Equity Group
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BUSINESS
Equity Group Q3 Profits Rise 13% to KSh 40.9 Billion
Equity Group’s 9-month Profit after Tax grew 13.1% to KSh 40.9 billion with regional subsidiaries accounting for 51% of the profit for the period. This is according to the group’s Q3 results released on Tuesday. The Group has seen its deposit franchise grow 9% year-on-year to Kshs.1.3 trillion with its customer base now at 21.3 million. This growth in deposits…
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Equity Bank Receives $50 Million Loan from IFC to support Kenyan SMEs affected by COVID-19
IFC has announced a $50 million loan to Equity Bank Kenya to support local SMEs especially those facing COVID-19 related challenges. The loan, which will ultimately support hundreds of Kenyan businesses in the manufacturing, health, trade, transport, and consumer goods sectors, is part of IFC’s global $8 billion fast-track COVID-19 facility, announced in March. It is designed to help businesses…
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Equity Group calls off plans to acquire Atlas Mara banking businesses
Equity Group has called off plans to acquire Atlas Mara (ATMA). The decision according to Equity is consistent with the bank’s board’s view of uncertainty of risk which precipitated the proposed withdrawal of Kshs 9.5 billion dividend pay-out to shareholders. Equity has expressed the intention to acquire banking businesses from ATMA in Rwanda, Tanzania, Zambia and Mozambique. In January 2020,…
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