The Group posted a profit before tax of Kshs 4.52 billion up from Kshs 3.73 billion posted during a similar period in 2012.  

Equity Bank Group’s profits after tax jumped 22 percent to Kshs 3.21 billion from Kshs 2.63 billion posted within the same period last year.

Despite a challenging business environment characterized by uncertainty from the recent general elections and falling interest rates, prudent cost and risk management saw Equity Bank’s total income rise by 13 percent to Kshs 10.20 billion from Kshs 9.01 billion, posted during a similar period in 2012.

The total operating expenses rose to Kshs 5.73 billion from Kshs 5.31 billion for the period under review, an 8% increase.

Equity Bank’s total assets grew by 21 percent during the period to close at KShs 252.2 billion in March 2013 compared with Kshs 208.9 billion as at 31st March 2012.

Net Loans and advances grew by 15 percent to Kshs 139.5 billion from Kshs 121.1 billion advanced during the same period last year. The Net interest income also increased to Kshs 6.87 billion, from the previous year’s Kshs 5.69 billion, a 21% increase.

Customer deposits grew by 14 percent to close at Kshs 175.3 billion up from Kshs 153.7 billion during the same period last year. The bank’s customer base grew by more than 200,000 to over 8.0 million up from 7.8 million a year ago making the bank the largest Bank in customer base in Africa.

Commenting on the results during an investor briefing, Equity Bank Group, CEO and Managing Director, Dr. James Mwangi said the bank will continue to focus on innovation, new market segments and growing the networks to sustain growth.

 “Diversification of the bank’s portfolio along with strategic global and local partnerships, regional expansion and increase in the number of Equity Bank agents will drive growth and deepen the bank’s penetration into the market,” Dr. Mwangi said.

The bank’s long term borrowings funds increased by 66 percent to Kshs 24.7 billion up from Kshs 14.8 billion on the back of an enhanced global rating for the bank.

In September 2012, the bank was awarded the Global Credit Rating: long term AA- and short term A1+. The interpretation of this rating is that the bank has the highest certainty of timely payment; Short-term liquidity, including internal operating factors and outstanding access to alternative sources of funds and safety that is just below that of risk-free treasury bills.

Dr James Mwangi further stated: “The East African economies are expected to continue benefitting from the stability of interest rates at lower levels than those experienced in the first quarter of 2012. The peaceful elections, improvement in weather conditions, continued prudent macroeconomic and fiscal management will result in improving business confidence. This should see GDP growth in Kenya accelerate to at least 5 percent forecast by the World Bank.”

He also said that strategic growth of SME lending brought about rapid growth in the loan book. The group’s gross non performing portfolio stood at 5.1 percent with a coverage ratio of 56 percent.

The Bank continues to strengthen its unique business model through innovation, enhanced use of technology and automation for a better customer experience.

Equity Bank was recently ranked as the best bank in Kenya in a survey conducted by the authoritative Think Businessmagazine.

Equity Bank Group recently launched a partnership with Google to introduce BebaPay into the market - a payment card which will provide a quick and convenient way to pay for bus fare.

In a bid to extend financial inclusion in the East African region, Equity Bank in collaboration with MasterCard Worldwide recently introduced Mobile Point of Sale (MPOS) technology and PayPass™ Enabled Debit and Prepaid Cards in Kenya.

Equity Bank was recently ranked as the 2013 Overall Best Bank in Kenya, Best Bank tier 1 and the most customer friendly in terms of affordability in a survey conducted by the authoritative Think Business magazine.

Related stories

Equity Group Secures Its Shareholders Nod for a Kshs 20billion Pan African Expansion Bid

The shareholders of Equity Group Holdings (formerly Equity Bank Limited), have approved a raft of...

View More
Equity Group Now Listed on the Rwandan Bourse

The regional integrated financial services firm, with banking interests in Rwanda, Uganda, South...

View More
Equity Bank Announces Instant Issuing of Autobranch Visa Cards in Rwanda

Equity Bank Rwanda has kicked off a corporate initiative to instantly issue Automated Teller Machine...

View More
Equity Bank Unveils Mvno Strategy and Rollout Plan

Equity Bank today unveiled its Mobile Virtual Network Operator (MVNO) strategy and rollout plan that...

View More
Regional Expansion and Diversification Strategy Pays Off as Equity Bank Posts a 21% Growth

Emerging from a depressed operating economic environment as well as challenges posed by the recent...

View More
Equity Bank Group’s Investment in Ict and Focus on Sme Boosts Profits by 11% in the 2013

Equity Bank Group’s investments in IT, growth in the number of customers and branch upgrades to...

View More
Equity Bank Upgrades Core Banking System

Equity Bank Group together with Infosys Technology, IBM, Oracle and Open Way Group today unveiled...

View More
Equity Bank Group Strengthens Its Fundamentals While Expenses Of ICT, Innovation And Product Rollout

Equity Bank Group’s focus on enhancing affordability, accessibility and convenience has seen its...

View More
Equity Bank’s Focus on Innovation Boosts First Half Year 2013 Profit

Regional banking group, Equity Bank's reduction of interest rates by 700 bps from 25% to 18% has...

View More
Equity Bank’s Strategy Increases Profits by 36 Percent

The Group’s total assets posted a 24% growth during the year to close at Ksh 243 billion up from...

View More
MasterCard and Equity Bank Announce Partnership to Introduce PayPass™ Enabled Cards

Partnership to increase financial inclusion and boost EMV migration efforts in the region.

View More
Equity Group Foundation Appoints Dr. Helen Gichohi as Managing Director

Dr. James Mwangi, Equity Bank Group CEO and Chairman of Equity Group Foundation has announced the...

View More
Dr. James Mwangi Wins ‘forbes Africa Person of the Year Award 2012’

The ceremony was organised by the eventing arm of the ABN Group - ABN Productions.

View More
Equity Bank Group Partners With China Union Pay

Equity Bank Group has today launched a partnership with China Union Pay, which will allow UnionPay...

View More
Equity Bank Group Pre-tax Profit Up by 30%

Equity Bank Group continued to defy macro-economic turbulence to maintain steady growth and posted a...

View More
Equity Bank Ceo Awarded Business Leader of the Year

The prestigious award presented by CNBC Africa in South Africa for the second year running is a...

View More
Appointments at Equity Bank Group

Dr James Mwangi today at Equity Centre announced two key appointments in the Equity Bank Group’s...

View More
Equity Bank Ceo Gets Two Appointments

Dr Mwangi will serve as a council member of the G8 New Alliance for Food Security and a member of...

View More
Equity Bank CEO joins Global Alliance for Food Security and Nutrition

Membership in the Leadership Council is by agreement and invitation of the Co-Chairs and Council...

View More
21 Equity Bank Scholars Receive Scholarships to Study in World Leading Universities in 2012

21 scholars in the Equity Bank university sponsorship program have so far received scholarships in...

View More
Equity Bank Profit Before Tax Grows by 29%

Regional banking group, Equity Bank continued to maintain its growth momentum with the profit before...

View More
James Mwangi: Africa's Inclusive Finance Guru Is World's Best Entrepreneur

Africa's Inclusive Finance Guru Is World's Best Entrepreneur

View More
Equity Bank CEO wins 2012 Ernst & Young World Entrepreneur of the Year 2012

Dr. James Mwangi, CEO and Managing Director of Equity Bank is the 2012 Ernst & Young World...

View More
Equity Bank Ceo Receives 2012 World Entrepreneur of the Year Nomination

After winning the 2011 East Africa Master Entrepreneur of the Year by Ernst & Young, Equity Bank...

View More
Equity Bank Awarded Best Managed Company in Africa Banking & Finance Sector

Equity Bank has been awarded Best Managed Company in Africa;

View More
Equity Bank Named Best Bank in Kenya

Equity Bank has been named the Best Bank in Kenya this year as the CEO Dr James Mwangi received the...

View More
BBC News - Kenyan Hopes to Open Up Banking to the Poor

"People are driven by emotions and it's all about the enthusiasm of liberating our people" Said Dr....

Watch Video
Equity Bank Rwanda PLC family contributes about 22,225 Testing Kits worth RWF 1Billion to the Government of Rwanda in Support of National Efforts of combating COVID-19

Equity Bank Rwanda made a contribution of 22,225 testing kits at a cost of FRW 1Billion to the...

View More
Equity Rwanda unveils new look with renewed commitment to enhance growth and financial inclusion through seamless customer experience

Brand refresh is geared towards positioning the brand to empower individuals, businesses and the...

View More
Equity Bank Rwanda Scoops Top Honours at The Banker’s Bank of the Year Awards 2020

The Bank emerged top in class for clearly exhibiting a strong fiscal performance in the financial...

View More
Equity Bolsters its Support to Small and Medium Sized Enterprises in Kenya, Uganda, Rwanda & DRC with USD 75 Million (Kshs 8.25 Billion) Women Guarantee Fund with African Guarantee Fund (AGF)

The African Guarantee Fund (AGF) and Equity Group Holdings Plc have signed an agreement which will...

View More
Equity Group Holdings Plans Trans-Africa Expansion with USD $100 Million (Ksh 11 Billion) Loan from the African Development Bank (AfDB)

Equity Group Holdings (EGH) has signed a USD $100 million loan (Ksh 11 Billion) facility to support...

View More
Equity Bank Rwanda launches new Agri-lending Products, targeting thousands of smallholder farmers and agribusinesses.

Equity Bank Rwanda is pleased to announce the launch of new loan products for the agriculture sector...

View More

The new platform will give customers the freedom to execute forex requirements in real time in a...

View More

The new branch will serve as an advisory centre for retail consumers, SMEs and corporates as well as...

View More
Equity Bank Rwanda Plc Appoints Col (Rtd). Eugene Haguma as the New Board Chair

Col (Rtd). Haguma brings on board a wealth of leadership experience, having previously served in...

View More
Equity receives double International Standards Certification on IT Service and Information Security Management Systems

Equity Bank Kenya Limited has received two International Standards Certifications - ISO 20000 and...

View More
Service finder
Equity Bank is Regulated by Central Bank