Equity Bank bets big on Uganda subsidiary for profit growth
Equity Group Holdings CEO James Mwangi speaks during an investors briefing on its 2017 Q3 Financial Results in Nairobi on October 30, 2017. PHOTO | SALATON NJAU | NMG
Equity Bank is looking at its Ugandan subsidiary as its best bet for growth in the coming years as its Kenyan and other regional markets slow down due to regulatory interventions, political squabbles and subdued commodity prices on the global markets.
Equity’s Ugandan subsidiary posted a 37 per cent jump in profit in the nine months to end of September, contributing Ksh700 million ($7 million) to the group’s profit after tax.
