Equity Group Holdings said on Tuesday its first-quarter 2023 pretax profit jumped 10% to 16.9 billion Kenyan shillings ($124 million), as its loan book rose.
Equity, which also operates in Uganda, Tanzania, Rwanda, Burundi, South Sudan and the Democratic Republic of Congo, said net loans rose by just over a fifth to 756.3 billion shillings from 623.6 billion shillings in the year-earlier period.
Equity said on Monday it had received regulatory approval to set up a general insurance business in Kenya, which would add on to its life assurance business.
It said total assets jumped 21% to 1.54 trillion shillings from 1.3 trillion shillings in the first quarter of 2022.
