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Sunday, January 23, 2022 – Even as Deputy President William Ruto continues to chide ODM Leader Raila Odinga over his endorsement by Mt. Kenya billionaires, it has emerged that his own camp is full of billionaires who are bankrolling his presidential campaigns.
This follows the emergence of billionaire Franklin Ndii, who was unveiled by Ruto’s UDA Secretary for SME, Trade and Industrialization in the small man’s outfit.
Unknown to many, Franklin Ndii is not only a major player in the Nairobi Securities Exchange but also holds shares in East and Central Africa’s huge banking powerhouse, Equity Group.
Equity Group, just this past November, reported a 78.6 percent growth in profit after tax for the nine months to September 2021 on account of the growth of non-funded income and reduced costs.
The bank posted Sh26.8 billion net profit compared to Sh15 billion posted in the same period the previous year.
This was attributed to a 28.8 percent growth in non-funded income to Sh31.9 billion including fees and commission income on loans, bond and forex trading income.
Net interest income from both loans and advances, and from investment in government securities rose by 23 percent to Sh48.4 billion.
Total interest income grew by a quarter to Sh80.4 billion from Sh64.1 billion in the previous period.
The loan book expanded by 10.7 percent to Sh559.01 billion from Sh504.8 billion in the quarter ended June of last year.
The Kenyan DAILY POST