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Browsing: Equity Bank
- 20 investments in manufacturing, ICT, energy, health and agri-business have been signed in past two months.
- Latest Kenya-US trade ties place the East African country at a pole position on attracting more American dollars.
- Since President William Ruto took office in September 2022, Kenya-US engagements have been on a full throttle.
Deepening Kenya-US trade ties have started to pay dividends as American firms move to invest in East Africa's largest economy. With modern infrastructure, and skilled labour force, Kenya offers one of the best opportunities for US investors eyeing the region.
Currently, Kenya is the second most preferred destination by Americans seeking to invest in Africa. The 2023 US government review shows Kenya hosts 142 American firms while Nigeria has 195 conglomerates.
Latest developments, however, place Kenya at a pole position in attracting more American investors in the short to medium-term.
Deepening Kenya-US bilateral ties
Since President William Ruto took…
- Telco giant Safaricom is the most valuable Kenyan brand, estimated at $648 million. It also has the highest Sustainability Perceptions Value at $93 million.
- Equity Bank and Kenya Commercial Bank rank second and third most valuable brands and top-two strongest brands with impressive AAA+ ratings.
- Crown Paints Kenya is the fastest-growing Kenyan brand, up 70 percent
Safaricom’s value went up by 14 per cent to $648 million over the past year maintaining its position as Kenya’s most valued brand even as lenders Equity and KCB regional expansion drive also paid dividends as measured by consultancy Brand Finance.
Brand Finance East Africa Regional Director Walter Serem says Safaricom has shown considerable resilience during difficult operating conditions over the past year. In the period under review, East Africa’s most profitable telco registered significant revenue growth, while successfully completing the first two years of its five-year strategy.
This strategy is guided by the …
- Equity Bank (Kenya) Limited (EBKL), has completed the acquisition of certain assets and liabilities of teachers-owned Spire Bank Limited following regulatory approvals.
- With completion of the transaction, customers holding deposits in Spire Bank, other than the remaining deposits from Spire Bank’s controlling shareholder, and specified loan customers will now transition to become EBKL customers, having new Equity Bank accounts.
- The decision to acquire Spire Bank’s certain assets and liabilities was inspired largely by the banks’ history with teachers who have continued to support the Bank over the years.
Equity Bank Kenya Limited (EBKL) has completed the acquisition of certain assets and liabilities of Kenyan teachers’ owned Spire Bank Limited following receipt of regulatory approvals.
The bank had to get approvals from the Cabinet Secretary Treasury and Planning under Section 9 (1) of the Banking Act, the Central Bank of Kenya under Section 9, ( 5) of the Banking Act, the …
- South African Banks topped the list of the world’s top 500 most valuable banking brands in Africa according to Brand Finance Banking 2023 report.
- South Africa scooped the first top five spots in Africa headlined by First National Bank ranking at number 155 worldwide albeit a drop from 146 the previous year.
- Kenya’s Equity bank came in 6th position followed by National Bank of Egypt in 7th position while Nigeria’s Access Bank and Zenith Bank followed at 8th and 9th position respectively as Egypt’s Banque Misr closed the regional to ten list.
South African Banks topped the list of the world’s top 500 most valuable banking brands in Africa according to Brand Finance Banking 2023 report.
The report shows South Africa scooped the first top five spots in Africa headlined by First National Bank ranking at number 155 worldwide albeit a drop from 146 the previous year.
Other banks who …
- Equity Group has reported a 36% growth in its after-tax profit to hit KSh 24.4 billion, principally driven by the growth of loans to customers
- The Kenyan-based regional lender also attributed the performance to its recovery and resilience strategy
- Equity Group CEO James Mwangi said the loan growth was targeted to supporting their clients to recover and rebuild after the Covid-19 business disruptions
Equity Group has reported a 36 per cent growth in its after-tax profit to hit KSh 24.4 billion.
The performance was principally driven by a 29 per cent growth in interest income to KSh 55 billion, up from KSh 42.8 billion as a result of the growth of loans to customers by 29 per cent to KSh 650.6 billion, up from KSh 504.8 billion.
The Kenyan-based regional lender also attributed the performance to its recovery and resilience strategy.
Equity Group CEO James Mwangi said the loan growth …
The programme runs for the 3-6 months between secondary school completion and the beginning of university.
It also offers the Global Summer Internship Programme, which allows scholars studying at international universities to return to Africa for their summer holidays and intern with Equity Group and its partners, giving them work experience and building their professional networks on the continent.
Others include the College Counselling Programme, which supports Equity scholars to access admission and scholarships to some of the world’s leading universities, including the Ivy League universities in the US.…
The Kenyan bank said it would use the loan to help it increase working capital and trade-related lending to its small and medium-sized enterprise (SME) clients in Kenya, especially those facing COVID-19 related challenges.
The loan from IFC is one of the single-largest credit facilities to a Kenyan lender.
Besides shoring up the bank’s capital base, the new loan will also be lent to customers, fitting IFC’s’ impact investing criteria.
IFC encourages the banks it funds to lend to women-owned enterprises and climate-related ventures such as renewable energy projects.…
Francois Kabeya, Goma Mayor General Commissioner, assured that the heightening business growth would expand employment opportunities and consequently create wealth for Goma residents, a city bordering Rwanda.
James Mwangi, Equity Group Managing Director and CEO, said the bank had US$5 million allocated for entrepreneurs ready to invest in manufacturing, tourism and several other sectors in the region.
He said that the aim of the mission was to unite people in both countries adding that the best collaborators in the business community were those that took risks, made mistakes and eventually created wealth.…
Equity Group Holdings has recorded huge profits of $80.6 million after-tax in its first quarter of 2021 amidst the impacts of the pandemic on economies.
In its latest financial report, for the first quarter that ended on March 31, 2021, Equity group profits increased by 64 percent after-tax to $80.6 million compared to $49.1 million recorded in 2020, which shows recovery in the financial sector.
Equity group holdings total income grew by 29 percent to $236.3 million in the same period while staff costs, loss loan provisions and other operating expenses increased to $127.9 million from $117.7 million. During the same period, non-performing loan book grew by 11.3 percent compared to 14.6 percent which is the industry average.
The group’s interest income grew by 32 percent while non-funded income grew by 30 percent to contribute 42 percent of the total income.
While releasing the report, the Equity Group CEO James …
With a balance sheet worth Tshs 14.3tr at the end of 2019, Equity Bank has been listed seven among the top 10 banks in Africa for 2020. Rightly so because, according to The Banker’s Top 100 African Banks ranking for 2020, Equity Bank has scored 5.82 in the overall category of the best performing banks.
Equity Group has an asset base of US$9bl and with over 14.2 million customers; the Group is one of the biggest by customer base in the region. It has a footprint of 300 branches, 51,560 agents, 31,265 merchants and 623 ATMs and is the largest bank in market capitalization across East and Central Africa.
The Group, which is listed at the Nairobi Securities Exchange, Uganda Securities Exchange, and the Rwanda Stock Exchange, has banking subsidiaries across the region, including Rwanda, Uganda, …