Equity Bank announces Sh26.3 billion half year profit

By Peter Ochieng

Equity Bank Group has announced 2023 half year results, that reflect what the financial institution terms as resilience.

Profit After Tax stood at Sh26.3 billion reflecting a return on equity of 27.7% and a return on assets of 3.5%.

The Group registered a funding growth of 23% driven by 21% growth in customer deposits, and 29% growth in shareholders’ funds.

While releasing the half year financial results, the Group Managing Director and CEO Dr. James Mwangi said:

“Our strategic pursuit has resiliently positioned us to weather the macro-economic headwinds and turbulence. Regional geographical expansion and business diversification has seen reliance on contribution of the Kenyan banking subsidiary reduced with other subsidiaries contributing 46% total assets and 45% of profit before tax."

"The drive to non-funded income growth registered good success with total income growing at 24% driven by a 42% growth of non-funded income and 17% growth of net interest income," he added.

Mwangi said they are onfident Equity Group is strategically positioned as a regional systemic bank, among the top 3 in 5 of its 6 operating countries.

"To support further integration and increased cross border trade under the African Continental Free Trade Area while supporting the region to remain the fastest growing common market in the world to offer opportunity for long term sustained value creation."

The Bank currently operates in Kenya, Uganda, Tanzania, South Sudan, Rwanda, Democratic Republic of the Congo and a representative office in Ethiopia.