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Equity Group's profit after tax jumps to Sh5.1 billion

BUSINESS
By Reuters | May 10th 2016

NAIROBI, KENYA: Equity Group Holdings on Tuesday reported a 19 percent increase in pretax profit for the first quarter to Sh7.3 billion.

It said its profit after tax jumped by 20 percent to Sh5.1 billion in the same period.

The growth came from a 37 percent jump in net interest income for the group, driven by its strategy of securing cheaper funds from shareholders and creditors, while increasing lending to customers, said Chief Executive James Mwangi.

Net loans increased by 22 percent from the same period last year to 275.0 billion shillings. Total costs grew 17 percent during the period as staff costs and loan loss provisions rose.

Non-performing loans stood at 3.8 percent of the total, below the 8 percent recorded for the industry in March.

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