Equity Group FY’21 net earnings edged up by 99.37% to KES 40.07Bn which was above our expectations of a KES 25.67Bn PAT, while the EPS also grew 98.09% y/y to KES 10.38. The impressive growth in bottom-line was mainly driven by a 21.07% growth in operating income to KES 113.39Bn and a 78.05% y/y decline in Loan Loss provisioning to KES 5.84Bn. Customer deposits grew 29.45% y/y to KES 958.98Bn while the loan book increased 23.00% y/y to KES 587.78Bn, both were above our expectations. Loan book growth was driven by increased lending in Kenya, South Sudan and Tanzanian markets while deposits mobilization through digital channels was highest in Kenya, Uganda and DRC.
