Equity Bank

Equity Group
CorporateNews

Equity’s first-quarter profit up 8 percent to Sh12.8 billion

Regional lender Equity Group has reported an eight percent jump in net earnings to Kes12.8 billion in the period ended March 30 on higher income. In the period under focus, the lender saw a 21 percent surge in interest income to close the quarter at Kes32.4 billion compared to Kes26.7 billion reported during the comparable quarter last year. “Customer deposits grew to Kes1.11 trillion up from Kes900 billion while the loan book grew to Kes756 billion up from Kes623 billion,” Equity Group CEO Dr James Mwangi said. Equity Group’s net loans went up by 21 percent to Kes756 billion from Kes623.6 billion. “Our NPL is…

Read More
KCB Govt securities
EconomyNews
Otiato Guguyu

Banks exposure to GoK debt cut to a decade low

Local Kenyan lenders are holding the smallest portion of state debt in almost ten years as banks dump government securities on rate hikes, heightened risk of default and the possibility of restructuring. Central bank data shows the portion of domestic debt held by banks stood at 45.64 percent in April down from 54.8 percent in June 2020.   The last time banks held less than 50 percent of domestic debt was 49.4 percent in March 2014, and have been accumulating risk free state debt over the decade, (especially during the rate cap era) to a high of 57.8 percent in July 2015. Kenyan banks hold Kes2…

Read More
absa
News

Regional lenders are betting on Kenyan CEOs

Absa Kenya, Stanbic and Ecobank have all banked on Kenyan CEOs as regional lenders seek executives with digital expertise and command of the East Africa banking experience to navigate Africa’s large unbanked populations. Absa Kenya appointed Mr Abdi Mohamed to take over its East Africa’s largest operation in Kenya after its former boss Jeremy Awori left to head Ecobank. Mr Joshua Oigara who left the helm at KCB Bank was also taken up by Stanbic Bank as its regional head. Absa Bank sought to stick with a local hand to navigate the Kenyan subsidiary of the South African banking giant when it settled for Abdi…

Read More