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Equity Group reports strong financial recovery with Kshs.16 billion profit in first quarter results

Equity Group Chief Finance Officer, Moses Nyabanda, Equity Group Managing Director and CEO, Dr. James Mwangi and Equity Group Chief Internal Auditor, Beth Kithinji, during the Q1 2024 Investor Briefing event

Equity Group Holdings has bounced back stronger, recording Kshs.16 billion (USD 122 million) in profit after tax in the first quarter after reporting a 5% decline in profits for the year ended 31st December 2023.  The Kshs. 16 billion profit is a 25% jump compared to a similar period last year. Differentiated strong leadership decision making, and an agile balance sheet drove the swift recovery.  Bold decisive actions saw growth in deposits placements to 11% compared to the deposits growth of 29% registered for the year ended 31st December 2023, as the Group skipped expensive deposits.  Growth in long-term borrowed…

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About the Author

Paul Murungi is a Ugandan Business Journalist with extensive financial journalism training from institutions in South Africa, London (UK), Ghana, Tanzania, and Uganda. His coverage focuses on groundbreaking stories across the East African region with a focus on ICT, Energy, Oil and Gas, Mining, Companies, Capital and Financial markets, and the General Economy.

His body of work has contributed to policy change in private and public companies.

Paul has so far won five continental awards at the Sanlam Group Awards for Excellence in Financial Journalism in Johannesburg, South Africa, and several Uganda national journalism awards for his articles on business and technology at the ACME Awards.

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