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Equity, KCB pile pressure on Safaricom in profitability race
Equity Group Executive Director, Mary Wamae, Group Board Chairman Isaac Macharia, Group MD and CEO, James Mwangi and Group Chief Operating Officer, Samuel Kirubi during the full year 2022 investor briefing. FILE PHOTO | POOL
Equity Group has narrowed the profit gap with Safaricom to the smallest in eight years, leading a banking sector onslaught in the race for East Africa’s most profitable company.
The bank on Tuesday reported a 15 percent growth in net profit to Sh46.1 billion for the year ended December 2022, cutting the earnings gap with telco by close to Sh32 billion in three years.
