Equity Group has reported a Sh34.3billion profit for the first nine months of the year, a 27.9 per cent jump from Sh26.9billion posted in the same period last year attributed to an increase in non-funded income.
Non-funded income rose by 31 per cent to Sh41.1billion in the period from Sh31.4billion in Q3 2021, contributing 41 per cent of total income.
Interest earnings from lending rose 23.43 percent to Sh59.84 billion, while non-interest income from transactions went up 32.06 percent to Sh42.22 billion.
Further, customer deposits grew by 15.1 per cent to close at Sh1trillion. Speaking at the investor briefing, Equity Group CEO James Mwangi attributed the growth to customers centric products that have seen the lender hit a new milestone in deposits.
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“It took us over 38 years to build one trillion, but it now evident that if we sustain the current growth rate, the second trillion will be realized in less than 5 years,” said Mwangi.
Operating costs grew by 31.73 per cent to Sh57.74 billion while the lender’s loan book expanded 20.55 per cent to Sh673.91 billion
The Board recommended an interim dividend of Sh8.8 per share for the period.
SOURCE: Capital business