Equity Group net profit in the first three months of the year has gown by 24pc to Ksh 19 billion from Ksh 15 billion lifted by improved income from regional subsidiaries.
In the quarter under review, the bank posted a 15pc growth in total income which grew to Ksh 55.3 billion compared to Ksh 48.2 billion registered over the same period last year.
“Our Q1 performance reflects the success of our deliberate transformation into a diversified, regional, technology led financial services Group. We are building a future ready institution; scalable, secure, and impact led, anchored in digital capabilities, staff upskilling, and a culture of disciplined execution,” said Dr. James Mwangi, Group Chief Executive Officer.
According to the bank, regional subsidiaries continued to deliver strong and accelerating growth accounting for 50pc of its profit and 52pc of its banking total assets.
Equity Bank Kenya delivered a 21pc year-on-year increase in net profit to Ksh 10.3 billion from Ksh 8.5 billion backed by strong MSME banking.
EquityBCDC in the Democratic Republic of Congo delivered a 32pc in profit after tax to Ksh 5 billion while Equity Rwanda delivered a 36pc profit increase to Ksh 1.5 billion.
Equity Tanzania booked the highest profit jump rising by 150pc to Ksh 1.04 billion as South Sudan subsidiary reversed losses reported over the same period last year.
“As we progress toward our 2030 ambitions, we are evolving beyond traditional banking into a Transformation Finance Institution that mobilizes capital, connects ecosystems, and accelerates inclusive, sustainable prosperity across Africa,” he added.
During the quarter, the bank total assets increased by 16pc to Ksh 2.04 trillion from Ksh 1.7 trillion on account of customer deposits which grew by 13pc to Ksh 1.5 trillion and net loans which grew by 9pc to Ksh 873.5 billion.
