As the most profitable lender in the area, Equity Group’s net profit for the year ended December 2022 increased by 15%, from Sh40.07 billion to Sh46.1 billion.
A dividend of Sh4 per share, up 33% from the Sh3 handed out last year, has been issued by the lender.
Operating costs increased from Sh61.5 billion to Sh86.09 billion as the lender increased loan default provisions and increased employee compensation.
The latest sign that investors in listed banks are poised for record cash returns comes from Equity’s enhanced payment to shareholders, which follows reduced profitability in the 2020 and 2021 fiscal years.
