NAIROBI (Reuters) – Kenya’s 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 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)
(Reporting by George Obulutsa; Editing by Jacqueline Wong)
