Equity Bank Doubles Profits in Half Year to KES 18 Billion

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Equity Group has released its half-year financial results for 2021.

The financial institution says that it achieved a 98 per cent growth in HY profits to KES 17.9 billion, up from KES 9.1 billion recorded for the same period in 2020.  

The bank, which has always been at the forefront of digital innovation, says it continues to present a value proposition for customers through the convenience and freedom of using online platforms to access their funds and manage them.


According to the bank, 97 per cent of customer transactions are online – which is still far from the 100 per cent the bank has been aiming to meet.

Equity adds that the ongoing pandemic has fueled online banking, and has played a key role in hastening business transformation.

“Through digitization, we have enabled and continue to support our clients to adopt online banking making banking what they do on devices as opposed to where they go.  Banking has become a 24-hour business with the fulfilment of lifestyle with digital payments becoming the new battlefield for banking,” reads a statement from the bank.

Equity says it has witnessed resilience and recovery of businesses with digital banking transactions growing by 57.6 per cent to 606.9 billion from 385.2 billion recorded in the same period in 2020.

Overall, the value of digital transactions jumped by 113.3 per cent to KES 2.5 trillion up from 1.16 trillion recorded in the same period last year.

As usual, the value of legacy banking dropped by 12 per cent to KES 1.1 trillion from KES 1.25 trillion from the same period in 2020.

“The defensive and offensive strategy adopted by the Group at the onset of the Covid-19 pandemic to create resilience, agility and recovery has been very effective in positioning, navigating and driving performance,” says Equity Group Managing Director and CEO Dr James Mwangi.

Summary

Growth in profit after tax of 98%

Total Assets growth of 50%


Growth in Deposits of 51%           

Growth in Net Loans of 29%


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Kenn Abuya is a friend of technology, with bias in enterprise and mobile tech. Share your thoughts, tips and hate mail at [email protected]