June 14, 2024

Equity Group Q1 2024 Net Interest Income Rises To 27.8 Billion

Equity Group Q1 2024 Net Interest Income Rises To 27.8 Billion

Equity Group has reported a strong financial performance for Q1 2024, announcing a significant 28.4% increase in its net interest income. This translates to Ksh 27.8 billion, up from Ksh 21.7 billion in the same period of 2023.

This positive development highlights the group’s success in generating revenue through its core banking activities.

Equity Group’s total assets expanded by a healthy 9.6%, reaching Ksh 1.7 trillion in Q1 2024, up from Ksh 1.5 trillion in the same quarter of 2023.

Customer deposits reached Ksh 1.2 billion from Ksh 1.1 billion, with loans and advances also rising to Ksh 779.2 million from Ksh 756.3 million.

This focus on lending has proven effective, with interest income specifically from loans and advances experiencing a significant rise of 31.9% to Ksh 27.3 million in Q1 2024 compared to Ksh 20.7 million in Q1 2023.

Equity Group’s profitability mirrored its strong net interest income. Profit before tax climbed to Ksh 20.4 million from Ksh 16.8 million in Q1 2023, representing a growth of 21.4%. This translates to a 25.2% increase in earnings per share (EPS) to Ksh 4.08 from Ksh 3.26 in Q1 2023. Profit after tax (PAT) also inreased by a significant 25.2%, reaching Ksh 16 billion compared to Ksh 12.8 billion in the same period of 2023.

Despite a decline in foreign exchange trading income, which fell by 25.6% to Ksh 3.8 billion compared to Ksh 5.2 billion in Q1 2023, Equity Group’s overall performance in Q1 2024 remains positive. The group’s diversified business model positions it for continued growth.

Equity Group has subsidiaries across seven African countries (Kenya, Rwanda, Uganda, South Sudan, Tanzania, DRC, and Ethiopia). These subsidiaries offer a range of services including banking, investment banking, and social impact initiatives through the Equity Group Foundation. This global presence allows them to offer their financial services to a wider range of clients across the continent.

Equity Group also reported an increase in gross non-performing loans (NPLs) by 50% to Ksh 120.4 billion from Ksh 80.3 billion in Q1 2023. Provisions for these NPLs also rose significantly by 74.5% to Ksh 6.1 billion from Ksh 3.5 billion in Q1 2023.

Equity Group’s success extends beyond financial results. The group was recently recognized as the most valuable Kenyan brand by Brand Finance, a leading brand valuation firm.

Read Also : Stanbic Bank Net Profit Hits 3.9 Billion Mark in Q1 2024

Additionally, Equity Bank maintained its position as the most loved banking brand by Kenyan women for the third consecutive year, according to a recent survey by IPSOS and BSD Group.

For any inquiries or assistance, customers can reach out to the equity bank customer care through the equity bank contact number at +254 763 000 000. The equity bank paybill number 247247 can be utilized for easy payment and money transfers. Customers can further make international transfers through the equity bank swift code EQBLKENA XXX.