Equity Group Managing Director and CEO James MwangiNAIROBI, KENYA: Equity Group’s net profit for Financial Year ending December 2020 has dropped by 11 per cent to Sh20.1 billion from Sh22.6b in 2019. The lender has not recommended dividend to shareholders opting to devote internally generated funds to the Group’s offensive and defensive strategy. This makes Equity Group the biggest bank in the region by asset base having surpassed KCB Group that recorded Sh987billion in assets last year. Net interest income grew by 23 per cent to Sh55 billion up from Sh45 billion driven by a 30 per cent growth on customer loan book and 26 per cent growth in investment in Government securities. The Group accommodated Sh171 billion of loans for customers whose repayment capacity was impacted by Covid-19.

Source: Standard Digital March 29, 2021 08:03 UTC