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 5th 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;
- Non-funded income growth
- Geographical and business diversification
- Strengthening liquidity and balance sheet agility
- Innovation and digitization
- Efficiencies and cost optimization
- Asset quality
- 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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