Equity Bank recently announced a pretax profit of Ksh4.3 billion for the year to September 2009 (2008-Ksh 4.3 billion), maintaining its profitability in an adverse economic environment arising from the effects of the global economic crisis, severe drought and the 2008 post election violence.
The Bank’s results for 2008 included a one off profit of Ksh1.3 billion arising from the Safaricom IPO services where Equity Bank processed 45% of the business.
Without this one off income, the results from the bank’s core business show an increase of 48% thus showing sustained resilience at a time when the Kenyan and indeed the world economy has taken a thorough beating.
“These results are attributable to sustaining our strategy of balanced growth, high operating efficiency and prudent management of risk,” Dr James Mwangi, the Bank’s CEO said when announcing the results Monday.
The market received the results calmly and the share price closed Monday at Ksh14.35 down 0.15 from Friday 23rd. The annualized earnings per share stood at Ksh1.21 and P/E of 11.6.