During the period under review, Equity Bank Group’s loan book grew by 27% from Kshs 97.7 billion to Kshs 124.4 billion. Total assets grew by 29% from Kshs 171 billion to Kshs 220 billion compared to June 2011. Customer deposits also grew significantly by 22% from Ksh124 billion to Ksh151 billion. This is mainly attributed to the growth in customer numbers which increased from 6.3 million to 7.8 million. This growth is also as a result of innovative use of alternative delivery channels such as agents and the bank’s mobile banking platform popularly known as Eazzy 247.
The brand of the bank has also continued to strengthen resulting in the bank attracting more customers and transactions. The continued roll out of the agency banking in 2012 has seen the number of agents grow to 5,004 from 2,301 as at June 2011 which represents a growth of 117%. The bank agency network is processing 25% of all cash transactions and this has enhanced access by the customers to the bank’s products and services and also enhanced convenience.
The Group continued to be well capitalized as reflected by the 27% capital adequacy ratio which is well above the 12% statutory requirement. Similarly the liquidity of the bank stood at 39% well above 20% statutory requirement.
Speaking during the announcement Equity Bank’s CEO and Managing Director Dr. James Mwangi said, “Our growth in first half of 2012 is a demonstration of the robustness of the business model with the ability to generate steady returns despite the current challenging operating environment. We will continue to leverage on the business model and innovation such as agency banking and mobile- enabled technology to create more efficiency and accessibility.
The awarding of Equity Bank’s CEO Dr. James Mwangi with the 2012 Ernst & Young World Entrepreneur of the Year was a clear testimony of the bank’s constant focus on exceptional customer experience, relationship banking, capacity building among staff and an effective governance structure, which have all led the Bank to become a leading all inclusive commercial bank with an asset base of over Kshs 220 billion. It has also created huge social impact through enhancing financial access and social interventions through scholarships and financial literacy programmes.
“Africans are embracing the power of entrepreneurship to change the economic and social state of Africa, so as to solve the African paradox of a continent endowed with resources, human capital and yet weighed down by abject poverty,” said Dr. Mwangi.
Equity Bank is one of the most profitable companies in East Africa with a regional presence in five countries namely Kenya, Uganda, South Sudan, Rwanda and Tanzania. Since listing in 2006, Equity Bank’s shareholder value has grown tremendously creating immense wealth for shareholders. From a customer base of 27,000 in 1993, the bank is now home to 7.8 million accounts accounting for over 50 percent of all bank accounts in Kenya. Equity Bank is the largest bank by customer base in Africa with a focus on providing affordable, accessible and relevant products and services at the bottom of the pyramid.
Click here to see the latestView More
The approvals, which were secured during the firm’s 11th Annual General Meeting (AGM) held today...View More
Equity Bank core banking system has now been upgraded to Finacle 10. The enhanced solution allows...View More
Emerging from a depressed operating economic environment as well as challenges posed by the recent...View More
Equity Bank Group strengthens its fundamentals while expenses of ICT, Innovation and Product Rollout...View More
Regional banking group, Equity Bank's reduction of interest rates by 700 bps from 25% to 18% has...View More
The Group’s total assets posted a 24% growth during the year to close at Ksh 243 billion up from...View More
Equity Bank South Sudan has opened its 9th branch. Torit branch in the Eastern Equatoria State was...View More
MasterCard and Equity Bank of Kenya today announced an agreement at a signing ceremony in Nairobi to...View More
Dr. James Mwangi, Equity Bank Group CEO and Chairman of Equity Group Foundation has announced the...View More
Dr. James Mwangi, Chief Executive Officer and Managing Director of Equity Bank in Kenya, was named...View More
Orange launches Visa card in partnership with Equity Bank.View More
Equity Bank Group has today launched a partnership with China Union Pay, which will allow UnionPay...View More
The group has posted a profit of Kshs.11.8 billion up from Kshs.9 billion realized in the third...View More
Riding on a growth trajectory that has positioned it as a market force, Equity Bank South Sudan...View More
Dr James Mwangi today at Equity Centre announced two key appointments in the Equity Bank Group’s...View More
Dr Mwangi will serve as a council member of the G8 New Alliance for Food Security and a member of...View More
Equity Bank Group CEO, Dr. James Mwangi has joined the Global Alliance for Food Security and...View More
21 scholars in the Equity Bank university sponsorship program have so far received scholarships in...View More
Corporate Communications July 21, 2012View More
Two hundred and fifty top performers in last year’s Kenya Certificate of Secondary Education are...View More
Brand refresh geared towards inclusion, innovation, growth, progress and relevanceView More
For the second year running, Equity Bank South Sudan has received the Bank of the Year South Sudan...View More