Ratio Magazine :: The Inside Track to East Africa’s Economies - Kenya: Press Releases: Equity Bank’s Half Year Profits up 57%

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Kenya: Press Releases: Equity Bank’s Half Year Profits up 57%

Tuesday, 26 July 2011

Nairobi, 25 July 2011 --- Keeping in its exceptional performance streak, Equity Bank Group has in its half year results maintained an all-round growth in its business with a 57% increase in its profit after tax.

In its half year trading results, despite the economic challenges on the local and international economy, Equity Bank, buoyed by rising deposits, increased its profit before tax to KES5.90bn up, up from KES3.88bn posted within the same period last year.

Within the same period, the bank’s after-tax profit registered an even higher growth to close at KES4.74bn up from KES3.01bn representing a 57% growth. The bank’s total asset base also registered significant growth of 40% growth to KES171.35bn, up from KES122.5bn.

Within the same period, Equity Bank Group’s loans and advances grew by 43% to close at KES97.71bn, up from KES68.25bn, and the bank managed to reduce its non-performing loans portfolio by more than 6%.

In a move attributed to the prevailing economic climate and efforts by the Central Bank of Kenya to ensure prudent economic management, the bank recorded a 4% growth on its government securities asset class to KES27.46bn, up from KES26.39bn.

The bank managed to sign up more than 1.3m new customers, taking the customer base from 4.96m to 6.3m, a 28% growth. The group’s deposits grew by 48% to KES130bn, up from KES87.8bn.

Total operating income for the period grew by 30% to KES13.1bn, up from to KES10.1bn in the same period a year ago. Total operating expenses, on the other hand, grew by 17% from KES6.3bn in June 2010 to KES7.3bn in June 2011.

Speaking during the release of the bank’s half year trading results, Equity Bank Group CEO Dr. James Mwangi expressed optimism that the bank was geared towards maintaining the growth momentum. “Our success has been driven by prudent risk management practices, increased efficiency and innovation on the delivery channels, products and services front,” Dr. Mwangi explained. “The cost income ratio has come down from 62% to 56% during the period.”

Reflecting its capital strength and liquidity, Equity Bank Group also maintained a more than 11% and 13% score above the statutory capital and liquidity requirements respectively.

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