– The lender was named the bank of the year 2019 in Kenya, Uganda and South Sudan
– In Kenya, the bank registered 4.8 % growth in net profit alongside a 9.3 % rise in total assets
– The Uganda branch has been feted for playing an imperative role in helping over 1.2 million refugees access funds
– In South Sudan, the bank reduced Non-Performing Loans ratio from 70.5% to 14.3% in 2018 and profits increased by 240% in the same year
Equity Bank has been named the Bank of the Year in three East African countries.
Equity Bank Kenya was awarded Kenya’s top bank for the second year running at the 2019 Financial Times Banker’s Bank of the Year annual awards convened in London and also led in Uganda and South Sudan.
Equity Bank CEO James Mwangi said the lender had offloaded most of its services online thus giving clients greater control of their accounts. Photo: Equity Bank.
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The award reaffirms the bank’s position as the lender of choice having scored highly after a comprehensive analysis of its earnings, asset and tier one capital growth and return on equity.
In the last financial year, Equity reported a 4.8 % growth in net profit, alongside a 9.3 % rise in total assets.
READ ALSO: Speaker Justin Muturi, lawyer Ahmednasir Abdulahi in heated Twitter exchange over BBI Aside from the financial performance, judges were also keen on establishing whether the banks were setting new standards in their local industry, embracing innovation and initiating cost effective ways of growing their business.In Equity Bank’s business model and strategy, innovation and digitisation feature very prominently with 97% of transactions being on digital platforms allowing the bank to transform its cost structure from fixed to variable costs with minimal investments due to use of third party infrastructure. “Instead of just providing banking services, we provide financial solutions with a business model that is economically viable, socially sound and has become very successful in shared prosperity. One of our key strengths is our investment in capacity building. Empowering society through shared prosperity has given Equity Bank a human face and a soul,” said James Mwangi, Group CEO and Managing Director Equity Group Holdings. READ ALSO: Kenyan nurse treated to KSh 15k shopping after randomly meeting former patient at supermarket At the same event, Equity Bank was […]