This archive report was first published on 13 November 2019.
Equity Bank Chief Executive Officer James Mwangi has made a surprise announcement, revealing plans to serve the bank for another 20 years. This decision comes after he initially stated he would like to retire when he turns 75.
Speaking on November 13, 2019, while releasing the group's Q3 2019 results, Mwangi stated, 'The earliest maybe on my own volition that I would ask to retire is when I turn 75, I have another 20 years. I take consolation from one of my role models, Warren Buffett who is still chief executive at the range of 87.'
Under Mwangi's leadership, the bank has experienced significant growth. The lender, with the largest customer base in Kenya, announced a 10% growth in net profit after tax for the nine months to September 2019. The group's nine-month net profit rose to KSh 17.46 billion, up from KSh 15.58 billion in a similar period a year ago.
Equity Bank has set an ambitious target of hitting KSh 1 trillion in assets in the next three months. The bank's balance sheet grew by 21% to KSh 677 billion, driven mainly by 21% growth in net loans and 40% growth in cash and cash equivalent.
