EQUITY GROUP HOLDINGS PLC UNAUDITED FINANCIAL STATEMENTS AND
OTHER DISCLOSURES FOR THE PERIOD ENDED 31st MARCH, 2023
EQUITY BANK (KENYA) LIMITED | EQUITY GROUP HOLDINGS PLC | |||||||||
BANK | COMPANY | GROUP | ||||||||
STATEMENT OF FINANCIAL POSITION AT | 31st Mar | 31st Dec | 31st Mar | 31st Mar | 31st Dec | 31st Mar | 31st Mar | 31st Dec | 31st Mar | |
2022 | 2022 | 2023 | 2022 | 2022 | 2023 | 2022 | 2022 | 2023 | ||
Shs. '000' | Shs. '000' | Shs. '000' | Shs. '000' | Shs. '000' | Shs. '000' | Shs. '000' | Shs. '000' | Shs. '000' | ||
(Un-Audited) | (Audited) | (Un-Audited) | (Un-Audited) | (Audited) | (Un-Audited) | (Un-Audited) | (Audited) | (Un-Audited) | ||
A. | ASSETS | |||||||||
1. | Cash (both local & foreign) | 13,880,097 | 13,946,713 | 13,948,695 | 18,113,690 | 14,409,974 | 14,681,792 | 53,315,066 | 66,708,559 | 87,619,727 |
2. | Balances due from Central Bank of Kenya | 18,765,633 | 18,765,647 | 27,368,152 | - | - | - | 18,765,633 | 18,765,647 | 27,368,152 |
3. | Kenya Government and other securities held for dealing purposes | - | - | - | - | - | - | - | - | - |
4. | Financial assets at fair value through profit or loss | - | - | - | - | - | - | - | - | - |
5. | Investment securities: | 336,795,694 | 320,258,862 | 316,855,889 | - | - | - | 389,413,699 | 393,983,864 | 392,468,517 |
a) | Amortised cost: | 12,528,547 | 15,681,217 | 15,852,091 | - | - | - | 13,269,175 | 25,457,163 | 28,152,044 |
a. Kenya Government securities | 12,528,547 | 9,571,137 | 9,383,951 | - | - | - | 12,528,547 | 12,237,041 | 13,135,215 | |
b. Other securities | - | 6,110,080 | 6,468,140 | - | - | - | 740,628 | 13,220,122 | 15,016,829 | |
b) | Fair value through other comprehensive income (FVOCI): | 324,267,147 | 304,577,645 | 301,003,798 | - | - | - | 376,144,524 | 368,526,701 | 364,316,473 |
a. Kenya Government securities | 221,405,320 | 206,633,893 | 202,818,448 | - | - | - | 221,405,320 | 206,972,825 | 202,818,448 | |
b. Other securities | 102,861,827 | 97,943,752 | 98,185,350 | - | - | - | 154,739,204 | 161,553,876 | 161,498,025 | |
6. | Deposits and balances due from local banking institutions | 3,648,000 | 18,438,640 | 9,548,650 | - | - | - | 52,725,197 | 81,095,947 | 82,846,745 |
7. | Deposits and balances due from banking institutions abroad | 13,742,979 | 25,671,494 | 16,538,031 | - | - | - | 41,571,266 | 65,798,488 | 60,569,141 |
8. | Tax recoverable | - | 850,525 | - | - | 147,360 | 164,703 | 199,571 | 1,727,814 | 1,048,108 |
9. | Loans and advances to customers (net) | 402,570,103 | 429,821,383 | 448,929,590 | - | - | - | 623,560,928 | 706,588,156 | 756,333,641 |
10. | Balances due from group companies | 557,905 | 959,928 | 853,429 | - | - | - | - | - | - |
11. | Investments in associates | - | - | - | - | - | - | - | - | - |
12. | Investments in subsidiary companies | - | - | - | 81,234,820 | 93,432,939 | 93,439,183 | - | - | - |
13. | Investments in joint ventures | - | - | - | - | - | - | - | - | - |
14. | Investment properties | - | - | - | - | - | - | 5,826,659 | 6,115,091 | 6,538,248 |
15. | Property and equipment | 4,606,634 | 5,764,696 | 5,577,192 | 10,023 | 8,876 | 9,337 | 16,032,256 | 18,898,943 | 20,464,541 |
16. | Prepaid lease rentals | - | - | - | - | - | - | - | - | - |
17. | Intangible assets | 9,804,028 | 10,892,789 | 11,381,106 | - | - | - | 12,011,817 | 12,527,909 | 13,085,035 |
18. | Deferred tax asset | 17,164,712 | 22,989,070 | 27,416,137 | 119,411 | 318,517 | 621,529 | 20,278,858 | 27,244,000 | 33,143,375 |
19. | Retirement benefit asset | - | - | - | - | - | - | - | - | - |
20. | Other assets | 20,420,977 | 25,652,013 | 24,891,908 | 298,286 | 1,727,823 | 1,710,128 | 35,757,148 | 47,556,158 | 56,191,441 |
21. | TOTAL ASSETS | 841,956,762 | 894,011,760 | 903,308,779 | 99,776,230 | 110,045,489 | 110,626,672 | 1,269,458,098 | 1,447,010,576 | 1,537,676,671 |
- LIABILITIES
22. | Balances due to Central Bank of Kenya | - | - | - | - | - | - | - | - | - |
23. | Customer deposits | 478,962,604 | 517,217,504 | 544,137,669 | - | - | - | 900,923,634 | 1,052,161,597 | 1,111,168,760 |
24. | Deposits and balances due to local banking institutions | - | - | - | - | - | - | - | - | - |
25. | Deposits and balances due to foreign banking institutions | 126,784,492 | 130,153,486 | 111,375,175 | - | - | - | - | - | - |
26. | Other money market deposits | 22,328,050 | 43,849,440 | 41,813,803 | - | - | - | 22,920,227 | 43,849,440 | 44,934,218 |
27. | Borrowed funds | 94,029,386 | 88,174,860 | 89,321,186 | 11,500,000 | 12,629,259 | 13,723,626 | 124,131,221 | 113,692,466 | 114,113,375 |
28. | Balances due to group companies | 1,632 | - | - | - | - | - | - | - | - |
29. | Tax payable | 1,933,351 | - | 2,583,344 | 4,903 | - | - | 3,754,758 | 1,830,443 | 5,721,609 |
30. | Dividends payable | - | - | - | - | - | - | - | - | - |
31. | Deferred tax liability | - | - | - | - | - | - | 908,401 | 1,642,018 | 1,888,324 |
32. | Retirement benefit liability | - | - | - | - | - | - | 1,289,349 | 1,856,467 | 1,920,274 |
33. | Other liabilities | 14,438,056 | 17,089,079 | 16,646,633 | 1,386,441 | 561,257 | 754,282 | 41,323,756 | 49,766,873 | 67,245,663 |
34. | TOTAL LIABILITIES | 738,477,571 | 796,484,369 | 805,877,810 | 12,891,344 | 13,190,516 | 14,477,908 | 1,095,251,346 | 1,264,799,304 | 1,346,992,223 |
- SHAREHOLDERS' FUNDS
35. | Paid up / assigned capital | 30,000,000 | 30,000,000 | 30,000,000 | 1,886,837 | 1,886,837 | 1,886,837 | 1,886,837 | 1,886,837 | 1,886,837 |
36. | Share premium / (discount) | 9,964,132 | 9,964,132 | 9,964,132 | 15,325,264 | 15,325,264 | 15,325,264 | 15,325,264 | 15,325,264 | 15,325,264 |
37. | Revaluation reserve | (11,706,641) | (24,588,128) | (31,925,928) | - | - | (19,239,781) | (32,172,564) | (36,908,115) | |
38. | Retained earnings / accumulated losses | 75,221,700 | 82,151,387 | 89,392,765 | 58,351,761 | 79,642,872 | 63,841,964 | 157,822,336 | 189,572,966 | 186,783,370 |
39. | Statutory loan loss reserve | - | - | - | - | - | - | 91,910 | 1,582,327 | 1,582,327 |
40. | Other reserves | - | - | - | - | - | - | - | - | - |
41. | Proposed dividends | - | - | - | 11,321,024 | - | 15,094,699 | 11,321,024 | - | 15,094,699 |
42. | Non-controlling interests | - | - | - | - | - | - | 6,999,162 | 6,016,442 | 6,920,066 |
43. | TOTAL SHAREHOLDERS' FUNDS | 103,479,191 | 97,527,391 | 97,430,969 | 86,884,886 | 96,854,973 | 96,148,764 | 174,206,752 | 182,211,272 | 190,684,448 |
44. | TOTAL LIABILITIES AND SHAREHOLDERS' FUNDS | 841,956,762 | 894,011,760 | 903,308,779 | 99,776,230 | 110,045,489 | 110,626,672 | 1,269,458,098 | 1,447,010,576 | 1,537,676,671 |
STATEMENT OF COMPREHENSIVE INCOME
1. INTEREST INCOME
1.1 | Loans and advances | 10,454,158 | 47,698,257 | 11,883,190 | - | - | - | 17,118,685 | 78,231,754 | 20,715,620 |
1.2 | Government securities | 8,045,871 | 33,872,981 | 8,607,757 | - | - | - | 9,325,931 | 40,024,145 | 10,665,204 |
1.3 | Deposits and placements with banking institutions | 108,677 | 665,419 | 372,285 | 201,677 | 701,929 | 275,001 | 163,443 | 1,214,903 | 1,009,217 |
1.4 | Other interest Income | 12,817 | 50,543 | 18,032 | - | - | 65,736 | 163,606 | 49,534 | |
1.5 | Total interest income | 18,621,523 | 82,287,200 | 20,881,264 | 201,677 | 701,929 | 275,001 | 26,673,795 | 119,634,408 | 32,439,575 |
2. INTEREST EXPENSES
2.1 | Customer deposits | 3,723,471 | 16,118,404 | 5,097,381 | - | - | - | 4,961,672 | 22,426,524 | 7,419,946 |
2.2 | Deposits and placements from banking institutions | 110,451 | 1,271,317 | 626,875 | - | - | - | 598,748 | 2,906,208 | 974,034 |
2.3 | Other interest expense | 1,362,963 | 6,486,212 | 2,164,036 | 144,508 | 814,259 | 294,966 | 1,761,712 | 8,302,634 | 2,360,698 |
2.4 | Total interest expenses | 5,196,885 | 23,875,933 | 7,888,292 | 144,508 | 814,259 | 294,966 | 7,322,132 | 33,635,366 | 10,754,678 |
3. | NET INTEREST INCOME | 13,424,638 | 58,411,267 | 12,992,972 | 57,169 | (112,330) | (19,965) | 19,351,663 | 85,999,042 | 21,684,897 |
4. NON-INTEREST INCOME
4.1 | Fees and commissions income on loans & advances | 1,706,776 | 7,554,588 | 1,643,274 | - | - | - | 1,948,862 | 8,893,241 | 2,001,946 |
4.2 | Other fees and commissions income | 2,467,534 | 9,581,330 | 3,265,241 | - | - | - | 6,043,724 | 28,126,834 | 9,121,603 |
4.3 | Foreign exchange trading income | 972,079 | 6,483,484 | 1,550,522 | - | - | - | 2,047,295 | 12,969,690 | 5,164,992 |
4.4 | Dividend income | - | - | - | - | 22,140,458 | - | - | - | - |
4.5 | Other income | 451,848 | 3,920,373 | 1,802,134 | (34,864) | (549,130) | (940,843) | 1,874,025 | 9,946,415 | 2,095,116 |
4.6 | Total non-interest income | 5,598,237 | 27,539,775 | 8,261,171 | (34,864) | 21,591,328 | (940,843) | 11,913,906 | 59,936,180 | 18,383,657 |
5. | TOTAL OPERATING INCOME | 19,022,875 | 85,951,042 | 21,254,143 | 22,305 | 21,478,998 | (960,808) | 31,265,569 | 145,935,222 | 40,068,554 |
6. OPERATING EXPENSES
6.1 | Loan loss provision | 963,547 | 7,836,716 | 1,848,209 | - | - | - | 1,805,839 | 15,414,322 | 3,476,580 |
6.2 | Staff costs | 2,682,041 | 14,163,580 | 3,704,986 | 3,471 | 37,646 | 3,663 | 4,982,551 | 24,776,799 | 6,629,022 |
6.3 | Directors' emoluments | 3,068 | 48,924 | 26,376 | 8,066 | 55,328 | 14,711 | 30,476 | 230,637 | 77,294 |
6.4 | Rental charges | 40,232 | 255,920 | 56,445 | 1,084 | 3,262 | 292 | 84,929 | 429,879 | 101,386 |
6.5 | Depreciation on property and equipment | 585,178 | 2,484,836 | 560,630 | 450 | 1,821 | 487 | 1,206,201 | 5,289,202 | 1,322,555 |
6.6 | Ammortisation charges | 238,652 | 1,014,627 | 259,435 | - | - | - | 501,248 | 2,082,281 | 326,040 |
6.7 | Other operating expenses | 3,769,488 | 18,144,384 | 5,393,687 | 29,546 | 309,598 | 28,910 | 7,370,479 | 37,868,317 | 11,254,638 |
6.8 | Total operating expenses | 8,282,206 | 43,948,987 | 11,849,768 | 42,617 | 407,655 | 48,063 | 15,981,723 | 86,091,437 | 23,187,515 |
7.0 | Profit / (loss) before tax and exceptional items | 10,740,669 | 42,002,055 | 9,404,375 | (20,312) | 21,071,343 | (1,008,871) | 15,283,846 | 59,843,785 | 16,881,039 |
EQUITY GROUP HOLDINGS PLC UNAUDITED FINANCIAL STATEMENTS AND
OTHER DISCLOSURES FOR THE PERIOD ENDED 31st MARCH, 2023
EQUITY BANK (KENYA) LIMITED | EQUITY GROUP HOLDINGS PLC | |||||||||
BANK | COMPANY | GROUP | ||||||||
STATEMENT OF COMPREHENSIVE INCOME (continued) | 31st Mar | 31st Dec | 31st Mar | 31st Mar | 31st Dec | 31st Mar | 31st Mar | 31st Dec | 31st Mar | |
2022 | 2022 | 2023 | 2022 | 2022 | 2023 | 2022 | 2022 | 2023 | ||
Shs. '000' | Shs. '000' | Shs. '000' | Shs. '000' | Shs. '000' | Shs. '000' | Shs. '000' | Shs. '000' | Shs. '000' | ||
(Un-Audited) | (Audited) | (Un-Audited) | (Un-Audited) | (Audited) | (Un-Audited) | (Un-Audited) | (Audited) | (Un-Audited) | ||
8.0 | Exceptional items | - | - | - | - | - | - | - | - | - |
9.0 | Profit / (loss) after exceptional items | 10,740,669 | 42,002,055 | 9,404,375 | (20,312) | 21,071,343 | (1,008,871) | 15,283,846 | 59,843,785 | 16,881,039 |
10. | Current tax | (2,180,136) | (8,319,090) | (3,445,301) | - | - | - | (3,441,366) | (12,689,391) | (5,631,156) |
11. | Deferred tax | (96,396) | (289,142) | 1,282,295 | 6,094 | 205,550 | 302,661 | 20,459 | (1,051,853) | 1,549,968 |
12. | Profit / (loss) after tax and exceptional items | 8,464,137 | 33,393,823 | 7,241,369 | (14,218) | 21,276,893 | (706,210) | 11,862,939 | 46,102,541 | 12,799,851 |
12.1 | Minority Interest | - | - | - | - | - | - | (319,201) | (1,208,545) | (493,915) |
13. | Profit / (loss) after tax and exceptional items and non-controlling | 8,464,137 | 33,393,823 | 7,241,369 | (14,218) | 21,276,893 | (706,210) | 11,543,738 | 44,893,996 | 12,305,936 |
interest | ||||||||||
14. | Other comprehensive income | |||||||||
14.1 | Gains / (losses) from translating the financial statements of foreign | - | - | - | - | - | - | 34,459 | 2,936,236 | 3,080,628 |
operations | ||||||||||
14.2 | Fair value changes in FVOCI financial assets | (11,384,566) | (24,266,053) | (7,337,800) | - | - | - | (13,300,915) | (29,019,919) | (7,816,743) |
14.3 | Remeasurement of defined benefit obligation | - | - | - | - | - | - | - | (572,765) | - |
14.4 | Share of other comprehensive income of associates | - | - | - | - | - | - | - | - | - |
14.5 | Income tax relating to components of other comprehensive income | - | - | - | - | - | - | - | - | - |
15. | Other comprehensive income for the year, net of tax | (11,384,566) | (24,266,053) | (7,337,800) | - | - | - | (13,266,456) | (26,656,448) | (4,736,115) |
16. | Total comprehensive income for the year | (2,920,429) | 9,127,770 | (96,431) | (14,218) | 21,276,893 | (706,210) | (1,403,517) | 19,446,093 | 8,063,736 |
Earnings per share - basic & diluted | 282.14 | 1,113.13 | 241.38 | - | 5.64 | (0.19) | 3.06 | 11.90 | 3.26 | |
Dividend per share - declared | - | 600.00 | - | - | 4.00 | - | - | 4.00 | - |
OTHER DISCLOSURES
- NON-PERFORMINGLOANS AND ADVANCES
a) | Gross non-performing loans and advances | 38,221,171 | 39,144,391 | 53,523,707 | - | - | - | 59,377,971 | 63,134,379 | 80,286,325 |
b) | Less interest in suspense | 7,527,201 | 9,042,023 | 12,140,036 | - | - | - | 10,877,722 | 13,013,091 | 15,439,093 |
c) | Total non-performing loans and advances (a-b) | 30,693,970 | 30,102,368 | 41,383,671 | - | - | - | 48,500,249 | 50,121,288 | 64,847,232 |
d) | Less loan loss provision | 19,342,614 | 19,735,572 | 23,219,285 | - | - | - | 28,331,171 | 31,512,828 | 34,377,208 |
e) | Net non- performing loans (c-d) | 11,351,356 | 10,366,796 | 18,164,386 | - | - | - | 20,169,078 | 18,608,460 | 30,470,024 |
f) | Discounted value of securities | 11,351,356 | 10,366,796 | 11,982,650 | - | - | - | 20,169,078 | 17,039,445 | 22,264,669 |
g) | Net NPLs exposure (e-f) | - | - | 6,181,736 | - | - | - | - | 1,569,015 | 8,205,355 |
- INSIDER LOANS AND ADVANCES
a) | Directors, shareholders and associates | 5,599,798 | 6,442,159 | 6,557,260 | - | - | - | 8,064,766 | 7,961,065 | 7,988,215 |
b) | Employees | 7,143,584 | 8,080,930 | 8,331,122 | - | - | - | 10,371,208 | 14,232,484 | 14,706,329 |
c) | Total insider loans and advances and other facilities | 12,743,382 | 14,523,089 | 14,888,382 | - | - | - | 18,435,973 | 22,193,549 | 22,694,544 |
- OFF BALANCE SHEET ITEMS
a) | Letter of credit, guarantees and acceptances | 82,756,155 | 113,169,840 | 128,407,446 | - | - | - | 120,219,065 | 162,553,364 | 176,274,545 |
b) | Forwards,swaps and options | 27,828,734 | 14,333,691 | 22,764,841 | - | - | - | 30,131,222 | 25,753,954 | 55,412,736 |
c) | Other contigent liabilities | - | - | - | - | - | - | - | - | - |
d) | Total contigent liabilities | 110,584,889 | 127,503,531 | 151,172,287 | - | - | - | 150,350,287 | 188,307,318 | 231,687,281 |
- CAPITAL STRENGTH
a) | Core capital | 93,789,052 | 121,149,261 | 124,576,233 | - | - | - | 147,005,645 | 177,328,347 | 196,947,972 |
b) | Minimum statutory capital | 1,000,000 | 1,000,000 | 1,000,000 | - | - | - | 4,173,124 | 4,173,124 | 4,173,124 |
c) | Excess / (deficiency) | 92,789,052 | 120,149,261 | 123,576,233 | - | - | - | 142,832,521 | 173,155,223 | 192,774,848 |
d) | Supplementary capital | 38,150,068 | 37,232,858 | 38,670,101 | - | - | - | 50,130,968 | 51,444,445 | 53,976,054 |
e) | Total capital (a+d) | 131,939,120 | 158,382,119 | 163,246,334 | - | - | - | 197,136,613 | 228,772,792 | 250,924,026 |
f) | Total risk weighted assets | 713,396,619 | 768,315,225 | 834,849,797 | - | - | - | 1,055,807,361 | 1,134,400,234 | 1,269,667,878 |
Ratios | ||||||||||
g) | Core capital / total deposit liabilities | 15.5% | 18.7% | 19.0% | - | - | - | 16.3% | 16.9% | 17.7% |
h) | Minimum statutory ratio | 8.0% | 8.0% | 8.0% | - | - | - | 8.0% | 8.0% | 8.0% |
i) | Excess / (deficiency) (g-h) | 7.5% | 10.7% | 11.0% | - | - | - | 8.3% | 8.9% | 9.7% |
j) | Core capital / total risk weighted assets | 13.1% | 15.8% | 14.9% | - | - | - | 13.9% | 15.6% | 15.5% |
k) | Minimum statutory ratio | 10.5% | 10.5% | 10.5% | - | - | - | 10.5% | 10.5% | 10.5% |
l) | Excess / (deficiency) (j-k) | 2.6% | 5.3% | 4.4% | - | - | - | 3.4% | 5.1% | 5.0% |
m) | Total capital/ total risk weighted assets | 18.5% | 20.6% | 19.6% | - | - | - | 18.7% | 20.2% | 19.8% |
n) | Minimum statutory ratio | 14.5% | 14.5% | 14.5% | - | - | - | 14.5% | 14.5% | 14.5% |
o) | Excess / (deficiency) (m-n) | 4.0% | 6.1% | 5.1% | - | - | - | 4.2% | 5.7% | 5.3% |
(p) | Adjusted core capital / total deposit liabilities* | 15.5% | 18.7% | 19.0% | - | - | - | 16.3% | 16.9% | 17.7% |
(q) | Adjusted core capital / total risk weighted assets* | 13.2% | 15.8% | 14.9% | - | - | - | 13.9% | 15.6% | 15.5% |
(r) | Adjusted total capital / total risk weighted assets* | 18.5% | 20.6% | 19.6% | - | - | - | 18.7% | 20.2% | 19.8% |
- LIQUIDITY
a) Liquidity ratio | 75.6% | 67.5% | 62.2% | - | - | - | 56.9% | 52.1% | 51.5% | |
b) | Minimum statutory ratio | 20.0% | 20.0% | 20.0% | - | - | - | 20.0% | 20.0% | 20.0% |
c) | Excess / (deficiency) (a-b) | 55.6% | 47.5% | 42.2% | - | - | - | 36.9% | 32.1% | 31.5% |
*The adjusted capital ratios include the expected credit loss provisions added back to capital in line with the CBK guidance note issued in April 2018 on implementation of IFRS 9.
These financial statements are extracts from the books of the institution.
The complete set of financial statements, statutory and qualitative disclosures can be accessed
on the Institution's website www.equitygroupholdings.com.They may also be accessed at the
institution's head office located at Equity Centre, 9th floor, Hospital Road Upper Hill.
Signed | Signed |
Prof. Isaac Macharia | Dr. James Mwangi, CBS |
Group Non-Executive Chairman | Group Managing Director & CEO |
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Equity Bank (Kenya) Limited and Equity Group Holdings Plc are regulated by the Central Bank of Kenya.
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Equity Group Holdings Limited published this content on 12 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 May 2023 08:49:08 UTC.