Home » Kenyan banker James Mwangi’s Equity Group smashes records, surpasses $350-million profit in 2022

Kenyan banker James Mwangi’s Equity Group smashes records, surpasses $350-million profit in 2022

by Feyisayo Ajayi
James Mwangi

Equity Group Holdings, a leading financial services group led by Kenyan businessman James Mwangi, reported an all-time high profit of Ksh46.1 billion ($350 million) at the end of its 2022 fiscal year. This cements the group’s position as the most profitable lender in East Africa.

According to its 2022 financial report, Equity Group’s profit rose by 15 percent from Ksh40.07 billion ($304.2 million) to Ksh46.1 billion ($350 million) due to growth in its interest and non-interest incomes.

The group’s net interest income rose by an impressive 25 percent, from Ksh68.8 billion ($522.4 million) to Ksh85.99 billion ($653 million), during the period review.

This increase was in line with a 20-percent growth in the loan book, while its non-interest income expanded by 34 percent to Ksh59.94 billion ($455.1 million), largely driven by trade finance, payment channels, and foreign exchange trading income.

As a result of this robust financial performance, the group’s total assets saw significant expansion from Ksh1.305 trillion ($9.93 billion) to Ksh1.447 trillion ($11 billion).

Additionally, its retained earnings increased impressively from Ksh146.78 billion ($1.11 billion) to Ksh189.57 billion ($1.44 billion).

Mwangi, the CEO of Equity Group, commented on the group’s outstanding financial performance, stating: “Equity is not about numbers. It is a human story built to solve problems in society. But this human story manifests itself in numbers. It is a story of consistency,”

Mwangi also explained the surge in the company’s operating expenses, stating: “We have strengthened our bench, by hiring more staff, and also, when you are doing well, you have to pay them well. That explains why the staff costs have gone up. We are willing to pay for competency.”

As a part of its efforts to reward shareholders, the group announced a dividend of Ksh4 ($0.0304) per share, indicating a 33-percent increase from the previous year’s Ksh3 ($0.0227) dividend payout.

With his substantial 3.38-percent stake in Equity Group, Mwangi is set to receive a dividend of Ksh510.4 million ($3.87 million) from the board’s approved dividend payout of Ksh15.1 billion ($114.57 million).

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