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Equity Records Ksh46.1 Billion Profit After Tax

The financial services giant saw its total income increase to Ksh144.3 billion in 2022

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Equity Group Holdings grew its profit after tax by 15% for the full-year ended 2022 to Ksh46.1 billion up from Ksh40.1 billion the previous year. Profit before tax in 2022 stood at  Ksh59.8 billion, up from Ksh51.9 billion the previous year.

The financial services giant saw its total income increase to Ksh144.3 billion in 2022 up from Ksh112.4 billion in 2021. The board recommended a dividend payout of Ksh15.1 billion, up 33% from Ksh11.3B the previous year – placing dividend per share for 2022 at Ksh4, up from Ksh3 in 2021.

Total assets grew by 11% to Ksh1.447 trillion from Ksh1.305 trillion, as customer deposits grew 10% to Ksh1.05 trillion in 2022 up from Ksh959 billion the previous year.

Equity CEO Dr. James Mwangi also highlighted growth of the  bank’s mobile payment service for businesses – One Equity. He disclosed that the One Equity Till Number (PWE) now has over 800,000 merchants countrywide and ended 2022 with transactions valued at Ksh524 billion – representing 281% year on year growth.

Mwangi also talked up the company’s efforts to lead investment in key sectors including energy and agriculture.

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“Africa has the unique opportunity of holding 60% of unutilized arable land that can solve the food security challenge,” he said.

“The Group also aims to leverage technology and drive clean energy adoption to leapfrog & future proof the investments so as to fill the gaps of local, national and regional supply chains.”

He further disclosed that the economic outlook would see them shift focus to non-funded income – which includes various fees on transactions and accounts.

“In these challenging economic times, we have shifted our focus from Interest Income to Non-Funded Income because it is the least affected source of income,” Mwangi noted.

Mwangi further reiterated Equity’s commitments to community programs, noting that $606 million had been channeled towards social investment programs by Equity and its partners in the past year.

“The Group operates on a twin-engine model that focuses on both economic and social to make a difference in the economy and in people’s lives,” he stated.

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