[Source: Daily Nation, by Patrick Alushula]
Equity Group’s half year net profit has tumbled by 24.3 percent to Sh9.02 billion after the lender increased provisioning for loan defaults nearly nine times to reflect the economic hardships facing borrowers due to Covid-19.
The drop was from Sh11.92 billion posted in a similar period last year, making Equity the fourth top lender to fail to grow earnings in Covid-19 environment.
Net profit for the Kenyan unit declined by 26 percent to Sh7.2 billion to…
