Equity Group's half-year results showed a 12 percent net profit growth to Kes 29.6 billion compared to the same period last year.

 The lender attributed the performance to high-interest income and improved performance by regional subsidiaries.

Further, Equity’s revenue generated from interest grew by 22 percent to Kes 84.8 billion from Kes 69.8 billion, attributed to regional subsidiaries in Rwanda and the Democratic Republic of the Congo.

Regarding performance, Equity Group Chief Executive Officer (CEO) James Mwangi stated that the company continued to optimize its balance sheet reducing leverage by Kshs.75 billion of expensive borrowings with improved liquidity.

The lender’s total assets also increased by six percent to Kes 1.75 trillion, with deposits jumping by 11 percent to Kes 1.3 trillion.

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“We are proud that the Group has sufficient cushion on its key balance sheet buffers being liquidity, capital and NPL coverage while at the same time it continues to report above industry profitability metrices with return of average equity of 26.7% and return on average assets of 3.4%.”