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Equity Bank Profit Up By 26% To Shs35.3bn

Equity Bank Uganda Ltd is increasingly becoming a dominant financial institution in Uganda’s banking industry.

Having joined the Ugandan market over 10 years ago, the bank has come up with strategies aimed at making it the number one bank in Uganda in 10 years to come.

In a market of 24 commercial banks, it has already broken into the top 10 most profitable banks in the country.

According to the Equity Bank Uganda’s financial statements for the year ended 31st December 2018 released today, the bank’s profit after tax grew by 26% to Shs35.29bn, up from Shs28.09bn recorded in 2017.

The impressive results can be attributed to a decrease in Non-Performing Loans (NPLs) and general improvement in all key performance indicators.

NPLs reduced to Shs12.63bn in 2018, down from Shs30.7bn in 2017.

Additionally, customer deposits grew by about 20% to Shs875.5bn in 2018, up from Shs729.48bn recorded a year earlier.

Loans advanced to customers also grew tremendously to Shs699.78bn, up from Shs495.95bn in 2017. This represents a growth of 41%.

The bank’s total assets hit Shs1.17 trillion in 2018, up from Shs1.02 trillion registered a year earlier.

However, bad loans written off increased to Shs16.7bn in 2018, up fromShs4.9bn recorded in 2017.

Equity Bank Uganda is headed by Samuel M. Kirubi as Managing Director. He is deputized by Anthony M. Kituuka as Executive Dirctor.

Over the past few years, Equity bank has rolled out a number of innovations including pioneering the fast growing agency banking in the country.

Detailed analysis to follow…

Taddewo William Senyonyi
William is a seasoned business and finance journalist. He is also an agripreneur and a coffee enthusiast.

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