After reporting a 5% decline in profit after tax for the year ended 31st December 2023, Equity Group Holdings has bounced back recording strong 1st quarter results. Profit after tax for the period ended 31st March 2024 grew by 25% to a record Kshs.16 billion compared to a similar period last year.
- 25% growth in profit after tax of Kshs.16 billion for 1st quarter 2024
- 29.1% return on average equity year on year to 31st March 2024
- 65% Group profit after tax contribution by subsidiaries speaking to successful transformation to a financial integrated services group
- Strong start of business lines diversification with non-banking contributing 3.4% of the Group profit after tax driven by insurance subsidiary
- Insurance subsidiary achieves 4th position in the market with 9% market share respectively in its second year of operations and records 106% growth in profits and 54% return on average equity.
- Brand ascends to become the world’s second strongest financial brand and the region’s most valuable brand.
Business Pictorial:
From left to right: Equity Group Chief Finance Officer, Moses Nyabanda, Equity Group Managing Director and CEO, Dor. James Mwangi and Equity Group Chief Internal Auditor, Beth Kithinji, during the Q1 2024 Investor Briefing event. Equity Group Holdings has registered a strong recovery recording a 25% growth in profit after tax to Kshs.16 billion for the period ended 31st March 2024 compared to a similar period last year. Deposits grew by 11% to Kshs. 1,236.4 billion up from Kshs. 1,111.2 billion. Subsidiaries (banking and non-banking) contributed 65% of the Group’s profit after tax, speaking to successful transformation to a financial integrated services group. The insurance subsidiary achieved 4th position in the market with 9% market share respectively in its second year of operations and recorded 106% growth in profits and 54% return on average equity. The Brand ascended to become the world’s second strongest financial brand and the region’s most valuable brand.
From left to right: Equity Group Chief Operating Officer, Samuel Kirubi, Equity Group Managing Director and CEO, Dr. James Mwangi and Mr. Mwangi Kihu, a shareholder, during the Q1 2024 Investor Briefing event. Equity Group Holdings has registered a strong recovery recording a 25% growth in profit after tax to Kshs.16 billion for the period ended 31st March 2024 compared to a similar period last year. Deposits grew by 11% to Kshs. 1,236.4 billion up from Kshs. 1,111.2 billion. Subsidiaries (banking and non-banking) contributed 65% of the Group’s profit after tax, speaking to successful transformation to a financial integrated services group. The insurance subsidiary achieved 4th position in the market with 9% market share respectively in its second year of operations and recorded 106% growth in profits and 54% return on average equity. The Brand ascended to become the world’s second strongest financial brand and the region’s most valuable brand.
From left to right: Equity Group Chief Operating Officer, Samuel Kirubi, Equity Group Managing Director and CEO, Dr. James Mwangi and Equity Group Chief Finance Officer, Moses Nyabanda, during the Q1 2024 Investor Briefing event. Equity Group Holdings has registered a strong recovery recording a 25% growth in profit after tax to Kshs.16 billion for the period ended 31st March 2024 compared to a similar period last year. Deposits grew by 11% to Kshs. 1,236.4 billion up from Kshs. 1,111.2 billion. Subsidiaries (banking and non-banking) contributed 65% of the Group’s profit after tax, speaking to successful transformation to a financial integrated services group. The insurance subsidiary achieved 4th position in the market with 9% market share respectively in its second year of operations and recorded 106% growth in profits and 54% return on average equity. The Brand ascended to become the world’s second strongest financial brand and the region’s most valuable brand.
