Equity bank bagged the award for bank of the year in Kenya, Uganda and South Sudan at this year’s Financial Times Banker’s Bank of the year annual awards in London.
According to Dr. James Mwangi, Group CEO and Managing Director Equity Group Holdings, equity bank’s win as Kenya’s top bank for the second year running at the ceremony 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.
While the judges assessed the lenders 4.8% growth in net profit reported in the last financial year, alongside a 9.3 % rise in total assets, they were also keen on establishing whether the banks were setting new standards in their local industry, embracing innovation and initiating cost-effective ways of growing their business.
Equity Bank was also recognized as the best bank in Uganda, for its stellar financial performance and its customized banking services for the country’s refugee community.
The lenders win as the bank of the year in South Sudan, a market that has been marred by high inflation and currency depreciation, showed equity bank south Sudan’s adaptation, managing to trim its NPL’s ratio down from 70.5% to 14.3% in 2018.
Equity bank South Sudan profits surged by 240% in 2018, with Ababa Othow, Managing Director Equity Bank South Sudan Reiterating the bank’s willingness to continue investing in innovation to improve efficiency and take banking services closer to the people.
Brent Malahay, Director of Strategy, Strategic Partnerships and Investor Relations received the awards on behalf of Equity Bank Kenya at the Sheraton Grand London Park Lane.