Equity Group Net Profit Falls 4% to Sh15.4 Billion
Equity Group profit after tax dropped by four percent to Sh15.4 billion in three months to March this year compared to a similar period in 2024, coming on the back of rise in staff costs and other operating expenses.
While staff costs expanded by 11 percent to 8.7 percent in the review period, other operating expenses also grew by 11 percent to 17.4 percent.
However, the bank’s net interest income increased by 3 percent from Sh27.8 billion to Sh28.6 billion with total expenses falling by 1 percent to Sh29.5 billion.
The Group’s customer deposits expanded by 7 percent to Sh1.32 trllion, up from Sh1 24 trillion.
“We are proud of the resilience demonstrated by the Group amidst a challenging global economic landscape, where our financial strength provides the flexibility to seize opportunities as the regional economy presents diversified levers for growth,” While releasing the Q1 2025 results, James Mwangi, Equity Group Holdings Plc Managing Director, and CEO said.
“This, coupled with the strength of our regional and non-banking subsidiaries, positions us to continue delivering sustainable growth and creating long-term value for our customers, communities, and shareholders, supported by our strong liquidity and total capital positions of 58.5% and 18.3% respectively.”
The Group’s insurance business profit before tax went up by 27 percent to Sh414 million from Sh321 million.
“Since its inception in March 2022, the Group has issued 15.3 million policies, with 80% distributed through digital channels, enhancing financial protection and deepening customer relationships,” the Group added.
