“We have now exceeded the trillion shilling mark in deposits. The customers’ decisions are the ones powering our growth and that’s why we focus on efficiency…It took us over 38 years to build one trillion, but it is now evident that if we sustain the current growth rate, the second trillion will be realized in less than five years,” said Dr. James Mwangi, CEO of the lender this Nov 22.
Depositors of Equity Group Holdings PLC, Kenya’s biggest lender by assets have surpassed the Ksh 1 trillion ( US$ 8,184,645,600) threshold, a first occurrence for a financial institution drawn from the East and Central African region.
“We have now exceeded the trillion shilling mark in deposits. The customers’ decisions are the ones powering our growth and that’s why we focus on efficiency…It took us over 38 years to build one trillion, but it is now evident that if we sustain the current growth rate, the second trillion will be realized in less than five years,” said Dr. James Mwangi, CEO of the lender this Nov 22.
According to Dr.Mwangi, the Group’s deposits totaled Ksh 1.007 trillion ( US$ 8,237,218,814) during the review period.
The Group’s net profit for nine months through September had soared by 26.61 % to Sh33.35 billion compared to a net income of Ksh26.3 billion ( US$ 215,044,969) a year earlier, he said in Nairobi during the release of the lender’s quarter 3 results at the bank’s headquarters.
The rise in the Group’s profit was driven by higher income from lending and transactions with interest earnings rising by 23.43 % to Ksh 59.84 Billion while non-funded income shot up by 36.06 % to settle at Ksh 42.22 Billion.
Presently, Equity Bank has 16.9 million customers making it the largest bank in terms of customer base in Africa and having nearly half of the bank accounts in Kenya.
Within three years, the lender plans to triple its balance sheet by expanding trade finance in the six African nations it operates, according to Chief Executive Officer James Mwangi.
The balance sheet of Kenya’s largest lender may reach 3 trillion shillings ($25 billion) by 2025 after it doubled over the past two years, Mwangi told investors this Aug 23 Tuesday.
Besides Kenya, this 38-year-old Bank has subsidiaries in Uganda, South Sudan, Rwanda, Tanzania, DRC, and a Commercial Representative Office in Ethiopia but has plans to have a presence in nine other countries by 2026.
