH 46.1 billion for the fiscal year ended December 2022. When compared to the previous financial year’s net profit of KSH 40.1 billion, the profit increased by 15%. The result was mainly influenced by a 27% increase in interest income, or KSH 119.6 billion.
Pre-tax earnings went up to KSH 59.8 billion in fiscal year 2022 from KSH 51.9 billion in financial year 2021. During the course of the period, net loans increased by 20% to KSH 706.6 billion.
According to James Mwangi, CEO of Equity Bank Group, the key element driving the change in the business model was the rise of e-commerce, which climbed by 212 percent and volume by 336 percent.
“For the first time, Equity excided a Trillion Shillings of customer deposit after a ten percent year-on-year growth,” James Mwangi, CEO-Equity Group.
As a result, equity holders can now rejoice because the company increased its dividend payout from KSH 3 to KSH 4 per share.
Discussion about this post