Equity Group has doubled its net profit to Sh40 billion for the year ended December 2021.
The profit is a result of the bank diversifying into new subsidiaries. Equity shareholders will also take home a dividend of Sh11.32 billion, which shall be paid on a Sh3 per share arrangement.
This is after a two-year freeze on dividend payment due to the impact of Covid-19 on the economy.
The entry of Equity into the Democratic Republic of Congo market has reaped off with the subsidiary contributing 47 per cent in asset increase at Sh419.8 billion against the group overall of Sh1,304.9 billion.
Equity has a total of 337 branches which spread across Kenya, Uganda, DRC, Tanzania, Rwanda and South Sudan.
Equity CEO James Mwangi, while announcing the results on Tuesday, attributed the asset growth to a corresponding increase in customer deposits which accelerated to Sh959 billion from Sh740.8 billion in 2020.
“We have strengthened our business model to achieve an embedded shared value concept in our twin-engine of social and economic aspirations and deliverables,” Mwangi said.
He said the bank had scaled its social and environmental impact investments in capacity-building and enhancement through education, health and entrepreneurship training.