Equity Bank CEO Dr. James Mwangi has been listed among the 50 most reputable Bank CEOs in Africa 2021 by Reputation Poll International, a global reputation management firm.
The firm has recognized top officials of African banks for their service. The recognition list contains those who have built and played an imperative role in revolutionizing the banking sector through Excellence, Integrity, Reliability, Expertise, Technology, and ease of credit.
“They have helped their banks attain a great height of performance during the pandemic,” read a statement by Reputation Poll International.
In the year under review, Equity recorded a Return on Equity (ROE) of 15.3%, which is above African banks average at 7%. According to the Reputation Poll International, the COVID-19 pandemic, struck a blow to the banking industry across the globe. African banks have most specifically seen a decline in the average return on equity (ROE) from 14% in 2019, to 7% in 2020.
It is estimated that with economic recovery, African banks should rebound to their pre-COVID-19 revenue levels by 2022, whilst the banks in developed markets will only rebound by 2024.
In 2020, Dr. Mwangi led his team weather the COVID-19 disruption to register a 51% growth in its balance sheet with total assets growing to Ksh. 1.015 trillion, up from Ksh. 674 billion the previous year.
As a financial institution, Equity accommodated customers loans up to Ksh. 171 billion giving them reprieve and flexibility to adjust their business model during the pandemic. Through the Equity Foundation, the Group also mobilised over Ksh. 1.7 billion to help the country respond to the pandemic among other efforts.
Equity recently announced a 98% growth in half-year profits to Ksh. 17.9 billion from Ksh. 9.1 billion in 2020. Speaking during the release of the results, Dr. Mwangi attributed the bank’s impressive performance and recovery to the strategy adopted by the Group at the onset of the COVID-19 pandemic.
As part of its commitment to support MSMEs during the pandemic period, Equity signed loan agreements with different international finance partners worth Ksh. 76.78 billion to strengthen credit flow and liquidity to MSMEs in East and Central Africa.
Dr. Mwangi has been at the helm of Equity Group for 16 years. Among his many accolades is the prestigious 2020 Oslo Business for Peace he won in September 2020.