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Browsing: Equity Group
- Equity Group has reported a 79% growth in profit after tax for the third quarter of the year to KSh 26.9 billion
- Mwangi said the performance was against a background of the COVID-19 pandemic and its consequent disruption of global economic activities with the resultant social disruptions
Regional banker Equity Group has reported a 79% growth in profit after tax for the third quarter of the year to KSh 26.9 billion.
The group’s Chief Executive James Mwangi said the performance was against a background of the COVID-19 pandemic and its consequent disruption of global economic activities with the resultant social disruptions.
He added that the bank had demonstrated a resilient, versatile business model, leadership agility, innovation and diversification capability and strength of strategy to report a 27% growth in total assets and a 25% growth in total income.
At the same time, the group’s resilience in the execution of an …
Equity Group Plc said it intensified its ‘shared prosperity’ business model in the first half of 2021 by investing US$ 496 million (approx Sh54.3 billion) in social impact projects through Equity Group Foundation.
The Group said the projects are anchored around the Foundation’s key pillars, namely: health, energy and environment, food and agriculture, enterprise development and financial inclusion, education and leadership development, and social protection.
Equity Group Managing Director and CEO Dr. James Mwangi said he believes the Group’s principle of putting people before profits has greatly contributed to the Group’s impressive performance in the just-released half-year financial results.
“We recognize that beyond a regulator license we also get a license from our host communities and we have continued to treat them as significant stakeholders and invest in them through our shared prosperity programme,” said Dr. Mwangi
In the health sector, the Group said it rolled out a massive Covid-19 …
Regional bank Equity Group Holdings has announced a 98 percent growth in half year profits to Sh17.9 billion up from Sh9.1 billion registered the previous year.
The Group’s Managing Director and CEO Dr James Mwangi said attributed improved performance to the defensive and offensive strategy, which they adopted at the onset of the COVID-19 pandemic.
As such, deposits registered a 51 percent growth to Sh820.3 billion up from Sh543.9 billion, while long term borrowed funds grew by 78 percent to Sh102.3 billion up from Sh57.6 billion.
Net Loans and advances grew by 29 percent to Sh504.8 billion up from Sh391.6 billion, while investment
in Government securities grew by 46 percent to Sh315.5 billion up from Sh216.4 billion resulting in 50 percent
growth in Total Assets to Sh1.12 trillion up from Sh746.5 billion.
The CEO also revealed that the strategy led to a 33 percent growth in topline Total Income to …
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 …
Equity Group CEO, Dr James Mwangi joined a league of 14 global CEOs who have committed to champion cross-sector collaboration in the creation of a purpose-first economy.
The letter signed by the participants shows their vision for a new global economy that is more equal, inclusive and sustainable. They are also looking at an economy that is more robust in the face of pandemics, climate change and many other global challenges that the world is facing.
António Guterres, the UN Secretary-General, Henrietta Fore, UNICEF Executive Director and OECD Development Co-operation Director Jorge Moreira da Silva among other people endorsed the CEOs’ open letter.
Among the CEO’s who have joined the movement are the CEO’s of International Chamber of Commerce Mastercard, Interface, Voyager, Danone, DSM, Philips, L’Oréal, Fortune Media, Mahindra, Natura & Co, Ketchum PR and Beiersdorf.
The CEO’s have combined annual revenue of over $100 billion and a combined global …
Equity Group Holdings Plc has posted a 14 percent decline in net profit in the first three months of the year to hit Sh5.3 billion, attributable to increasing its loan loss provision by ten fold to Sh3 billion from Sh300 million the previous year.
Profit before provisions was up by 10 percent to Sh10 billion from Sh9.1 billion the previous year.
“The global Covid-19 pandemic has mutated into a global economic crisis, occasioned by a sudden standstill of economic activity as a result of the global lockdown. This has introduced unprecedented uncertainty within the global financial systems prompting us to adopt a conservative approach – fortifying our balance sheet and assuring ample liquidity to support our customers,” James Mwangi Group MD and CEO said.
The Group’s total assets went up by 14 percent year on year growth to Sh693.2 billion from Sh605.7 billion driven by a 17 percent growth in
Equity Bank is in the final stages of completing its takeover of the Banque commercial du Congo (BCDC).
The acquisition follows an agreement with the majority shareholder—George Arthur Forrest and family to acquire all the 625,354 shares (66.53 per cent) owned by the Belgian at a cost of $105 million.
The government of the Democratic Republic of Congo owns 25.53 per cent while other minority shareholders own the remaining 7.94 per cent shares.
The price of the transaction includes dividends declared after January 1, 2019, in respect of the financial year ending December 31, 2019, transpiring to dividend price per share of $ 167.9 per share.
In a statement, Equity Bank Chief Executive James Mwangi said the acquisition provides more motivation for it to push ahead with its 2024 dream of converting into a pan African bank.
“This is an opportunity for the Group to take further steps towards …
Kenya’s Equity Bank has been named Africa’s Best Digital Bank for 2019 at the Euromoney Awards for Excellence, validating its role in delivering simple, fast, convenient and affordable banking products and services to customers.
Equity has been recognised for being a bank that shows true leadership in its digital offerings, both in corporate and retail banking, and uses technology to benefit both clients and the efficiency of the institution, placing digital at the heart of its business.
Digitisation has seen 93 per cent of loans disbursed by the bank, being accessed through the mobile channels, while 97 per cent of all cash-based transactions are happening outside Equity Bank branches, with mobile and agency channels taking the lion’s share.
READ ALSO:Fintech drives Equity Bank’s diaspora remittances to Ksh100Bn
Digitisation of the customer journey has eased customer experience leading to growth of digital payment transactions by 94 per cent in the …
Equity Bank emerged as the overall best bank in Kenya for the eighth time at this year’s Think Business Banking Awards, with Equity Group Managing Director and CEO James Mwangi scooping the CEO of the Year Award for the third time consecutively.
READ:Why Equity Bank CEO James Mwangi was named Banker of the year, again
Equity Bank bagged 18 awards, garnering the top slots in 12 categories – Best Bank in Tier 1, Best Bank with the lowest charges for individuals, the most customer-centric bank, best bank in mobile banking, best in internet banking, best agency banking, best in product marketing and the best bank in SME banking.
Others are best bank in agriculture and livestock financing, best commercial bank in micro finance, best in CSR, and best lender in digital banking.
The awards validate Equity Bank’s strategy and pursuit of financial inclusion while giving customers freedom, choice and …
Equity Bank has posted a 5.1 per cent rise in its profit for the first quarter of the year as the SMEs —focused—lender continues to navigate the interest rate cap regime in Kenya and a loan default trend in Tanzania.
The Nairobi Security Exchange (NSE) listed bank recorded a Ksh6.2 billion (USD61.3 million) net profit for the period, up from Ksh5.9 billion (USD58.4 million) in a similar period last year, buoyed by interest income and cost management.
READ:Equity net profit grows to Ksh19.8 billion on FinTech
Interest income from loans and advances rose to Ksh9.1 billion (USD 90million) up from Ksh8.7 billion(USD86 million) last year as the lender’s loan book swelled to Ksh305.5 billion (USD3.02 billion ) compared to Ksh271.1 billion (USD2.7 billion ) in March last year.
Interest earned from government securities equally went up to close the quarter at Ksh4.1 billion (USD40.5 million), compared to Ksh3.7 billion …