Equity and KCB Put Pressure on Safaricom.

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Equity Group is now spearheading a banking industry assault for the title of East Africa’s most profitable corporation after reducing the earnings gap with Safaricom to its narrowest level in eight years.

The bank said that its net profit increased by 15% to Sh46.1 billion for the fiscal year that ended in December 2022, narrowing the profitability gap with telecom by over Sh32 billion in only three years.

James Mwangi, CEO of Equity Group, said that the bank used the Covid-19 problem as a “big asset” and a “tailwind” to advance digital banking.

We will be working with a fully developed group by 2025, and we will attain a return of 4% across the board. Mr. Mwangi believes he has at last discovered the key to staying at the top.

Business Daily

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