Equity Bank Posts KSh 26.3b Profit as Co-op's Earnings Rise to KSh 12b

 

What's Equity Bank's profit? Equity Group Holdings registered a KSh 26.3 billion profit after tax during the period under review. This came amid high inflation, high-interest rates, volatile exchange rates and devaluation of emerging economies' currencies.The lender's managing director James Mwangi attributed the performance to regional market expansion and the launch of its insurance business.

"Our strategic pursuit has resiliently positioned us to weather the macroeconomic headwinds and turbulence. Regional geographical expansion and business diversification has seen reliance on the contribution of the Kenyan banking subsidiary reduced, with other subsidiaries contributing 46% of total assets and 45% of profit before tax, driven primarily by insurance and the DRC business. The drive to non-funded income growth registered success, with total income growing at 24%, driven by a 42% growth of non-funded income and a 17% growth of net interest income." Mwangi said. 

How much was Co-op Bank's profit? At the same time, TV 47 reported Co-operative Bank of Kenya’s net profit rose to KSh 12.1 billion, representing a 5.8% growth from KSh 11.4 billion reported during a similar period in 2022. The bank's managing director Gideon Muriuki noted its loan book increased to KSh 365.3 billion boosting its revenues. "The strong performance of the bank is in line with the group’s strategic focus on sustainable growth, resilience, and agility," Muriuki said.  BY TUKO NEWS