Equity Group regional units grow profit contribution to Sh15.3bn

Equity Group's regional subsidiaries grew their contribution to the bank’s net profit by a third to Sh15.3 billion in the year to December 2023, cutting the dominance of the Kenyan unit whose contribution dipped last year as increased provisioning for non-performing loans hit profitability.

The lender’s net profit fell by 6.48 percent to Sh41.98 billion in 2023, largely on account of increasing the provision for bad loans to Sh35.25 billion from Sh15.4 billion in 2022.