Equity Group reports strong Q1 performance
Uganda securities exchange listed Equity bank this week brushed off bad news to post great results, after being hit by negative new in the media regarding an alleged fraud of over 60 billion shillings that showed the country and the banking industry. Managing director James Mwangi spoke after the presentation and said the banks balance sheet continues to expand on account of opportunities in the market, such as government securities, which form nearly half of the groups revenues. He also said the appreciation of the local currency in Kenya was partly to blame for a buildup in NPLs, where the value of foreign currency loan book was reduced as a result.
