Customers at Equity Bank branch in Nairobi. FILE PHOTO | NMG Equity #ticker:EQTY has been named the bank of the year in Kenya, Uganda and South Sudan in a ranking by Financial Times Bank of the Year 2019 awards.
Equity Bank Kenya was awarded Kenya’s top bank for the second year- running.
The lender was rated on a mix of measures, including earnings, return on shareholder funds, assets and capital growth.
Equity Group, the holding company of the regional banking units, reported a 4.8 percent growth in net profit and 9.3 percent rise in total assets in the year ended December 2018.
Aside from the financial performance, the 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.
Equity says its growth strategy is hinged on innovation and digitisation, adding that 97 percent of transactions are now on digital platforms.
This has enabled the lender to keep a lid on costs, making use of third party partners including telcos and agents.