Equity's Sh2.9b profit dip as big lenders feel heat

Equity Group Chairman Prof Isaac Macharia, Managing Director and CEO Dr James Mwangi and Geoffrey Maoga, a shareholder, during the FY 2023 Investor Briefing event. [Wilberforce Okwiri, Standard]

Two of Kenya's biggest banks have now collectively collected a yearly profit drop of more than Sh6 billion as concerns about an economic slowdown and higher defaults among businesses mount.

Equity Group, Kenya's biggest bank by asset base, said yesterday its net profit for the year ended December 2023 fell by Sh2.91 billion or 6.5 per cent to Sh41.98 billion after the lender doubled its provisioning for bad loans in the period.