Equity Group has released its half-year financial results reporting a 36% increase in profit.
The half-year results continue to reflect a sustained digital transformation with 99% of all customer transactions now happening outside the branch network.
While releasing the results, Equity Group managing director, Dr James Mwangi noted that Covid-19 acted as a tailwind to their efforts of degitising Equity’s business.
“The business transformation has supported recovery and built resilience in the business. Going online and virtual through digitisation has brought ease and convenience to our customers resulting in increased uptake of our products and growth of the business,” Mwangi said.
According to the results, Equity Group’s recovery and resilience strategy saw the group’s profit after tax growth by 36% to Kshs 24.4 billion (Shs780 billion) up from Kshs 17.9 billion (Shs554 billion) for the comparative half year results of the previous year.
The profit growth is attributed to a 29% growth in interest income to Kshs 55 billion up from Kshs 42.8 billion as a result of growth of loans to customers by 29% to Kshs 650.6 billion up from Kshs 504.8 billion.
“The loan growth was targeted to supporting our clients to recover and rebuild after the Covid-19 business disruptions while allowing re-purposing and retooling for resilience and agility to take advantage of emerging opportunities and green shoots in the real economy, “said Mwangi.
Mwangi explained that the differentiated strategy adopted by management to support borrowers to cope with the difficulties of Covid-19 business disruptions has seen most of the businesses survive and recover.
