This archive report was first published on 3 October 2019.
Equity Bank Sets Ambitious Asset Growth Target ¶
Equity Group Holdings, the largest banking group in Kenya by customer base, has set an ambitious target of hitting KSh 1 trillion in assets in the next three months.
According to the group's chief executive and managing director, James Mwangi, the target is part of the group's ongoing journey of transformation and regional expansion.
Equity Group's financial statements for the six months ending June 2019, published in August 2019, showed an asset book of KSh 637 billion.
However, to hit the desired asset size, the bank will have to lend out KSh 363 billion in the next 88 days, a feat that has never been achieved by any Kenyan lender.
Equity Group loaned out KSh 63 billion for six months from January 2019, but the target is to loan out five times more in 87 days.
Equity Group's refreshed positioning follows an extensive three-year process of sounding out its current and future customer segments.
Speaking at the group's 35th anniversary dinner at the Kenyatta International Convention Centre (KICC) on October 2, 2019, Mwangi said, 'We will be a KSh 1 trillion strong bank by the end of the current financial year.'
He added, 'The evolution of our brand is an important part of our strategy for continued market leadership as well as being integral to the promise we made to all of our stakeholders when we began our journey of transformation to modernise and do all we can to get closer to and better serve our customers.'
