Equity Group Holding’s half-year profit after tax has increased by Kes 1.9 billion to Kes 26.3 billion. This is after the lender’s revenue grew from Kes 24.4 billion during a similar period in 2022.

The lender attributed the growth to increased customer deposits by 21 per cent.

Equity Group Chief Executive Officer James Mwangi noted their strategic pursuit has resiliently positioned the lender to weather the macro-economic headwinds and turbulence.

 “Regional geographical expansion and business diversification has seen reliance on the contribution of the Kenyan banking subsidiary reduced with other subsidiaries contributing 46% total assets and 45% of Profit Before Tax, driven primarily by insurance and the DRC business,” Mwangi said.

While net loans to customers grew by 26 per cent, investments in government securities registered 33 per cent growth.

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Further, Mwangi said the drive to non-funded income growth registered good success with total income growing at 24% driven by a 42% growth of non-funded income and 17% growth of net interest income.

“Gross trade finance revenue grew by 117% with trade finance related lending growing by 46%, FX total income grew by 68% and diaspora flows grew by 146% to account for 12% of all client FX volumes.”