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    KCB Group PLC reports KES 9.8 billion profit after tax in Q1 2023

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    Kenyan students win global tech prize with hearing app

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    Report: Kenyan millennials and Gen Zs want more media coverage on money and empowerment

    Report: Kenyan millennials and Gen Zs want more media coverage on money and empowerment

    Former Head of Public Service Joseph Kinyua takes over as KCB Group Chairman

    Former Head of Public Service Joseph Kinyua takes over as KCB Group Chairman

    Isuzu East Africa launches special edition D-Max in honor of Eliud Kipchoge

    Isuzu East Africa launches special edition D-Max in honor of Eliud Kipchoge

    KCB Group shareholders to pocket KES 3.2 billion final dividend

    KCB Group shareholders to pocket KES 3.2 billion final dividend

    KCB Group PLC reports KES 9.8 billion profit after tax in Q1 2023

    KCB Group PLC reports KES 9.8 billion profit after tax in Q1 2023

    Kenyan students win global tech prize with hearing app

    Kenyan students win global tech prize with hearing app

    OpenAI leaders call for coordination and safety in superintelligence development

    OpenAI leaders call for coordination and safety in superintelligence development

    Google adds 8 new African countries to its Flood Hub platform

    Google adds 8 new African countries to its Flood Hub platform

    Safaricom to carry out system maintenance for 5 hours on Saturday night

    Safaricom to carry out system maintenance for 5 hours on Saturday night

  • Laptops
    Apple launches 15-inch MacBook Air with M2 Chip

    Apple launches 15-inch MacBook Air with M2 Chip

    Apple unveils 14-inch and 16-inch MacBook Pro with M2 Pro and M2 Max chips

    Apple unveils 14-inch and 16-inch MacBook Pro with M2 Pro and M2 Max chips

    Complete list of Macs that will run macOS Ventura

    Complete list of Macs that will run macOS Ventura

    Apple unleashes new MacBook Pros with powerful chips, more ports and a notch

    Apple unleashes new MacBook Pros with powerful chips, more ports and a notch

    Laptop buying mistakes you should avoid

    Laptop buying mistakes you should avoid

    Lenovo X1 Carbon 5th Generation Review: just good enough

    Lenovo X1 Carbon 5th Generation Review: just good enough

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    Google unveils new Pixel devices with foldable phone and tablet

    Google unveils new Pixel devices with foldable phone and tablet

    Samsung launches affordable Galaxy A-series in Kenya with flexible payment options

    Samsung launches affordable Galaxy A-series in Kenya with flexible payment options

    Xiaomi launches Redmi Note 12 Series in Kenya, starts at KES 21,999

    Xiaomi launches Redmi Note 12 Series in Kenya, starts at KES 21,999

    TECNO announces pre-orders for its first foldable smartphone in Kenya

    TECNO announces pre-orders for its first foldable smartphone in Kenya

    Oppo Reno 8T 5G launched in Kenya for KES 49,999

    Oppo Reno 8T 5G launched in Kenya for KES 49,999

    Samsung’s Galaxy S23 Unpacked event: All you need to know

    Samsung’s Galaxy S23 Unpacked event: All you need to know

    TECNO launches PHANTOM X2 Series with retractable portrait lens in Kenya

    TECNO launches PHANTOM X2 Series with retractable portrait lens in Kenya

    Samsung’s first 2023 Galaxy A series phone comes with 5G, and it’s cheap

    Samsung’s first 2023 Galaxy A series phone comes with 5G, and it’s cheap

    Tecno announces Eliud Kipchoge as brand ambassador for PHANTOM X2 Series

    Tecno announces Eliud Kipchoge as brand ambassador for PHANTOM X2 Series

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    Safaricom slashes prices of 4G Wi-Fi routers by 40%

    How to apply for the new generation number plates in Kenya

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    How to make and upload YouTube Shorts with ease

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    Samsung’s Freestyle Projector now available to purchase in Kenya

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Equity listed among the top 1,000 banks in the world

Brian Murimi by Brian Murimi
November 4, 2021
in News
Reading Time: 4 mins read
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Equity listed among the top 1,000 banks in the world
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Equity has been named among the global banking behemoths once again. In The Banker magazine’s Top 1,000 World Banks 2021, the Kenyan institution was ranked 39th in terms of return on assets, 71st in terms of return on capital, and 149th in terms of soundness (Capital Assets to Assets ratio).

This rating is based on an examination of banks in eight areas: growth, profitability, operational efficiency, asset quality, return on risk, liquidity, soundness, and leverage, to name a few. With a Tier 1 capital base of USD 1,096 million, Equity was placed 22nd in Africa and 761st globally.

The COVID-19 pandemic, which shut down major sectors of the local economy, contributed to Equity’s outstanding achievement in the rankings. The bank makes major efforts in protecting communities and stakeholders, putting people and lives before of profits. It provided PPEs to health personnel at 56 county and national hospitals, as well as 60 faith-based facilities, in collaboration with the Kenya COVID-19 Emergency Board. In addition, the lender helped 17,800 Wings to Fly and Elimu Scholars deal with the extended school closure.

Equity Group Managing Director and CEO Dr. James Mwangi commented on the ranking, saying that it shows the company’s resilience in the face of a difficult operating climate.

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“These global rankings are truly an affirmation befitting the financial strength and professionalism of the Bank, as well as the measures we took in our response to the COVID-19 pandemic. We strengthened our capital buffers by retaining profits and withholding dividend payouts, took long-term loan facilities that strengthened our liquidity buffers, supported host communities and our clients to mitigate the impact of the crisis on them by waiving fees and rescheduling their loans to match loan repayments to new cashflow patterns,” Dr. James Mwangi, Equity Group Managing Director and CEO said.

Equity Group, which has operations in six countries, was able to weather the COVID-19 interruption and increase its half-year Profits After Tax to Kshs.17.9 billion in 2021, up from Kshs.9.1 billion the previous year. The Group, which is the region’s largest bank by assets, also recorded an increase in total assets to Kshs. 1.12 trillion, up from Kshs. 746.5 billion the year before. Customer deposits increased by 51% to Kshs. 820.3 billion in the same time, maintaining the lender’s position as the largest bank in terms of deposits, market capitalization, and customer base, with over 15 million customers.

For more than 50 years, the Banker’s worldwide and regional rankings have been industry-standard indicators of financial institution performance. Tier 1 capital, a crucial metric of banking strength, is used to rank the largest banks in The Banker’s Top 1,000 World Banks. Furthermore, they examine over 120 data points tracked by The Banker Database year after year. The rating is a great tool for comparing banks and gaining a better picture of the global banking industry’s health and wealth.

Tags: BankingCEOEquityFinanceJames Mwangi
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Brian Murimi

Brian Murimi

Brian is the founding geek at the Netick. A tech enthusiast skilled in journalism, media relations, multi-platform broadcasting, and social media. Write to him via bryanmurimi@gmail.com

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