Equity Group posts 13 per cent slide in 2023 pretax profit

quity Bank's Chief Executive Officer James Mwangi addresses investors at the Equity Bank headquarters recently. Photo/Courtesy

Kenyan lender Equity Group reported a 13 per cent fall in 2023 pretax profit to KSh51.9 billion, weighed down by a surge in provisions for bad debts, the firm announced on Wednesday March 27.

Equity is East African country’s top lender by earnings.


Capital Sacco launches promotion to reward members purchasing shares

The firm announced that it increased its loan loss provisions by 139 per cent to KSh32.8 billion after its gross nonperforming loans nearly doubled.

It added that its net interest income rose by just over a fifth.

Equity operates in Uganda, Tanzania and Rwanda.

By Kamau Njoroge

Get more stories from our website: Sacco Review

For comments and clarifications, write to: Saccoreview@shrendpublishers.co.ke

Kindly follow us via our social media pages on Facebook: Sacco Review Newspaper for timely updates

Stay ahead of the pack! Grab the latest Sacco Review newspaper!

Sharing is caring!

Not Allowed