Equity Group shareholders will go for the second consecutive year without dividends after the board on Monday froze the payout as net profits fell 11.6 per cent to Ksh20 billion (about $182.3 million).
The lender posted a drop in earnings from Ksh22.39 billion ($204 million) booked a year earlier on the back of a five times jump in provisioning for loan defaults in appreciation of economic hardships facing borrowers in the Covid-19 environment.
