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Equity hit by Tanzanian subsidiary loan defaults
Equity CEO James Mwangi speaks during the release of the first quarter results at the Equity Centre in Nairobi on May 9, 2019. PHOTO | SALATON NJAU | NMG
Customers of Equity Group’s #ticker:EQTY Tanzanian unit defaulted on nearly a third of loans in the first quarter, a balance sheet deterioration that seeped through to the parent company’s consolidated results.
The subsidiary’s stock of bad debt stood at 31.6 percent of the total loan book of Sh14.8 billion by the end of March compared to 12.6 percent in its unit in South Sudan, 8.5 percent in Kenya, 8.1 percent in DR Congo, 3.5 percent in Rwanda and 1.7 percent in Uganda.
