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Equity Bank 1H 2013 PBT up 17% to 9B
Rank: Chief Joined: 3/24/2010 Posts: 6,779 Location: Black Africa
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mwekez@ji wrote:Equity Bank cashing in on Chinese arrivals
Kenya's Equity Bank has scored 2 billion shillings in new deposits in less than six months from a specialised branch in Nairobi to support local Chinese business, helping boost its half-year results, the company said on Monday. "The Chinese are dominating the development of infrastructure in our country and they are creating SMEs (small and medium enterprises) to support the supply chain," Chief Executive James Mwangi told Reuters. "In just under six months of opening, it has built up a deposit base of over 2 billion shillings. That takes our traditional branches over 20 years to build," Mwangi said. The bank had hired Chinese personnel to staff the new branch in the capital so that it could do more business with Chinese firms and residents, who work in many areas of the economy, including building roads and retail, he said. The bank is offering letters of credit and bid bonds for Chinese businesses as part of a push on trade finance generally, helping raise non loan-related income to 36 percent of the total from 33 percent in the same period a year ago. That's impressive. GOD BLESS YOUR LIFE
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Rank: Elder Joined: 7/22/2009 Posts: 7,869
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Rank: Elder Joined: 7/22/2009 Posts: 7,869
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mwekez@ji wrote:Equity Bank cashing in on Chinese arrivals
Kenya's Equity Bank has scored 2 billion shillings in new deposits in less than six months from a specialised branch in Nairobi to support local Chinese business, helping boost its half-year results, the company said on Monday. "The Chinese are dominating the development of infrastructure in our country and they are creating SMEs (small and medium enterprises) to support the supply chain," Chief Executive James Mwangi told Reuters. "In just under six months of opening, it has built up a deposit base of over 2 billion shillings. That takes our traditional branches over 20 years to build," Mwangi said. The bank had hired Chinese personnel to staff the new branch in the capital so that it could do more business with Chinese firms and residents, who work in many areas of the economy, including building roads and retail, he said.
The bank is offering letters of credit and bid bonds for Chinese businesses as part of a push on trade finance generally, helping raise non loan-related income to 36 percent of the total from 33 percent in the same period a year ago. Hii dio inaitwo hakiri. By the time the others are jumping onto the bandwagon, Chinese business men will already be knowing which bank you should be doing business with in Kenya. Very impressed!!! Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.
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Rank: Elder Joined: 6/23/2009 Posts: 14,249 Location: nairobi
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MaichBlack wrote:mwekez@ji wrote:Equity Bank cashing in on Chinese arrivals
Kenya's Equity Bank has scored 2 billion shillings in new deposits in less than six months from a specialised branch in Nairobi to support local Chinese business, helping boost its half-year results, the company said on Monday. "The Chinese are dominating the development of infrastructure in our country and they are creating SMEs (small and medium enterprises) to support the supply chain," Chief Executive James Mwangi told Reuters. "In just under six months of opening, it has built up a deposit base of over 2 billion shillings. That takes our traditional branches over 20 years to build," Mwangi said. The bank had hired Chinese personnel to staff the new branch in the capital so that it could do more business with Chinese firms and residents, who work in many areas of the economy, including building roads and retail, he said.
The bank is offering letters of credit and bid bonds for Chinese businesses as part of a push on trade finance generally, helping raise non loan-related income to 36 percent of the total from 33 percent in the same period a year ago. Hii dio inaitwo hakiri. By the time the others are jumping onto the bandwagon, Chinese business men will already be knowing which bank you should be doing business with in Kenya. Very impressed!!! Hii Mwangi ni mtu sharp tu sana
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Rank: Elder Joined: 3/2/2009 Posts: 26,331 Location: Masada
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Good, he only need to make those ATMs faster and more efficient as they were last year. Hii mambo ya ku-hung-hung will send us the middle class back to Barclays and Stanchat!  Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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#Focus on innovation #Mambo Bado
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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The bancassurance business continued to perform very well and is now the second largest insurance intermediary in terms of premiums, volumes and profitability.
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Rank: Elder Joined: 9/25/2009 Posts: 4,534 Location: Windhoek/Nairobbery
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Total Operating Income was inline with my expectations but I was expecting a drop q/q in Total operating expenses (TOE) as the bank moved to low cost delivery channels such as Agency banking...this didnt happen infact Q2 2013 TOE were 18% ahead of my estimate as staff costs increased...it looks like Member is hiring again....overall investors should be concerned by the banks subsidiaries underperfomance could be Members Kenyan business model doesnt work in the regions. Subsidiaries are expected to be key drivers of growth going forward. The Kenyan market is mature and compe is intense.
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Rank: Chief Joined: 5/31/2011 Posts: 5,121
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the deal wrote:....investors should be concerned by the banks subsidiaries underperfomance could be Members Kenyan business model doesnt work in the regions. I see external challenges facing the regional subsidiaries which will subdue to deliver good income. Other banks with subsidiaries in these countries are facing the same challenges so this is not isolate to Memba. ... Awaiting Simba
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Equity Bank 1H 2013 PBT up 17% to 9B
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