Finance

Kenya’s Equity Group Q1 2023 pretax profit up 10%

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NAIROBI, May 16 (Reuters) – Kenya’s Equity Group Holdings (EQTY.NR) 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 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 2022.

($1 = 136.5000 Kenyan shillings)

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Reporting by George Obulutsa

Our Standards: The Thomson Reuters Trust Principles.

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