Equity Group, a leading financial services group led by Kenyan businessman James Mwangi, bolstered its workforce with a noteworthy 538 new hires as of the close of its 2022 fiscal year.
According to its 2022 fiscal year report, Equity Group’s permanent staff grew to a total of 8,226, up from 7,688 in the previous year.
The surge in staff numbers underscores the group’s unwavering commitment to propelling growth through its vast banking network, top-tier talent, and cutting-edge technological infrastructure.
The surge in staff numbers can be attributed to the opening of new branches, particularly in the Democratic Republic of Congo (DRC).
The 538 new employees added to the payroll attest to the group’s continued expansion in the region, with its staff size increased by an impressive 1,908 in the past four years, from 6,318 in 2018.
Equity Group, a Nairobi-based financial services conglomerate, has become the largest financial services group in East and Central Africa, thanks in part to the pivotal role played by Kenyan businessman and multimillionaire banker James Mwangi.
As the CEO and a significant shareholder with a 3.38-percent stake in the Kenyan lender, Mwangi has helped expand Equity Group’s operations beyond Kenya into Uganda, Tanzania, South Sudan, Rwanda, and the Democratic Republic of the Congo.
Equity Group’s expansion propels record-breaking $350 million profit in 2022
As a result of its recent strategic expansion plans, the group has added 16 branches, bringing its total to 353 as of September 2022.
Notably, its presence in the DRC has expanded from 70 to 81 branches through its Equity Banque Commerciale du Congo (Equity BCDC) subsidiary.
The group’s rapid expansion through its subsidiaries has resulted in impressive growth and a surge in earnings.
Specifically, the group’s profit has risen by 15 percent from Ksh40.07 billion ($304.2 million) to Ksh46.1 billion ($350 million).
This outstanding financial performance has translated into a significant expansion of the company’s total assets, which increased from Ksh1.305 trillion ($9.93 billion) to Ksh1.447 trillion ($11 billion), and a substantial increase in retained earnings, which soared from Ksh146.78 billion ($1.11 billion) to Ksh189.57 billion ($1.44 billion).