Equity Group Holdings has recorded a 13% increase in profit before tax in the first quarter of 2015 to Ksh6.1 billion from Ksh5.4 billion the same period last year.
CEO & Managing Director Dr James Mwangi expressed optimism that the Group’s performance will remain positive over the year.
“The ’s sustained investments in mobile and agency banking, payment systems and money transfer as well as diaspora remittances and operating expenses optimisation initiatives will continue to contribute to the positive growth,” he said.
“We are highly optimistic that the growth momentum will be maintained throughout the year with a number of new products and services set to be launched in the coming months.”
Customer deposits grew by 35% to Ksh278 billion from Ksh206 billion in March last year. The Total operating income grew by 19% to Ksh13.2 billion up from Ksh11.1 billion. Expenses were up 24% to Ksh7.1 billion on the back of investments in IT capacity in 2014.
Net loans recorded a 25% growth from Ksh179.3 billion in March 2014 to Ksh224.8 billion in March 2015.
Meanwhile, Dr Mwangi announced the completion of the purchase of 12.223% interest in Equity Group Holdings Limited representing half of Helios’s interest in Equity Group. “Equity is delighted to welcome Norfund and Norfinance into the anchor shareholding of the Group. This development further strengthens and diversifies Equity Group’s capital base,” he said.
