Equity Group grows its profit by 6.6%
Equity Group has weathered a turbulent macroeconomic environment to register a 21% growth with total assets reaching Kshs.1,537.7 billion. Funding the asset growth is a 23% growth in customer deposits with the proceeds deployed to grow loan the book by 21%. Customer deposits grew to Kshs. 1,111,2 billion up from Kshs. 900.9 billion while the loan book grew to Kshs. 756.3 billion up from Kshs. 623.6 billion.
Speaking while releasing the Q1 2023 results, Dr. James Mwangi, Equity Group Managing Director and CEO said, "The strong growth speaks to the Group's embedded social and trust capital that has been the Group's brand rated the 4th strongest financial brand on Earth. We are working to anchor the strengh of the brand on customer experience, its capabilities and superior product offering."
The Group's regional expansion and product diversification strategy delivered an almost 50:50 split of business between the anchor Kenya business and the regional banking subsidiaries and non-banking business.
