Equity’s subsidiary in Democratic Republic of Congo posted the fastest growth by registering 194 per cent Profit After Tax, propping its bottom-line and underlying the potential of subsidiaries to its business.
Equity Congo, which has 41 branches, recorded a 41 per cent growth in deposits to Ksh41.7 Billion, a 19 per cent growth in loans representing Ksh24 Billion and 30 per cent growth in assets to Ksh53.7 Billion during the third quarter of its operations.
“Our Group’s strategy of regional and business diversification resulted in a double-digit growth across the subsidiaries with an increased contribution of PBT of 18 per cent from 14 per cent during the same period in 2017. The performance gives us the confidence to even explore other opportunities to buttress our unique offering across the region,” said the bank’s Group Chief Executive Oficer Dr James Mwangi.
Equity joined Congo in 2015 after acquiring a 79 per cent stake in ProCredit Bank through a Ksh4.5 billion swap. Since then it has raised its stake in the SME-focused lender to 86 per cent.