Global financial magazine, The Banker has said tier-one lender, Equity Group is the most improved bank from Kenya named in the Top 1000 Banks of the World 2018 report.
Equity Group #ticker:EQTY, which has subsidiaries in Uganda, Tanzania, South Sudan, DRC Congo and Rwanda, improved seven places to position 799 globally with its Tier 1 capital (as per Basel's Bank for International Settlements (BIS) guidelines) set at Sh84.8 billion.
The global rankings also showed Equity Group, listed on the Kenya and Uganda bourses, at position 11 on profitability, 35th on soundness based on Capital Assets Ratio and 44th based on its consistent profitability in the past three years with a 14.63 per cent year on year increase in Tier 1 capital.
The Banker 2018 mid-year edition has been published since 1970 where it looks at global financial institution’s individual performance, strength and stability based on their size, growth, profitability as well as advantage in terms of capital to assets ratio.
Equity Group chief executive James Mwangi hailed the recognition saying innovation has proven to be a great enabler in driving growth, adding that the lender has registered efficiency gains from digitisation.
On Friday, Equity Group shares at the Nairobi Securities Exchange closed at Sh40.50 per share.
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