MK254
JF-Expert Member
- May 11, 2013
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Equity Group Holdings Plc. has rebounded to their pre-Covid-19 period performance with a 64 percent jump in net profit for the three months to March 31.
This was buoyed by significant growth in non-interest income and reduction in loan loss provisions with regional subsidiaries, apart from South Sudan, making positive contribution to the bottomline.
The group’s profit after tax (PAT) increased to Ksh8.7 billion ($81.3 million) from Ksh5.3 billion ($49.53 million) in the same period last year, translating to increased earnings per share of Ksh2.3 ($0.02) from Ksh1.4 ($0.01).
“This means the bank has rebounded back to pre-Covid days. We have adopted a two-pronged strategy of being offensive and defensive. We strengthened our capital buffers by retaining profits and withholding dividend payouts, took long-term loan facilities that strengthened our liquidity buffers,” Chief Executive James Mwangi told an investor briefing in Nairobi on Wednesday.
“Internally, we focused on risk mitigation and management in a challenging environment, enhanced our NPL coverage through provisions and sought collaboration with development financial institutions on credit and risk sharing guarantees.”
The lender, which is listed on the Nairobi Securities Exchange (NSE), has operations in six countries—Kenya, Uganda, Tanzania, Rwanda, South Sudan and the Democratic Republic of Congo (DRC)—with a commercial representative office in Ethiopia.
Source: The East African
This was buoyed by significant growth in non-interest income and reduction in loan loss provisions with regional subsidiaries, apart from South Sudan, making positive contribution to the bottomline.
The group’s profit after tax (PAT) increased to Ksh8.7 billion ($81.3 million) from Ksh5.3 billion ($49.53 million) in the same period last year, translating to increased earnings per share of Ksh2.3 ($0.02) from Ksh1.4 ($0.01).
“This means the bank has rebounded back to pre-Covid days. We have adopted a two-pronged strategy of being offensive and defensive. We strengthened our capital buffers by retaining profits and withholding dividend payouts, took long-term loan facilities that strengthened our liquidity buffers,” Chief Executive James Mwangi told an investor briefing in Nairobi on Wednesday.
“Internally, we focused on risk mitigation and management in a challenging environment, enhanced our NPL coverage through provisions and sought collaboration with development financial institutions on credit and risk sharing guarantees.”
The lender, which is listed on the Nairobi Securities Exchange (NSE), has operations in six countries—Kenya, Uganda, Tanzania, Rwanda, South Sudan and the Democratic Republic of Congo (DRC)—with a commercial representative office in Ethiopia.
Source: The East African
