Equity, which also operates in Uganda, Tanzania, Rwanda, South Sudan and Democratic Republic of Congo, said growth in its subsidiaries meant that almost half its balance sheet was now outside of Kenya.

Net loans rose 26% to 817.2 billion Kenyan shillings in the first six months of 2023, while net interest income increased 17% to 46.4 billion Kenyan shillings, Equity Chief Executive James Mwangi said.

Total assets rose 23% to 1.6 trillion Kenyan shillings, while loan-loss provisions net of recoveries were up 89% to 6.3 billion Kenyan shillings, he added.

($1 = 143.7000 Kenyan shillings)

(Reporting by Hereward Holland; Editing by Alexander Winning)