Equity Group net profit grows to Ksh 48B on higher income

Equity Group has posted Ksh 48.8 billion in  full year net profit to December 2024 in what the lender attributes to higher interest income.

Total interest income increased by 9.3pc to Ksh 170.3 billion while non-interest income increased 10.7pc to Ksh 85.1 billion.

During the year, the bank cut its net loans and advances to customers by 8pc to Ksh 819.2 billion, down from Ksh 887.4 billion in 2023.

Despite this reduction, Equity Group saw its gross non-performing loans and advances increase from Ksh 114.6 billion to Ksh 122 billion.

This prompted the lender to increase the loan loss provision from Ksh 42.7 billion in 2023 to Ksh 51.7 billion in 2024.

On the expenses side, higher staff costs and loan loss provision drove the total operating expenses marginally to Ksh 133.04 billion.

The reduction in net loans and advances to customers in 2024 pushed down Equity Group’s total assets from 1.82 trillion shillings in 2023 to Ksh 1.80 trillion.

The lender has proposed a dividend pay out of Ksh 4.25 per share.