By Gitahi Ngunyi
@gitahi_ngunyi
East Africa biggest financial services group by customer numbers, Equity Group Holdings has reported a 25 percent jump in after tax profit for first quarter of 2024 ending 31st March.
Unaudited results forwarded to Nairobi Securities Exchange (NSE) show that net profit shot to Sh15.4 billion compare to Sh12.3 billion reported for a similar period last year.
The results show profit growth was driven by increase in earnings from government securities and income from deposit placed in other banking institutions.
Income from government securities grew 31.8 percent to Sh27.3 billion from Sh20.7 billion reported for the same period last year while deposits in other banks grew by 36.4 percent to Sh14.6 billion from Sh10.7 billion for the same period in 2023.
The group’s asset book grew 9.6 percent to Sh1.68 trillion from Sh1.54 trillion driven increase in government lending and customer loan book.
