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Kenya’s Equity Group posts 6% rise in Q1 pre-tax profit

Kenya's Equity Group posts 6% rise in Q1 pre-tax profit:James Mwangi

Kenya’s Equity Group Holdings says its first-quarter pre-tax profit rose by 6 per cent on Thursday. Adding a projection of higher interest and more earning contributions from subsidiaries in 2019.

The financial institution also operates in Tanzania, Rwanda, Burundi, South Sudan, Uganda and the Democratic Republic of Congo. These operations made a combined profit of $8.84 billion shillings or $87.44 million. Net earnings increased to 10.4 billion shillings from 9.8 billion shillings and non-funded income increased from 7 to 7.2 billion shillings.

The firm’s Chief Executive Officer, James Mwangi, informed investors that the bank’s loans rose by 13 percent. He added that subsidiaries will account for 20-25 percent of the full year pre-tax profit considering their 17 percent contribution in the first quarter of 2019.

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