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MarketScreener Homepage  >  Equities  >  Nairobi Stock Exchange  >  Equity Group Holdings Plc    EQTY   KE0000000554

EQUITY GROUP HOLDINGS PLC

(EQTY)
  Report
End-of-day quote. End-of-day quote Nairobi Stock Exchange - 04/07
33.65 KES   -1.61%
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Equity : Registers 10 Per Cent Net Profit Increase in Q3 Report

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11/12/2019 | 11:13am EDT

Equity Group's Quarter III net profits have risen by 10 per cent to Sh17.46 billion from Sh15.83 billion recorded in the same period last year.

The lender has pegged the increased profit on customer lending to enterprises in the economy. The back increased lending to enterprises by 21 per cent.

The lender rolled out through the Young Africa Works partnership between Equity Group, Mastercard Foundation and the government whose objective is creating 5 million decent jobs for young people.

Loans and advances to customers grew by Sh60.5 billion to Sh348.9 billion up from Sh288.4 billion reflecting a growth of 21 per cent with 75 per cent of the loan portfolio held by enterprises.

67 per cent of the loan portfolio is spread in financing trade, housing, energy, water, transport and communication, tourism, restaurants, and hotels sectors.

Young Africa Works program has seen 5,740 young people and women go through a 13-week financial education training program while 6,275 enterprises have commenced a 3-year entrepreneurship education program since June 2019.

Equity Group's balance sheet grew by 21 per cent to Sh677 billion up from Sh560.4 billion driven mainly by 21 per cent growth in net loans and 40 per cent growth in cash and cash equivalent.

Investments in government securities decelerated to only grow by 5 per cent as more funds were reallocated to lending to the real economy.

The assets are funded by growth of 19 per cent in deposits which grew to Sh478.1 billion up from Sh402.2 billion.

Shareholders' funds have grown by 20 per cent to Sh108.7 billion up from Sh90.7 billion while long-term funding has grown by 18 percent to Sh66.3 billion reflecting a stable diversified mix of funding.

The Group's net interest income grew by 10 per cent to Sh32.29 billion from Sh29.47 billion.

Non-funded income grew by 14 per cent to Sh22.54 billion up from Sh19.83 billion to lift total income by 11 per cent to Sh54.83 billion up from Sh49.3 billion.

The faster growth in total income above net interest income reflects the success of the strategic pursuit of the Group to grow quality income through non-funded income growth.

The Group's cost to income ratio improved to 51.3 per cent from 51.5 per cent driven by a faster improvement in the cost to income ratio of the main subsidiary Kenya to 45.9 per cent from 47 per cent.

The improvement in the cost-income ratio is underpinned by efficiency and cost optimization driven by innovation and digitization.

97 percent of the bank's transactions happened outside the branch while 93 per cent of all the Group loan transactions are via the mobile channels.

The bank's innovations boosted delivery of products and services substantially on 3rd party variable cost channels and infrastructure as opposed to fixed cost channels.

Copyright Capital FM. Distributed by AllAfrica Global Media (allAfrica.com)., source News Service English

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Financials (KES)
Sales 2019 72 992 M
EBIT 2019 34 356 M
Net income 2019 22 497 M
Debt 2019 -
Yield 2019 6,87%
P/E ratio 2019 5,54x
P/E ratio 2020 6,06x
Capi. / Sales2019 1,70x
Capi. / Sales2020 1,69x
Capitalization 124 B
Chart EQUITY GROUP HOLDINGS PLC
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Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 7
Average target price 52,09  KES
Last Close Price 32,80  KES
Spread / Highest target 125%
Spread / Average Target 58,8%
Spread / Lowest Target 17,1%
EPS Revisions
Managers
NameTitle
James Njuguna Mwangi Group CEO & Non-Independent Executive Director
David Raymond Ansell Chairman
Hakan John Wilson Chief Operating Officer
David Ngata Group Director-Finance
Mary Wangari Wamae Non-Independent Executive Director