Equity Bank registers 21% customer deposits growth in 2022.

Equity Bank registers 21% customer deposits growth in 2022.
Equity Bank Booth during the 10th East African Petroleum Conference and Exhibition in Kampala

Equity Bank Uganda in its 2022 financial results for the year 2022, has indicated a resilient business performance

According to the results announced on Monday, Equity’s customer deposits grew by 21% from Shs2.2 trillion in 2021 to Shs2.7 trillion in 2022.

The bank’s total assets also grew by 20% from Shs2.8 trillion in 2021 to Shs3.3 trillion in 2022.

On the other hand, the bank saw its net loans grow by 6% to Shs1.6 trillion in 2022 from Shs1.5 trillion in the previous year while customer numbers grew by 32% from 1.2 million to 1.6 million during the same period.

However, Equity’s profit before tax dropped by 52% from Shs118.2 billion to Shs56.4 billion.

Commenting on the business performance, Anthony Kituuka, the managing director of Equity Bank Uganda pictured above, said they were pleased to report another year of continued growth in key area.

“Our overall performance demonstrates resilience in the face of economic contraction and other associated challenges experienced by post covid19 pandemic. Our continued focus on operational efficiency and strategic growth initiatives have enabled us to deliver positive results for our shareholders and stakeholders and I am fully confident that the foundations we set in 2022, will help us deliver on our strategic priorities and further strengthen our financial performance,” Kituuka said.

According to Kituuka, Equity Bank has continued to invest in key areas of the business, including new product development and expansion into new markets. These investments, he said, have helped to drive growth and position the company for continued success in the future.

“With our significant investments in technology, prudent cost, and risk controls as well as robust systems, we are on the right track to even perform better in 2023,” said Kituuka, adding that, “The company is committed to maintaining a strong financial position and will continue to pursue growth opportunities while remaining focused on delivering value to customers and shareholders.”

Meanwhile, according to the bank, continuing with a strong commercial dynamic, they in 2022, launched and in just one year, grew Eazzy stock financing to a return of Shs10 billion daily. Eazzy stock is one of Equity Bank’s collateral- free digital lending products operated on the phone.

The bank also stepped up its social impact investments inspired by the need to fulfill its commitment to promote inclusion, the transformation of lives and livelihood, enhancing human dignity and expanding economic opportunities in society with a bias for youth and women.

On Monday, the bank also revealed that over the last two years of the Covid-19 environment, they have offered free financial literacy to women, youth and refugees which has increased from 45,000 to over 86,000 with credit support worth Shs21 bilion to 17,000 youth and women.

Equity Bank Uganda began its operations in 2008 and is regulated by Bank of Uganda. The bank has a network of 50 branches, 7000 Equi duuka agents, 6,048 merchants and 50 ATMs spread across the country. 

Meanwhile, Equity Bank joined other partners to sponsor the 10th East African Petroleum Conference and Exhibition that happened from 9th -11th May at the Kampala Serena Hotel.

In their booth, they exhibited financing products tailored for stakeholders in the Oil & Gas sector.