Equity Bank emerged with a triple win at the 2019 Financial Times Banker’s Bank of the Year annual awards which were held in London. They won the Bank of the Year award in Kenya, Uganda and South Sudan.
It was the second time that Equity Bank Kenya won the Bank of Year award for Kenya. The award reaffirms the Bank’s position as the lender of choice having scored highly after a comprehensive analysis of its earnings, asset and tier 1 capital growth, and return on equity. In the last financial year, Equity reported a 4.8 % growth in net profit, alongside a 9.3 % rise in total assets. Other than financial performance, the judges also looked at whether banks were setting new standards in their local industry, embracing innovation and initiating cost effective ways of growing their business.
As for Equity Bank Uganda, the judges being impressed by its stellar financial performance and its customized banking services for the country’s refugee community. The Bank has partnered with UN agencies to digitize payments to Uganda’s 1.2 million refugees. This partnership involves the bank opening UN-funded accounts for refugees who use the money to access different services.
In South Sudan which is a market marred by high inflation and currency depreciation, the judges admired Equity Bank South Sudan’s adaptation, managing to trim its NPL’s ratio down from 70.5% to 14.3% in 2018. Profits surged by 240% in the same year.
Dr. James Mwangi, Group CEO and Managing Director Equity Group Holdings, had this to say, “Instead of just providing banking services, we provide financial solutions with a business model that is economically viable, socially sound and has become very successful in shared prosperity. One of our key strengths is our investment in capacity building. Empowering society through shared prosperity has given Equity Bank a human face and a soul.”