Equity Group’s profit after tax grew by 6.6 per cent to Kes12.3 billion in the three months to March 2023 compared to Kes 11.5 billion recorded the previous year.
The growth is attributed to a growth in non-funded income.
Equity Group Chief Executive Officer(CEO) James Mwangi said non-funded income grows faster than interest income.
Earnings derived from commissions and fees, which are non-funded sources of income, grew to Kes 18.4 billion during the review period, representing a 54 per cent jump.
Whereas net interest income increased to Kes 21.7 billion, government debt investment jumped to Kes 392.5 billion.
However, staff, innovation, and technology costs grew from Kes 15.6 billion to Kes 22.8 billion.
The ratio of non-performing loans went up from 8.65 per cent to 9.1 per cent.
