Equity Bank Group today morning released its financial results for the 1st quarter ending March 31st 2010.
If these results are anything to go by, then those ‘analysts’ predicting that banks would record depressed results are better off finding alternative careers.
Profit before Tax shot up by 72.77% to Kshs. 2.89 billion. Profit After Tax increased from Kshs. 1.25 billion in 2010 to Kshs. 2.33 billion in 2011, a growth of 86.4%.
Total Assets grew by 38% to 153.5 billion from 110.6 billion
Customer deposits went up to 108 billion, which is a 43.5% rise over the previous year. This culminated in Net Loans and advances growing by 30.2% to 86.2 billion
Total interest income grew by 29% to 4 billion taking cue from interest from loans advances which increased by 22.2 percent to 3.3 billion
Interest from government securities nearly doubled to 730 million from 381 million, a 91 percent increase.
Net Interest income grew by 36.9% to 3.6 billion.
Other fees and commissions were up 29 percent to 1.32 billion, a figure fed by the bank’s mammoth 6.2 million customers.
Forex income jumped nearly 3 and a half times to 390 million
Net non-performing loans were down nearly 37 percent to 1.85 billion.
Staff costs were up by 20% to1.31 billion as the bank expanded its reach across several East African countries.
Equity Bank Group C.E.O Dr. James Mwangi had this say to say:
“Our efforts to ensure sustained growth for this bank and for the regional economies at large have served to further endear us to the wider community as attested by the growing customer deposits and building of a strong brand,”
In mid-May Equity is set to begin operations in Rwanda, a country determined to become a regional if not continental hub in various fields. This will no doubt provide an opportunity for Equity Bank.
The country is also believed to be on the verge of getting a licence of operations from Tanzania.
Equity’s brilliant set of results show that the bank’s recent phenomenal growth is not about to end, as had been previously feared.
KCB (http://kenyainvesting.blogspot.com/2011/04/normal-0-false-false-false-en-us-x-none.html)and The Co-operative Bank of Kenya (CO-OP BANK 1ST QUARTER ANALYSIS)are the other banks to have released their results.
Barclays Bank of Kenya and Standard Chartered Bank of Kenya are the remaining banking heavyweights not to have released results.
Its the King right here
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