EQTY | Equity Group Q3 2023 Earnings Note
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Equity Group posted a mild 5.32% y/y increase in profit after tax (PAT) to KES 36.20Bn by close of Q3’23. However, the trailing earnings per share (T-EPS) momentum declined 105bps to KES 12.23 over the quarter. The lender’s bottom-line growth was driven by a 21.32% y/y increase in funded income to KES 72.6Bn and a 36.90% y/y increase in non-funded income to KES 57.8Bn. On the flipside, the strong revenue growth was watered down by a 46.35% y/y surge in operating expenses. The trailing ROaE and ROaA decelerated to 25.1% and 3.1% respectively in Q3’23. The Group’s net interest margin widened 20bps y/y to 7.1% while the profit margin edged down y/y to 27.76%.