KA-INVESTOR

  • Equity Bank 2008 H1 Numbers: More Surprise!

    Posted: July 25, 2008, 12:58 pm by ka-investor
    Equity Bank has done it again! If you thought last years result were marvelous then this year’s result will be a great shocker. Though I expected such a performance due to the role the bank played in the Safaricom IPO, I still didn’t expect the bank to hit a near 200% profit increase (197% to be exact). The bank CEO, James Mwangi, attributes the jump to ‘a delicately balanced growth, profitability and good control systems’ (whatever that means)

    Summary of results:

    • Profitability tripled to Ksh.3.087 billion from Ksh,1.037 billion same period last year.
    • Total assets grew by 143%, from Ksh.29.9 billion to Ksh.72.5 billion
    • total operating income increased by 156% to Ksh.6.58 billion
    • Total overheads increased by 128% to Ksh.3.5 billion.
    • Consolidated loan book increased by 153% from Ksh.14.3 billion Ksh.36.2 billion (probably Ksh.15 billion from IPO loans)
    • Despite the post election violence non-performing loans only increased by 3%.
    • The bank has 2,456,982 deposit accounts (over 45% of all deposits accounts in the banking industry) and 510,768 loan accounts.
    • Equity still remains the biggest bank in terms of market capitalization.
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