Finance

Kenya: Equity Group posts positive performance in Jan-Sep 2020, despite Covid-19

Wednesday, 18 November 2020 17:43
Kenya: Equity Group posts positive performance in Jan-Sep 2020, despite Covid-19

(Ecofin Agency) - The Kenyan Equity Group posted a positive performance over the first nine months of 2020, despite the coronavirus pandemic that has affected all the countries where the company is present.

The net revenue over the period was KSh10.6 billion ($97.2 million), a positive figure although down 26% compared to the same period in 2019. This counter-performance is, however, marked by a revolution in terms of exploitation. In a press release sent to Ecofin Agency, the group said it has endeavored to take advantage of the opportunities presented by the covid-19 crisis, particularly for clients.

Equity Group indeed had to face operating expenses increased by the cost of risk. Expenditures were KSh31.4 billion. This situation weighed on the sharp increase in net banking income which reached 45.34 billion shillings over the period reviewed. But beyond a resilient performance, the banking group has made a successful transition.

"Equity's business model has shifted from 'where you go' to 'what you do' on the devices, eliminating and compressing time and geography to do business 24 hours a day, anytime, anywhere," the Bank explains.

In the first 9 months of the year, 83% of customer transactions were made via mobile banking. The share of the value of transactions via this channel reached 33% compared to 25% in 2019.

Idriss Linge



 
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