Equity Group, East and Central Africa's leading financial services group led by Kenyan banker James Mwangi, achieved notable financial results for the first half of 2024. The group posted a profit of $229 million, marking a 12 percent increase from the same period last year, buoyed by strategic regional diversification and innovation in financial services.
According to the group's recent financial statement , Equity Group's profit rose from Ksh26.3 billion ($203 million) in the first half of 2023 to Ksh29.6 billion ($229 million) this year. Regional subsidiaries contributed 50 percent of the earnings, reflecting the group's successful expansion strategy.
Profit growth driven by interest and non-interest income surgeThe increase in profit was primarily driven by growth in both interest and non-interest income. Interest income surged from Ksh69.8 billion ($535.4 million) to Ksh84.8 billion ($657.9 million), while non-interest income rose from Ksh36.49 billion ($283.4 million) to Ksh42.78 billion ($332.2 million). This growth occurred despite challenges such as high inflation and interest rate fluctuations.
Deposits grew by 11 percent to Ksh1.3 trillion ($10.08 billion), fueled by an expanding customer base now totaling 20.7 million. The group's liquidity position was notably strengthened, with cash and cash equivalents increasing by 55 percent to Ksh341 billion ($2.65 billion).
