Equity Group has announced an18 percent jump in net profit after tax for the half year 2018.
Announcing for the period ending June 30, 2018 group managing director Dr James Mwangi said after tax profit grew to Sh11 billion from Sh9.4 billion the same period last year. Profit before tax grew by 16 percent to reach Sh15.5 billion up from Sh13.3 billion.
The Group’s balance sheet increased by 7 percent to reach Sh542 billion up from Sh505 billion. This was driven by growth in customer deposits of 9 percent to reach Sh394 billion up from Sh363 billion. Regional subsidiaries share of Group assets increased to 26 percent up from 23 percent as their assets grew by 21 percent to reach Sh142 billion.
This reflects the impact of interest capping in Kenya in lending to the private sector. The Group’s balance sheet reflects a liquidity of 59.4 percent up from 54.4 percent.
Mwangi said the Group’s agile balance sheet with strong liquidity held in near cash assets strategically positions the the group for opportunistic growth.