EQTY | Equity Group 3Q22 Earnings Note
Equity Group released their Q3'22 earnings results where PAT and EPS were above our expectations by edging up 26.62% y/y and 26.65% to KES 33.35Bn and KES 8.84 respectively. Bottom-line growth was driven by a 23.43% increase in net interest income and a 32.04% growth in non-interest income outpacing an 87.94% growth in impairment provisioning and a 31.72% growth in operating expenses. Trailing ROaE & ROaA improved to 29.98% and 3.73% respectively in 3Q22. Factoring in the growth from previous quarters, we foresee the lender closing the year with a PAT of between KES 45.00 -48.00 Bn.