Equity Group’s FY20 PAT fell 11.6% y/y to KES 19.8B driven by a 402.2% y/y surge in loan loss provisions to KES 26.2B and a 18.1% y/y growth in operating expenses to KES 46.0B. For the second year in a row, in a bid to improve the group’s capital buffers, the board of directors do not recommend payment of a dividend.