As a result of increased loan volume, Kenya’s Equity Group Holdings reported on Tuesday that its first-quarter 2023 pretax profit increased by 10% to 16.9 billion Kenyan shillings (approximately 124 million dollars).
Equity, which also has operations in Uganda, Tanzania, Rwanda, Burundi, South Sudan, and the Democratic Republic of the Congo, reported a slight increase in net loans to 756.3 billion shillings, up from 623.6 billion shillings in the same period last year.
The company announced on Monday that it had received regulatory approval to establish a general insurance business in Kenya, which would complement the company’s existing life assurance business.
According to the report, total assets increased by 21% to 1.54 trillion shillings from 1.3 trillion shillings in the first quarter of 2022. Equity Group’s profit before taxes increased by 10% in Q1 2023.
