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By Phyllis MUCHOKI, in TORONTO
Equity Group’s net profit for the year ended December 2022 soared by 15 percent from Sh40.07 billion in 2021 to Sh46.1 billion.
The profit growth came on the back of a rise in interest and non-interest income when the lender’s loan book expanded from Sh587.78 billion to Sh706.59 billion.
The earnings growth means Equity Group has, for the third consecutive year, retained its spot as the most profitable lender in the market, with KCB Group’s net profit in the same period being Sh40.8 billion.
“Equity is not about numbers. It is a human story built to solve problems in the society. But this human story manifests itself in numbers. It is a story of consistency,” said James Mwangi, Group CEO at Equity, on Tuesday.
The lender has declared a dividend of Sh4 per share, a 33 percent rise from the Sh3 that was paid last year.