Equity Group reports Ksh 46.1 billion net profit

Equity Group has reported a Ksh 46.1 billion net profit after
tax and a 15.1 billion dividend payout. The institution made a profit of Ksh
59.8 billion before tax and has recorded a 15% year-on-year growth.

While releasing the results, Equity Group Managing Director
and CEO Dr. James Mwangi said, “The Group’s 2022 results reflect the resilience
that the business has developed due to deliberate leadership and management decisions
through interest capping period and COVID-19 pandemic environment, strategically
positioning the business to navigate the evolving macroeconomic headwinds and
turbulence in the financial and economic sectors.”

According to Equity Group, this is remarkable growth
considering the harsh, global, economic times marred with inflation, increased
interests, and turbulence in exchange rates. The bank’s dividend payout has
also increased by over 30%.

Geographical expansion and business diversification continued
to strengthen the group’s resilience and risk mitigation. Pay with Equity
transactions grew by 393% to reach 131.5 million transactions and the volume of
business transacted grew by 281% to KSH 524 billion during the year.