Home Business Equity to pay shareholders Ksh 15B despite profit fall

Equity to pay shareholders Ksh 15B despite profit fall

Equity Group CEO Dr James Mwangi

Equity Group says its 2023 full year net profit decreased by 5pc to Ksh 43.7 billion on account of higher loan loss provision.

The drop from Ksh 46.1 billion in 2022 reported was as a result of interest expense growing 53pc.

Channel 1

The lender expanded its loan book by 26pc to Ksh 887.4 billion while investments in government securities grew by 27pc to Ksh 500.5 billion up from Ksh 394 billion in 2022.

Net interest grew by 21pc to Ksh 104.2 billion, while non funded income registered a 30pc growth to Ksh 75.9 billion.

Total cost grew by 52pc to Ksh 128.2 billion driven by a 139pc growth in loan loss provision of Ksh 32.8 billion.

The lender has proposed a dividend payout of Ksh 4 per share translating to Ksh 15.1 billion.

Benson Rioba
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