Equity Group Holding posted a 10 percent jump in pre-tax profit to Ksh.16.9 billion on a rising loan book in the first quarter of 2023.
Net loans rose by just over a fifth to Ksh.756.3 billion from Ksh.623.6 billion in the year-earlier period.
Total assets jumped 21 percent to Ksh.1.54 trillion from Ksh.1.3 trillion in the first quarter of 2022.
The growth is attributed to the bank’s diversification strategy and development in the Democratic Republic of Congo (DRC) subsidiary.
Equity Group Holding 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.
“Equity Group has now received approval in principle from the Insurance Regulatory Authority to set up a general insurance business,” said the Group’s CEO and Managing Director Dr. James Mwangi.
The lender has since appointed Jonas Mushosho the inaugural chair of the General Equity Insurance.
Equity operates in Uganda, Tanzania, Rwanda, Burundi, South Sudan, Kenya and the DRC.
The lender saw its assets jump by 10 percent to Ksh.1.4 trillion from Ksh.1.3 trillion in the fiscal year 2022.
It is the second largest bank by asset value in the region trailing Kenya Commercial Bank (KCB) which has combined assets valued at Ksh.1.5 trillion.