This is a statement summary of Equity Bank Q3 Financial year results 2018 and other announcements made on 5th Monday November 2018.  Q3 Refers to July, August and September.

NOTE: You can download the full report by using the website page provided below this post.

Equity Bank Q3 Financial Statement 2018 Release Details

• Release by: Equity Bank CEO James Mwangi
• Dates: Monday 5^th November 2018
• Place: KICC, Nairobi
• Tye: Q3 Results  (July, August and September)
• Time: 8:00 AM
• Company Profit: Grew by 8% from Kshs 14.6 Billion to Kshs 15.8 Billion

Summary of Equity Bank Q3 Half Year Results 2018

This is a brief of the report read by Equity Bank CEO James Mwangi  and other directors during the release of the 2018 Q3 Results;

• Profit before tax has grown from Kshs 20.7 Billion to Kshs 22.4 Billion registering a growth of 8% while Profit after Tax grew by 8% from Kshs 14.6 Billion to Kshs 15.8 Billion
• Treasury gross income has grown from 13.2 Bn to 15.7 Bn for the period under review
• Equitel and Eazzy Banking App has done up to 353,000,000 transactions compared to 13,000,000 done in the branches
• Eazzy Biz (Cash and Liquidity Management System for SMEs and Corporates ) has also played a key role with its transactions growing to 1.2 million transactions with a value of Kshs 187.3 billion
• Merchant income has grown by 34% while Diaspora remittances have grown from 14,859 Million transactions to 56,813 Million transactions marking a growth of 282%
• In the third quarter, Interest income has grown by 9%, from Kshs 35.4 Billion to Kshs 38.5 Billion
• As of 31st October, Mkey has transacted 17.8 million transactions and a cumulative loan value of 5.2 million
• Total Income grew by 1% to Kshs 49.3 Billion from Kshs 48.7 Billion while total Costs declined by 4% from Kshs 28 Billion to Kshs 26.9 Billion

Equity Group Business models

These are factors that contribute to Equity’s business growth;

1. Non-funded income growth
2. Treasury
3. Geographical and business diversification
4. Strengthening liquidity and balance sheet agility
5. Innovation and digitization
6. Efficiencies and cost optimization
7. Asset quality
8. Impact investment and Social Brand Development

Talking points during the Equity Bank Q3 Financial Results Release

• David Ngata has joined Equity Group as the Group Finance Director. He previously worked with American Express in USA.
• Branch transactions are significantly decreasing as the value increases as they now become centres for SMEs focusing on building relationships with SMEs
• Mkey  Finserve Africa now has up to 99,970 downloads after being launched in September
• Some of the challenges in the operating environment in the reporting period include the continuous drop in Central Bank Rate which is down by 100 basis points & the retention of the interest capping law.
• Equity Group has in the past performed well because of a strong governance structure and a strong leadership team

PDF of Equity Bank Full Financial statement for  2018 Q3 Results

Download the complete pdf of the report from: Equity Bank Annual Reports

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