March 19, 2020 / 1:18 PM / 14 days ago

UPDATE 1-Kenyan bank Equity Group reports rise in 2019 profit

(Adds details, background)

NAIROBI, March 19 (Reuters) - Equity Group, Kenya’s second biggest bank by assets, reported on Thursday a 14% rise in 2019 profit after tax, helped by a jump in loans to customers.

The group, which also operates in South Sudan, Tanzania, Rwanda, Uganda and the Democratic Republic of Congo, said profit climbed to 22.6 billion shillings ($215 million). Loans to customers grew 23% to 366.4 billion shillings.

The bank said its subsidiaries contributed 18% of the profit, up from 14% in 2018.

Total assets rose to 673.7 billion shillings from 573.4 billion shillings in 2018, it said.

$1 = 104.9500 Kenyan shillings Reporting by George Obulutsa; Editing by Edmund Blair

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