Equity Bank Uganda has recorded a growth in deposits by 21 percent from Ushs 2.285 billion to Ushs 2. 755 billion.
This was on account of continued focus on operational efficiency and strategic growth initiatives, among them, new product development and expansion into new markets.
Anthony Kituuka, the Managing Director said, “Our overall performance demonstrates resilience in the face of economic contraction and other associated challenges experienced post COVID-19 pandemic. Our strategic growth initiatives have enabled us to deliver positive results for our shareholders and stakeholders.”
This level of success according to the Managing Director, was catalyzed by the adoption of the twin-engine execution model that has the social engine and the economic engine which focused on Agriculture, Manufacturing, Trade, energy and environment, education, health, oil and gas.
In 2022, the bank launched and grew their Eazzy stock financing, a free digital lending product operated on the phone, to a return of Ushs 10 billion daily, through which business such as distributors, dealers, stockists or retailers, could access funding based on their exact value of their stock.
The innovation has consolidated the bank’s position as the 3rd largest by lending and deposits, 4th by total income and 5th by assets.
The Bank regards itself as movement of social-economic transformation which has integrated financial services that socially and economically empower consumers, businesses and communities.
In reference to this model, Kituuka noted that “Equity does not do Corporate Social Responsibility (CSR), but rather itself is a CSR”, and as such they seek to give dignity to the underprivileged class of society, for example, granting financial cards to refugees.
“Customers mean transactions and that is the lifeblood of any organization. True core of a bank is customers. For a bank to have impact, it must have a strong customer base.We are the fastest growing in customer numbers,” he added.
This trend, he says, was further boosted by agency banking that was introduced in 2018 and as a result they have 8000 active agents who on-board, engage and carry out transactions averaging Ushs 5million per day and Ushs 13 trillion per quota.
With the aid of the technology as of today 94% of transactions of the bank are being done outside the branch.
Among the other performance highlights include 6 percent growth in net loans from 1.5 billion to 1.6 billion,20 percent growth in total assets from 2.8 billion to 3.3 billion,52 percent drop in profit before tax from Ushs 118.2 billion to Ushs 56.4 billion.
Relatedly, there was a 32 percent growth in customer numbers from 1,222 million to 1,613 million coupled with a 39 percent growth in number of agents from 5,572 to 7,727.
