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Equity Group Holdings, East Africa’s largest financial services conglomerate led by Kenyan banking magnate James Mwangi, reported a double-digit increase in earnings at the end of the first nine months of its fiscal year 2022.
Equity Group’s profit increased by 28 percent from Ksh26.9 billion ($220.1 million) in the corresponding period of 2021 to Ksh34.4 billion ($281.5 million) in the period ending Sept. 30, according to figures contained in its unaudited financial statements, as the group continues to benefit from its efficiency gains thanks to its business transformation strategies.
During the review period, the group’s non-funded revenue rose at a quicker rate of 31 percent compared to a 26-percent growth rate for total gross interest income, raising non-funded income’s share to 41 percent of total income.
As a result of the strong performance, the group’s assets increased by 15 percent to Ksh1.36 trillion ($11.1 billion), led by a 15-percent increase in client deposits, which broke the Ksh1 trillion mark for the first time in the Group’s history.
While commenting on the financial results, Equity Group Group CEO and Managing Director James Mwangi stated that the management’s deliberate and intentional strategic actions have resulted in greater performance, a higher quality income mix, and a stronger balance sheet.
He added that the COVID-19 environment management strategies have enabled the group to navigate through volatile and uncertain economic and financial environments marked by supply shocks, disrupted supply chains, high inflation and interest rates, and slow and declining economic growth.
Equity Group Holdings Limited is a leading financial services conglomerate located in Nairobi, Kenya’s capital and largest city. It operates through subsidiaries in Uganda, Tanzania, South Sudan, Rwanda, and the Democratic Republic of the Congo, in addition to its Kenyan operations.
Mwangi, who has been instrumental in the growth and transformation of Kenya’s financial services industry, owns a sizable 3.38-percent stake in Equity Group.
Under his leadership, Equity Group has risen to become the largest lender in East and Central Africa in terms of assets, deposits, and market capitalization.
