Equity Group Holdings Plc’s first-quarter 2023 pretax profit jumped 10% to Sh16.9 billion from Sh15.3 billion.
The Group’s Profit After Tax increased by 8% to Sh12.8 billion, up from Sh11.9 billion, largely driven by the non-funded income of Sh18 billion, up 57% from Sh11.5 billion, which contributed 45% of total income, reflecting the improving quality of Group earnings.
— Equity Bank Kenya (@KeEquityBank) May 16, 2023
“Non-funded income continues to grow much faster than interest income, and this is the momentum we want to maintain,” said Equity Group CEO James Mwangi on Tuesday.
It said total assets jumped 21% to Sh 1.54 trillion from Sh 1.3 trillion in the first quarter of 2022.
The bank also raised its 2023 outlook, saying its strong cash and liquidity position, the strong momentum of growth and performance, and strong asset buffers in provisions and capital buffers position the institution well to unleash its offensive growth strategy either opportunistically through mergers and acquisitions or via organic growth riding on its strong brand and digital capabilities, strong entrepreneurial and managerial depth, and the group reputation of a steadfast governance structure, practices, and execution capabilities.