Ratio Magazine :: The Inside Track to East Africa’s Economies - Kenya: Press Releases: Equity Bank Group Registers 87%% Growth in Q1 Profit After Tax

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Kenya: Press Releases: Equity Bank Group Registers 87%% Growth in Q1 Profit After Tax

Friday, 29 April 2011

Nairobi, 29 April 2011 --- Equity Bank Group has announced an 87% growth in its profit after tax for the first quarter of 2011, which grew to KES2.3bn as at March 2011 up from KES1.2bn in the same period last year.

In the first quarter ending 31 March 2011, Equity Bank Group’s profits before tax went up to KES2.9bn from KES1.7bn posted within the same period last year.

Equity Bank’s total assets grew by 39% during the period to close at KES153.5bn compared with KES110.6bn in March 2010.
Net loans and advances grew by 30% to KES86.2bn from KES66.2bn advanced during the same period last year.
However, the asset quality improved from 3.8% as at Mar 2010 to 2.1% in Mar 2011.
Customer deposits grew by 48% to close at KES114.3bn up from KES77.4bn during the same period last year buoyed by the growth in clients of 1.7m to hit the 6.2m clients.

Speaking during an investor briefing session at Equity Centre, Equity Bank Group Managing Director and Chief Executive Officer Dr. James Mwangi attributed the bank’s strong performance in the first quarter to growing customer confidence and building on the strategic momentum since last year. “Our efforts to ensure sustained growth for this bank and for the regional economies at large have served to further endear us to the wider community as attested by the growing customer deposits and building of a strong brand,” Dr. Mwangi explained.

Equity Bank’s first quarter results saw the impact of its strategic diversification of income streams.
Total income managed to grow by 40% up from KES4.7bn in March 2010 to KES6.5bn this year.
Net Interest income grew by 37% up from KES2.6bn earned during the same period last year to close at KES3.6bn.
Non-interest income, mainly transactions income, fees and commissions’ income and trading income on treasury bonds, rose from KES2.0bn to close at KES2.9bn, reflecting a 44% growth.
Total operating expenses on the other hand grew by 22% up from KES2.99bn registered last year to close at KES3.65bn in the first quarter of the year.
The bank continued to focus on its operational efficiency with cost to income ratio reducing to 56% from 64% compared to the same period last year. The cost to income ratio net of provisions reduced to 45% from 53% for the same period.

Equity Bank’s first quarter results have been released after the KES915m Financial Literacy Programme in partnership with The MasterCard Foundation launch earlier this week. The bank’s focus on an integrated financial ecosystem is aimed at widening financial access and deepening financial inclusion. Through a multi-faceted partnership approach, the bank is set to avail affordable loans, offer free financial education and has rolled out an aggressive agency banking model to complement its extensive infrastructure that includes mobile phone banking.

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