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.