A finance publication, African Banker, also declared Equity Bank the best lender in the continent with Tanzania’s Dr Benno Ndulu voted the best central banker.
Ecobank was voted the best retail lender in Africa while South Africa’s Standard Bank was ranked the top investment banker.
Fewer loan defaulters, lower employees’ costs and increased earnings from processing loans helped Equity Bank shrug off effects of the legal cap on lending rates that hurt its rivals.
Equity Bank #ticker:EQTY CEO James Mwangi has been voted the best African banker after the lender shrugged off effects of the legal cap on lending rates to beat rivals in the profit growth race.
A finance publication, African Banker, also declared Equity Bank the best lender in the continent with Tanzania’s Dr Benno Ndulu voted the best central banker.
Ecobank was voted the best retail lender in Africa while South Africa’s Standard Bank was ranked the top investment banker.
“His bank has seen impressive growth through a series of innovations and diversified investment channels away from consumer loans,” said the African Banker in reference to Mr Mwangi.
Fewer loan defaulters, lower employees’ costs and increased earnings from processing loans helped Equity Bank shrug off effects of the legal cap on lending rates that hurt its rivals.
The Kenyan unit of Equity posted a 7.2 per cent growth in net profit to Sh16.3 billion in the year to December compared to Co-operative Bank whose earnings dropped 10.7 per cent to Sh11.6 billion while those of KCB were 2.5 per cent down to Sh19.2 billion.
Most Kenyan banks have reported reduced profitability on effects of the lending rates cap. The African Banker reckon that Mwangi helped deepen digital banking allowing the bulk of Kenya’s bank customers to trade outside branches.
Equity is the biggest lender by customers, and is recognized for bringing a huge chunk of Kenyans in the banking bracket.
