Business

Equity makes Net Profit of KSh 11.5Billion in Q1 2022

Equity Group Holdings Plc on Thursday reported a growth of 36 per cent in Q1 profit after tax to Ksh 11.9 billion up from Ksh 8.7 billion the previous year.

The lender’s profitability, as measured by Earnings per Share (EPS)improved to KSh 2.29 in Q1, 2021 to KSh 3.06 in Q1, 2022.

Equity Group balance sheet size grew to KSh 1.1 trillion in Q1 2021 to KSh 1.3 trillion at the end of March 31st March 2022 while loans to customer grew significantly from KS 487.7 billion in Q1, 2021 to KSh 623.6 billion in Q1, 2022.

Customer deposits of Equity Group increased from KSh 789.9 billion in Q1, 2021 to KSh 900.9 billion in Q1, 2022.

Cash equivalents and Government securities grew to Ksh 636.9 billion or 48.8% of the entire balance sheet up from Ksh 258.6 billion or 38.4% of the balance sheet as of 31st December 2019.

Equity Group Shareholders worth

Total shareholders’ funds, what owners of the Bank would receive in compensation if the institution went bankrupt, grew from KSh 140.4 billion in 2021 to KSh 174.2 billion in 2022.

Interest income from loans, government securities, deposits with other banks and other interest income grew from KSh 20.3 billion in Q1, 2021 to KSh 26.7 billion in 2022. Non-interest income from fees and commissions, forex trading, dividend income and other fees and income grew from KSh 10.9 billion in Q1, 2021 to KSh 11.9 billion in Q1, 2022.

The lender increased provisions for loan losses from KSh 1.3 billion to KSh 1.8 billion at the end of Q1, 2022.

ALSO READ: Equity to Boost Investment in DRC with $100 Million Capital Injection


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