Business for the year ended December 31 2017 was good for Equity Bank as it had profit before tax jump 83 percent to hit Shs38.8b, up from Shs21.2b the bank earned in the year ended December 31, 2016.
According to the Bank’s extract of financial statements for the year ended December 31, 2017, the value of its total assets also rose by 60 percent in the year 2017 to Shs1.03 trillion, up from Shs642.8b it amassed in the year 2016.
Equity Bank attracted more deposits in the year 2017 as they rose by 52 percent to amount to Shs729b from Shs480b it collected in the year 2016. The bank’s deposits curve has been on an upward trend since the year 2011 when it collected Shs167b.
The bank in the year 2017 also gave out net loans worth Shs496b compared to Shs319b it extended to clients in the year 2016, representing a 56 percent increase. The loans’ graph shows that the bank extended similar loans worth Shs197b in the years 2012 and 2014. In the year 2013 the bank had its loan portfolio drop to Shs189b.
Equity Bank had its Non- Performing Loans (NPLs) in 2017 reduce to Shs30.70b from Shs 45.57b it incurred in the year 2016.
The year 2017 saw bad debts written off by the bank fall by 41.27 percent to Shs4.91b compared to Shs8.36b it wrote off in the year 2016.
The financial statement shows that bank’s cash and balances with Bank of Uganda increased in the year 2017 to Shs164.78b compared to Shs101.97b in the year 2016.