Equity Group Holdings reported a profit of KSh 11.9 billion at the end of the first quarter of 2021 because of an increase in interest income.
The profit follows the group’s record-high profit of KSh 40.1 billion in 2021.
Notably, the bank’s profit boosted its financial position and resulted in the payment of a dividend of KSh 11.3 billion to shareholders.
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According to the Equity Group’s quarterly filing, the profit increased from KSh 8.7 billion in the first quarter of 2021 to KSh 11.9 billion in the same period of 2022.
The profits were attributed to increase in interest income which increased from KSh 20.34 billion to KSh 26.67 billion.
Following the bank’s excellent financial performance, total assets increased from KSh 1.07 trillion to KSh 1.27 trillion.
At the same time, cash and cash equivalents decreased by 31 percent from KSh 241 billion to KSh 166.4 billion.
Equity Group is a financial services holding company headquartered in Upper Hill, Nairobi with subsidiaries in Kenya, Uganda, Tanzania, South Sudan, Rwanda, Democratic Republic of the Congo and a representative office in Ethiopia.
EGHL was founded in Kenya, the largest economy in the East African Community, as the Equity Building Society (EBS) in October 1984.
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EBS was originally a provider of mortgage financing for customers in the low income population.
Also, due to its rural banking orientation, promotion of agribusiness is a significant and strategic intervention by the bank and September 2015, Equity Bank had more than 9.2 million customers.
The Banker listed Equity Bank among the Top 1,000 Banks in the World with the highest return on assets in the African continent, generating a rate of 6.84 per cent on assets deployed.
In August 2021, the group became the second most capitalized corporate entity at the Nairobi stock Exchange after hitting KSh 200 Billion market capitalization mark.
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