Equity Bank has registered an increase in customer deposit in the first half of 2020, defying the Covid-19 induced slump that has ravaged businesses within and beyond Uganda.
The deposits during the period, according to details contained in the bank’s financial results, hit Shs1.3 trillion, which signifies a substantial increase from Shs947b that the bank posted in the same period last year.
Equity also registered a substantial increase in loans and advances to Shs1.11 trillion compared to Shs828.5b in the same time 2019. However, non-performing loans and other assets increased to Shs60.5b in the period from Shs15.5b last year.
The bank also wrote off Shs5.7b in bad debts compared to Shs3.2b it had written the first half of 2019.
Core capital increased to Shs249.9b from Shs174.7b while total income rose to Shs135.4b up from Shs101.2b.
In terms of taxation, Equity paid Shs9.4b in the period compared to Shs6.5b. Profits before tax stood at Shs31.4b from Shs27.9b in the same period in 2019 while profit after tax stood at Shs22b from Shs21.4b in 2019.
Total liabilities and shareholders’ equity rose to Shs1.823 trillion compared to Shs1.32 trillion in the same period in 2019.
During the period, Equity saw an increase in total assets to Shs1.823 trillion compared to Shs1.320 trillion in 2019.
Total expenditure during the period rose to Shs104b compared to Shs73.2b in the first half of 2019.
