Equity Bank

Ticker code EQTY Industry Regional Banks Equity Bank Ltd.
NHIF Building, 14th Floor
P.O. Box 75104-00200
Nairobi, Kenya
ISIN KE0000000554 Sector Financial
Initial Listing 12 February 2015 Financial Year End 31 December
Website www.equitybankgroup.com Results Released Quarterly
Five Year Financial Highlights 2010 2011 2012 2013 2014
  KES m KES m KES m KES m KES m
Consolidated Income Statement
Net interest income 11,713 16,223 23,964 26,491 29,175
Total non-interest income 10,439 12,447 12,863 15,371 18,474
Total operating income 22,152 28,670 36,827 41,861 47,649
Total operating expenses 13,202 15,991 19,579 22,711 26,348
Profit/loss before tax and exceptional items 8,950 12,679 17,249 19,150 21,300
Profit/loss after exceptional items 9,045 12,834 17,419 19,004 22,364
Profit/loss after tax and exceptional items 7,131 10,325 12,080 13,278 17,151
Total comprehensive income for the period 5,888 10,043 12,334 13,266 17,775
Earnings Per Share - Basic & Diluted 1.93 2.79 3.26 3.59 4.63
Dividend Per Share - Declared 0.80 1.00 1.25 1.50 1.80
Consolidated Statement of Financial Position 
Total assets 143,018 196,294 243,170 277,729 344,572
Total liabilities 115,814 162,009 200,254 226,174 280,796
Total equity 27,204 34,285 42,916 51,555 63,776
Total liabilities and equity 143,018 196,294 243,170 277,729 344,572
Consolidated Statement of Cash Flows 
Net profit before taxation 9,045 12,834 17,420 19,004 22,364
Operating profit before working capital changes 12,946 16,824 22,277 25,354 27,466
Cash generated from operations 30,589 17,980 21,271 11,344 28,868
Net cash generated from/used in operating activities 29,295 15,105 17,269 2,667 22,846
Net cash used in investing activities -24,858 -1,211 14,306 -7,633 -6,004
Net cash used in/generated from financing activities -606 3,104 6,600 -5,761 13,358
Net increase/decrease in cash and cash equivalents 3.831 16,998 9,563 -10,727 13,358
Cash and cash equivalents at the end of the year 13,440 35,282 45,134 34,528 47,039

Period ended: 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14
Unit: KES m KES m KES m KES m KES m
Statement type: Audited Audited Audited Audited Audited
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Comprehensive Income Statement
Interest income
Loans and advances 11,361 16,581 27,472 27,740 30,999
Government securities 2,303 2,669 3,021 3,567 3,858
Deposits and placements with banking institutions 111 84 271 399 371
Other - 5 84 184 139
Total interest income  13,775 19,340 30,848 31,890 35,367
           
Interest expenses
Customer deposits 1,448 2,131 5,167 3,971 4,667
Deposits and placements from banking institutions 13 179 259 105 73
Other interest income 601 806 1,458 1,323 1,453
Total interest expenses 2,062 3,117 6,884 5,399 6,192
Net interest income  11,713 16,223 23,964 26,491 29,175
         
Other operating income 
Fees and commissions income on loans and advances 2,538 3,354 3,561 4,476 5,215
Other fees and commissions income 4,433 5,923 6,309 6,714 8,842
Foreign exchange trading income 878 1,970 1,900 1,866 2,345
Dividend income 2 23 5 7 104
Other income 2,588 1,177 1,087 2,307 1,969
Total non-interest income 10,439 12,447 12,863 15,371 18,474
Total operating income  22,152 28,670 36,827 41,861 47,649
Operating expenses
Loan loss provisions 1,905 1,630 1,608 2,402 1,591
Staff costs 5,237 5,989 7,145 9,024 10,776
Directors' emoluments 29 26 27 28 38
Rental charges 609 928 1,461 1,576 1,591
Depreciation on property and equipment 1,344 1,582 2,028 2,203 2,638
Amortisation charges 145 164 288 323 547
Other operating expenses 3,934 5,673 7,021 7,154 9,168
Total operating expenses 13,202 15,991 19,579 22,711 26,348
Profit/loss before tax and exceptional items  8,950 12,679 17,249 19,150 21,300
Gain on disposal of associate - - - - 1,064
Exceptional items - share of profit of associate 95 155 171 -146 -
Profit/loss after exceptional items 9,045 12,834 17,419 19,004 22,364
Current tax -1,964 -2,696 -5,879 -5,882 -6,843
Deferred tax 51 187 540 155 1,631
Profit/loss after tax and exceptional items 7,131 10,325 12,080 13,278 17,151
Total comprehensive income for the period 5,888 10,043 12,334 13,266 17,775
Earnings Per Share - Basic & Diluted 1.93 2.79 3.26 3.59 4.63
Dividend Per Share - Declared 0.80 1.00 1.25 1.50 1.80

Period ended: 30-Sep-14 31-Dec-14 31-Mar-15 30-Jun-15 30-Sep-15
Period length: 3 months 3 months 3 months 3 months 3 months
Unit: KES '000s KES '000s KES '000s KES '000s KES '000s
Statement type: Unaudited Audited Unaudited Unaudited Unaudited
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Statement of Comprehensive Income 
           
Interest income
Loans and advances 7,864,608 8,394,647 8,284,824 8,679,568 11,092,727
Government securities 1,026,747 1,000,068 1,026,427 1,069,909 1,126,678
Deposits and placements with banking institutions 70,531 112,041 159,248 -22,429 75,122
Other 107,229 -180,006 231 68,640 39,595
Total interest income  9,069,115 9,326,750 9,470,730 9,795,688 12,334,122
           
Interest expenses
Customer deposits 1,173,054 1,244,106 1,447,317 1,665,970 1,774,211
Deposits and placements from banking institutions 30,025 23,056 47,580 76,590 98,872
Other interest income 336,171 429,456 357,836 166,755 364,892
Total interest expenses 1,539,250 1,696,617 1,852,733 1,909,315 2,237,975
Net interest income  7,529,865 7,630,134 7,617,997 7,886,373 10,096,147
Other operating income 
Fees and commissions income on loans and advances 1,437,533 1,338,467 1,299,361 1,354,176 1,404,138
Other fees and commissions income 2,305,399 2,312,365 2,420,698 2,443,695 3,419,436
Foreign exchange trading income 501,584 773,516 1,154,771 727,207 695,034
Dividend income -475 100,476 - - -
Other income 425,870 960,505 744,887 661,331 481,511
Total non-interest income 4,669,911 5,485,329 5,619,717 5,186,409 6,000,119
Total operating income  12,199,776 13,115,463 13,237,714 13,072,782 16,096,266
           
Operating expenses
Loan loss provisions 381,893 691,002 346,121 338,774 1,011,434
Staff costs 2,781,882 3,009,825 2,464,485 2,660,612 3,268,106
Directors' emoluments 12,995 7,456 19,039 17,891 13,706
Rental charges 491,456 221,394 478,226 522,899 671,992
Depreciation on property and equipment 644,549 772,292 753,994 768,970 845,180
Amortisation charges 146,010 190,408 191,708 250,230 217,247
Other operating expenses 2,765,257 2,616,711 2,875,599 2,526,558 3,932,698
Total operating expenses 7,224,042 7,509,088 7,129,172 7,085,934 9,960,363
           
Profit/loss before tax and exceptional items  4,975,734 5,606,375 6,108,542 5,986,848 6,135,903
Exceptional items - share of profit of associate 59,336 898,148 - - -91,534
Profit/loss after exceptional items 5,035,070 6,504,523 6,108,542 5,986,848 6,044,369
Current tax -1,482,731 -2,196,839 -1,813,395 -1,713,779 -1,779,763
Deferred tax - 1,630,671 - - -22,211
Profit/loss after tax and exceptional items 3,552,339 5,938,355 4,295,147 4,273,069 4,242,395
           
Other comprehensive income
Gains/losses from translating the financial statements of foreign operations 68,425 -96,676 -330,399 -237,813 -867,652
Fair value changes in available for sale financial assets 403,559 -33,801 -234,430 -475,133 -968,311
Revaluation surplus on property, plant and equipment - - - - -
Share of other comprehensive income of associates - - - - -
Income tax relating to components of other comprehensive income - - - - -
Other comprehensive income for the year net of tax 471,984 -130,477 -564,829 -712,946 -1,835,963
Total comprehensive income for the period 4,024,323 5,807,878 3,730,318 3,560,123 2,406,432
 

Period ended: 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14
Unit: KES m KES m KES m KES m KES m
Statement type: Audited Audited Restated Audited Audited
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Consolidated Statement of Financial Position 
Assets
Cash and cash equivalents 18,503 35,282 45,134 34,528 48,219
Loans and advances to customers 78,299 113,824 135,692 171,363 214,170
Finance lease receivables 3 1 - - -
Investment securities 31,988 30,502 41,101 44,572 48,369
Amounts due from related parties 106 124 2 122 189
Other assets 3,784 5,038 7,243 11,149 16,868
Tax recoverable 86 53 55 550 123
Investments in associate 1,260 1,366 1,457 1,574 -
Investments in subsidiary companies - - - - -
Property and equipment 6,970 7,592 9,072 9,796 10,528
Prepaid leases 30 29 292 180 106
Intangible assets 1,041 1,352 1,415 2,069 3,425
Goodwill 887 887 887 887 N.A.
Deferred tax assets 61 244 820 939 2,574
Total assets  143,018 196,294 243,170 277,729 344,572
           
Liabilities 
Deposits from customers 104,431 144,165 167,913 195,153 245,918
Tax payable 701 487 2,365 64 463
Other liabilities 2,714 2,565 3,369 4,219 4,507
Borrowed funds 7,963 14,792 26,569 26,736 29,906
Deferred tax liability 5 - 38 2 2
Total liabilities  115,814 162,009 200,254 226,174 280,796
           
Equity
Share capital 1,851 1,851 1,851 1,851 1,851
Share premium 12,161 12,161 12,161 12,161 12,161
Retained earnings 11,204 17,719 25,088 32,662 43,055
Available for sale reserve -990 -1,062 -732 -702 N.A.
Loan loss reserve 414 521 603 753 1021
Foreign currency translation reserve -325 -529 -603 -643 N.A.
Revaluation reserve 40 34 32 32 N.A.
Other reserves -113 -113 -113 -113 N.A.
Proposed dividends 2,962 3,703 4,629 5,554 6,665
Total equity 27,204 34,285 42,916 51,555 63,776
Total liabilities and equity  143,018 196,294 243,170 277,729 344,572

Period ended: 30-Sep-14 31-Dec-14 31-Mar-15 30-Jun-15 30-Sep-15
Unit: KES '000s KES '000s KES '000s KES '000s KES '000s
Statement type: Unaudited Audited Unaudited Unaudited Unaudited
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Statement of Financial Position 
           
Assets
Cash (both local & foreign) 10,172,302 8,440,563 12,101,494 12,725,311 16,787,885
Balances due from central Bank of Kenya 11,228,904 6,103,763 11,746,519 8,866,641 15,774,038
Kenya government and other securities held for dealing purposes - - - - -
Financial assets at fair value through profit and loss - - - - -
Investment securities (a+b) 47,433,180 48,369,008 48,911,563 50,619,703 51,495,493
a) After maturity (i+ii) 33,891,356 34,890,897 33,780,843 35,514,993 37,308,027
i) Kenya government securities 19,351,134 19,288,900 20,712,691 18,342,651 18,284,223
ii) Other securities 14,540,222 15,601,997 13,068,152 17,172,342 19,023,804
b) After sale (i+ii) 13,541,824 13,478,111 15,130,720 15,104,710 14,187,466
i) Kenya government securities 13,305,504 13,266,765 14,923,575 14,847,514 13,959,217
ii) Other securities 236,320 211,346 207,145 257,196 228,249
Deposits and balances due from local banking institutions 4,168,462 10,146,632 8,899,444 10,671,317 800,812
Deposits and balances due from banking institutions abroad 27,258,997 23,527,785 29,247,580 34,002,800 52,632,427
Tax recoverable 199,428 123,483 76,758 372,036 670,463
Loans and advances to customers (net) 206,699,141 214,170,424 224,756,281 236,815,137 263,401,978
Balances due from banking institutions in the group 399,827 188,903 309,837 302,840 313,330
Investments in associates 1,639,800 - - - -
Investments in subsidiary companies - - - - -
Investments in joint ventures - - - - -
Investment properties 8,494 8,494 8,494 8,494 8,494
Property and equipment 10,327,366 10,528,298 11,354,247 11,834,578 14,798,195
Prepaid lease rentals 139,375 106,040 159,774 149,793 152,237
Intangible assets 3,926,436 3,424,894 4,288,699 5,177,132 5,253,139
Deferred tax asset 764,648 2,573,932 3,098,343 2,457,904 2,523,232
Retirement benefit asset - - - - -
Other assets 15,076,041 16,859,430 17,566,097 26,989,351 21,141,803
Total assets  339,442,401 344,571,649 372,525,130 400,993,037 445,753,525
           
Liabilities
Balances due to Central Bank of Kenya - - - - -
Customer deposits 243,017,087 245,383,135 276,754,774 299,696,865 316,092,928
Deposits and balances due to local banking institutions 126,160 199,136 1,412,173 1,306,796 451,608
Deposits and balances due to foreign banking institutions - - - - 407,093
Other money market deposits 310,172 336,184 - 5,074,000 10,562,929
Borrowed funds 33,759,917 29,905,810 26,179,444 22,033,576 38,370,422
Balances due to group companies - - - - -
Tax payable 209,831 462,900 2,210,571 376,267 533,437
Dividends payable 23,211 22,678 65,018 24,446 26,571
Deferred tax liability - 2,148 1,162 1,162 1,162
Retirement benefit liability - - - - -
Other liabilities 4,898,211 4,483,963 4,982,986 7,483,528 8,167,648
Total liabilities  282,344,589 280,795,953 311,606,128 335,996,640 374,613,798
           
Shareholders' funds 
Paid up/assigned capital 1,851,388 1,851,388 1,851,388 1,851,388 1,886,837
Share premium (discount) 12,161,021 12,161,021 12,161,021 12,161,021 14,675,862
Revaluation reserve -1,228,722 -977,286 -1,307,685 -1,545,498 -2,413,150
Retained earnings/accumulated losses 43,580,271 43,054,995 47,248,075 51,556,661 56,013,142
Statutory loan loss reserve 733,854 1,020,579 966,203 972,825 977,036
Proposed dividends - 6,664,999 - - -
Capital grants - - - - -
Total shareholders' funds  57,097,812 63,775,696 60,919,002 64,996,397 71,139,727
Total liabilities and shareholders' funds  339,442,401 344,571,649 372,525,130 400,993,037 445,753,525
 

Period ended: 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14
Unit: KES m KES m KES m KES m KES m
Statement type: Restated Restated Audited Audited Audited
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Consolidated Statement of Cash Flows 
Cash flows from operating activities 
Net profit before taxation  9,045 12,834 17,420 19,004 22,364
Adjustments for:
Depreciation 1,343 1,583 2,016 2,182 2,562
Impairment and amortisation of intangible assets and prepaid lease 146 162 300 820 742
Unrealised exchange gains/losses - 63 -286 -100 -28
Loss/profit on disposal of property and equipment - -7 -4 6 -37
Provision for non-performing loans 1,905 1,630 1,608 2,402 1,591
Share of profit of associate -46 -155 -171 -201 -1,064
Dividends received -49 -49 -80 -84 -100
Interest on term borrowings 602 763 1,474 1,325 1,436
Amortisation of investment property - - - - -
Operating profit before working capital changes 12,946 16,824 22,277 25,354 27,466
Loans and advances -16,938 -37,159 -23,476 -38,073 -44,398
Other assets -1,071 -1,254 -2,205 -3,906 -4,805
Finance lease receivable - 2 1 - -
Customer deposits 34,588 39,734 23,748 27,240 50,430
Due from related parties -96 -16 122 -120 -67
Other liabilties 1,160 -151 804 849 243
Cash generated from operations  30,589 17,980 21,271 11,344 28,868
Income taxes paid -1,294 -2,875 -4,002 -8,677 -6,022
Net cash generated from/used in operating activities  29,295 15,105 17,269 2,667 22,846
Cash flows from investing activities 
Purchase of property, equipment and prepaid leases -1,893 -2,225 -3,782 -3,482 -3,399
Purchase of intangible assets -310 -473 -363 -998 -2,149
Proceeds from sale of property and equipment 22 25 27 206 142
Proceeds from sale of investment in associate - - - - 2,780
Dividend received 49 49 80 84 100
Purchase of investment securities -31,534 -22,546 -25,893 -15,008 -16,528
Proceeds from sale of investment securities 10,628 23,959 15,625 11,565 13,076
Restricted balances with central bank -1,820 - - - -
Increase in investments in other subsidiaries - - - - -27
Net cash used in investing activities  -24,858 -1,211 14,306 -7,633 -6,004
Cash flows from financing activities 
Dividend paid -1,481 -2,962 -3,703 -4,628 -5,554
Proceeds from long term borrowings 2,631 8,096 13,581 1,799 6,533
Repayment of long term borrowings -1,154 -1,267 -1,804 -1,632 -3,027
Interest paid on term borrowings -602 -763 -1,474 -1,325 -1,436
Net cash used in/generated from financing activities  -606 3,104 6,600 -5,786 13,358
Net increase/decrease in cash and cash equivalents 3,831 16,998 9,563 -10,727 13,358
Effect of foreign exchange differences -143 -219 289 121 279
Restricted balances with central bank  -  -  -  - -1,179
Cash and cash equivalents at the beginning of the year 9,752 18,503 35.282 45,134 34,528
Cash and cash equivalents at the end of the year  13,440 35,282 45,134 34,528 47,039