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.
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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
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