Kenyan lender Equity Group Holdings on Tuesday reported a 14% rise in first-half pretax profit to 35.2 billion Kenyan shillings ($245 million).
Pedestrians walk outside an Equity Bank, Kimathi street branch, as Equity Group Holdings release its 2023 quarter one results in Nairobi, Kenya, May 16 2023. REUTERS/Monicah Mwangion Tuesday reported a 14% rise in first-half pretax profit to 35.2 billion Kenyan shillings .
Equity, which also operates in Uganda, Tanzania, Rwanda, South Sudan and Democratic Republic of Congo, said growth in its subsidiaries meant that almost half its balance sheet was now outside of Kenya. Net loans rose 26% to 817.2 billion Kenyan shillings in the first six months of 2023, while net interest income increased 17% to 46.4 billion Kenyan shillings, Equity Chief Executive James Mwangi said.
Total assets rose 23% to 1.6 trillion Kenyan shillings, while loan-loss provisions net of recoveries were up 89% to 6.3 billion Kenyan shillings, he added.
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