investor briefing q1 performance · subs id ary internal audit group director, analytics cma...

INVESTOR BRIEFINGQ1 PERFORMANCE

9th May, 2019

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Q 1 2 0 1 9 P E R F O R M A N C E

Equity Group Holdings Plc Investor Briefing

INVESTOR BRIEFING2-01.jpg

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Equity Group’s Philosophies

Professionalism

Integrity

Creativity & Innovation

Teamwork

Unity of Purpose

Respect and Dignity for the Customer

Effective Corporate Governance

OUR MISSION: We offer inclusive, customer-focused financial services that socially and economically empower our clients and other stakeholders.

OUR VISION: To be the champion of the socio-economic prosperity of the people of Africa.

OUR PURPOSE: We exist to transform the lives and livelihoods of our people socially and economically by availling them modern, inclusive financial services that maximise their opportumities

POSITIONING STATEMENT: We provide inclusive financial services that transform livelihoods, give dignity and expand opportunities

OUR CORE VALUES:

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Governance & Organizational Structure

Each subsidiary with own Board of Directors compliant with local regulations

Equity Bank Rwanda

Equity Bank Tanzania

Equity Bank Congo

Equity Bank Uganda

Equity Bank Kenya

Subsidiary Boards

Finserve Africa

Subsidiary Boards

Equity Bank South Sudan

Group Director, Treasury

Director, Bank Infrastructure(Database & Networks)

Director, Bank Applications

Group Director, Corporate Banking

Group Director,SME Banking

Chief Finance Officer

CEO

Group Board

Non-BankingSubsidiaries CORPORATE OFFICE

CBK

Banking Subsidiaries

Equity Investment Bank

Equity Insurance Agency

EQUITY GROUP HOLDINGS PLC

Board Committees Board Committees

Subsidiary Internal Audit

Group Internal Auditor

Group Board Committees

Subsidiary Internal Audit

Group Director, Analytics

CMA SHAREHOLDERS NSE RATING AGENCIES

Director, Strategic Execution

CEO’s OFFICE

Director, Human Capital

Group Executive Director

Director,Strategy, Strategic Partnerships & IR

Chief Risk Officer

Chief Operating Officer

Group Director, Finance

Group Director,Customer Experience

Chief InformationOfficer

Group Director, Special Projects

Group Compliance Officer

Director, Legal Services &

Company Secretary

Director, Innovations

Director, InformationSecurity

Group Director, Shared Services

Group Director, Data Science

Equity Nominees

Equity Consulting Group

Equity Investment Services

Board

Structured Entity

Equity Group Foundation

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Group Executive Management

J a m e s M w a n g i , C B SG r o u p M a n a g i n g D i r e c t o r &

C h i e f E x e c u t i v e O f f i c e r

J a m e s M u t u k uG r o u p D i r e c t o r T r e a s u r y

P h i l i p S i g w a r tD i r e c t o r , S M E B a n k i n g

M a r y W a m a eG r o u p E x e c u t i v e D i r e c t o r

J u l i u s K a y o b o k eG r o u p D i r e c t o r C u s t o m e r E x p e r i e n c e a n d P r o d u c t

M a n a g e m e n t

A l l a n W a i t i t uD i r e c t o r ,

S p e c i a l P r o j e c t s

B h a r t e s h S h a hC h i e f O p e r a t i o n s O f f i c e r

C h r i s t i n e B r o w n eG r o u p D i r e c t o r L e g a l

S e r v i c e sa n d C o m p a n y S e c r e t a r y

J o h n W a m a iD i r e c t o r , I C T - E n t e r p r i s e

B u s i n e s s S y s t e m s a n d S e r v i c e s

R e u b e n M b i n d uC h i e f O f f i c e r , H u m a n

C a p i t a l a n d A d m i n i s t r a t i o n

B i l d a r d F w a m b aC h i e f I n t e r n a l A u d i t o r

D a v i d N y a m uD i r e c t o r , M a r k e t i n g

B r e n t M a l a h a yG r o u p D i r e c t o r S t r a t e g y ,

S t r a t e g i c P a r t n e r s h i p s a n d I n v e s t o r R e l a t i o n s

G e r a l d W a r u iD i r e c t o r O p e r a t i o n s

a n d C u s t o m e r E x p e r i e n c e

D a v i d N g a t aG r o u p F i n a n c e D i r e c t o r

E l i z a b e t h G a t h a iD i r e c t o r C r e d i t

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Group Executive Management

S a m u e l K i r u b iM a n a g i n g D i r e c t o r , E q u i t y B a n k U g a n d a

A n t h o n y K i t u u k aE x e c u t i v e D i r e c t o r , E q u i t y B a n k U g a n d a

P o l y c a r p I g a t h eM a n a g i n g D i r e c t o r E q u i t y B a n k K e n y a

A d d i s A b a b a O t h o wM a n a g i n g D i r e c t o r ,

E q u i t y B a n k S o u t h S u d a n

H a n n i n g t o n N a m a r aM a n a g i n g D i r e c t o r ,

E q u i t y B a n k R w a n d a

R o b e r t K i b o t iM a n a g i n g D i r e c t o r ,

E q u i t y B a n k T a n z a n i a

C e l e s t i n M u n t u a b uM a n a g i n g D i r e c t o r , E q u i t y B a n k C o n g o

J a c k N g a r eM a n a g i n g D i r e c t o r ,

F i n s e r v e A f r i c a

E r i c K a r o b i aE x e c u t i v e D i r e c t o r ,

F i n s e r v e A f r i c a

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Macroeconomic & Operating Environment

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Macro-economic & Operating Environment

Inflation GDP Growth

CBR

Changes in Central Bank Rate

(Q1 2018 v Q1 2019) 31-Mar-19Change

Year to Date Mar-19 (2019 Projected)Kenya 9.0% -50 Basis Points 100.80 0% 4.4% 6.0%Tanzania 7.0% -200 Basis Points 2,311 -2% 3.1% 6.6%Uganda 10.0% 100 Basis Points 3,714 -1% 3.0% 5.5%Rwanda 5.5% 0 Basis Points 903 -6% 1.1% 7.8%

FX (Local Currency v/s USD)Interest Rates (April 2019)

• Monetary policy supportive of economic growth – Central bank rates reducing to stable across East Africa

• Exchange rates – Marginal depreciation of regional currencies. KES has been relatively stable compared to the other regional currencies

• Within target-range inflation – Low inflation across East Africa

• Strong economic growth outlook - East and Central Africa one of the fastest growing regions in the world with economic growth expected to grow above 6 percent

• World Bank increased confidence in Kenya attractiveness – Kenya Ease of Doing Business ranking by World Bank improved from position 80 to 61

Source: FX – Bloomberg, GDP Growth - AfDB


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• KES strengthening – KES has defied pressure from USD as compared to other regional currencies that lost ground against the USD. KES remained unbowed against the USD while KES has gained 1%, 3%, 4% against UGX, TZS and RWF respectively

• Renewed vigour to fight economic crimes – leading to heightened expectations on compliance for financial institutions

• Establishment of Kenya Mortgage Refinance Company (KMRC) – set to bolster liquidity for mortgage financiers and also promote the much needed Asset/Liability maturity match by the mortgage financiers

• Political stability across the region – Peaceful elections in DRC expected to anchor economic growth

• Increased regional infrastructure development – spending in Uganda, Rwanda and Tanzania expected to anchor growth

• High court rules against interest capping – High court rules interest rate capping as unconstitutional and urges parliament to amend the law

• Falling LIBOR rates in 2019 – the international debt market’s LIBOR rates has been dropping in 2019 as compared to a continued rally in 2018. This is likely to ease the funding costs. 6 month USD LIBOR closed at 2.88 in Dec 2018 and at 2.62 in Apr 2019


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Focus areas:

1. Non-funded income growth

2. Treasury

3. Geographical and business diversification

4. Balance sheet agility

5. Innovation and digitization

6. Efficiencies and cost optimization

7. Asset quality

8. Impact Investment & Social Brand Development

Equity Bank Business Model & Strategy – Post Interest Rate Capping(Adjusting and adapting to the new norm)

(Adjusting and adapting to the new norm)

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Focus Area 1: Non-funded income growth & contribution

6.36.7

7.2

Q1 2017

Q1 2018

Q1 2019

+6%+7%8.2

8.8 9.1

Q1 2017

Q1 2018

Q1 2019

+7% +3%

8.2 8.8 9.1

3.23.9

4.4

Q1 2017

Q1 2018

Treasury InterestIncome

Loan InterestIncome

Q1 2019

11.5

12.713.5

+10% +6%

Total Interest Income Growth Trend

Loan Interest Income Growth Trend

Non Funded Income Growth Trend

Contribution to Total Income

6.3 6.7 7.2

8.99.8

10.4

16.5

Q1 2017

Non-Funded Income

Net InterestIncome

Q1 2018

Q1 2019

15.2

17.6

In Kes Billion

Focus Area 1: Non-funded income growth & contribution

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In Kes Million

Focus Area 1: Growth of diversified streams of non-funded income

Fees & Commissions (Key Lines - Group)

189245 234

670

456

213

282

450

815

523

SWIFT & RTGS Income

M-Banking revenue

Bond Trading Income

FX Trading Income Gross Merchant Commission

+13%

+15%

+92%

+22%

+15%

Q1 2019Q1 2018

Dec-18Dec-17 Mar-18

42%

Jun-18 Sep-18

35%

38%

40%41%

Visa market share

Our market share consolidation continue to drive merchant commission up.

Visa volumes command 80% of our acquiring volumes

Visa business in Kenya has 8 other acquirers with Equity Bank leading in market share

Focus Area 1: Growth of Diversified Streams of Non-funded Income

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Focus Area 1: NFI ContributionEquity Group more diversified than the sector

2

30

42

36

32

34

40

38

Equity Group

33%

38%

Dec,2018

40%41%

34% 34%

Jun,2018Mar,2018

34%

40%

Sep,2018

41%

Mar,2019

Tier 1 Banks (ex Equity Group)

Strategically reducing income volatility from interest income

Focus Area 1:NFI ContributionEquity Group more diversified than the sector

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Focus Area 2: Treasury

Q1 2018 Q1 2019

10.7%10.0%

Yield on Government Securities & Capital Gains

All Other Income

Q1 2019

15.0(73%)

4.8(25%)

14.6(75%)

Q1 2018

Treasury Income

5.7(27%)

19.4

20.7

7%

Treasury Gross Income Contribution

Note: Income calculation above is before funding costs

Government Securities Portfolio

In KES Billion

150.2

169.7

Q1 2018 Q1 2019

+13%

In KES BillionTreasury Income Mix

In KES Billion

0.2

0.4

0.3

Q1 2018

4.1(73%)3.7

(77%)

0.2

0.7(14%)

0.8(14%)

Q1 2019

Interest IncomePlacements

Bond TradingIncome

FX Income

Interest IncomeGov. Securities

4.8

5.7

19%

0.68

1.42

Q1 2018 Q1 2019

109.7%

Mark to Market (In Bn)

Yield on Govt securities

Declining yields compensated by mark-to-market gains on Government Securities

Focus Area 2: Treasury

Note: Income calulation above is before funding costs

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In KES Billion

Focus Area 3: Geographical & business diversification

TZ RW UG SS DRC EIA EIB FinserveSubsidiaries

Total/GrowthEBKL

Total/Growth

Regional Contribution Q1 2019

Regional Contribution Q1 2018

Deposit 15.5 20.8 22.6 5.4 48.8 113.1 345.4 25% 24%Growth -25% 21% 11% 16% 40% 16% 15%

Loan 14.8 16.0 20.6 0.1 24.7 76.2 229.3 25% 24%Growth -8% 32% 45% 30% 14% 19% 11%

Assets 24.0 28.2 34.0 9.0 63.8 0.5 0.6 2.2 162.4 465.2 26% 25%Growth -5% 22% 20% 14% 37% -10% -40% -14% 20% 16%

PBT 0.1 0.3 0.4 0.0 0.4 0.3 0.0 0.0 1.5 7.2 17% 19%Growth -29% 59% 9% -71% 11% 22% -37% -106% 0% 7%

PAT (Kes) 0.10 0.22 0.25 0.02 0.30 0.18 0.01 -0.01 1.1 5.0 18% 20%-29% 59% -16% -71% 15% 22% -37% -106% -9% 7%

Focus Area 3: Geographical & business diversification

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Focus Area 3: Geographical diversificationRatios - Banking Subsidiaries

Subsidiary Q1 2018 Q1 2019 Subsidiary Q1 2018 Q1 2019EBKL 31.1% 31.4% EBKL 4.6% 4.5%EBUL 28.9% 20.8% EBUL 4.2% 3.1%EBRL 17.6% 23.0% EBRL 2.5% 3.2%EBTL 18.7% 14.5% EBTL 2.2% 1.7%DRC 18.0% 17.8% DRC 2.4% 2.0%EBSSL 7.6% 2.3% EBSSL 3.1% 0.8%

Subsidiary Q1 2018 Q1 2019 Subsidiary Q1 2018 Q1 2019EBKL 42.5% 41.8% EBKL 5.1% 4.9%EBUL 57.0% 63.6% EBUL 8.3% 8.6%EBRL 57.5% 47.5% EBRL 6.8% 5.9%EBTL 59.7% 72.2% EBTL 5.6% 6.2%DRC 68.4% 69.9% DRC 10.4% 8.2%EBSSL 66.8% 85.7% EBSSL 8.2% 6.6%

RoAE RoAA

Cost-to-Income Ratio Cost-to-Asset Ratio

Focus Area 3: Geographical diversification Ratios-Banking Subsidiaries

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Focus Area 3: Geographical diversificationStrategic transaction with ATMA announced on 30th April 2019

Trade corridorsToday Proposed footprint

6 countries in East Africa▪ population of ~265 million▪ Nominal GDP of ~USD 231 Bn▪ 13.7 million members

8 countries▪ 2 new countries and scaling operations in two others▪ population of ~314 million▪ nominal GDP of ~USD 271 Bn▪ 14.5 million members

Focus Area 3: Geographical diversification

Strategic transaction with ATMA announced on 30th April 2019

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Focus Area 3: Geographical diversificationProforma impact of the acquisition to Balance Sheet

305.5

356.7

51.2

TargetCosGroup Proforma

+17% 428.5

506.6

78.1

ProformaTargetCosGroup

+18%

Loans Deposits

605.7

724.0

118.3

TargetCosGroup Proforma

+20%

Total Assets

Focus Area 3: Geographical diversification Proforma impact of the acquisition to Balance Sheet.

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Focus Area 3: Geographical diversificationEntry into New Markets in Zambia & Mozambique

Macro-economic Overview

Inflation GDP Growth

CBR

Changes in Central Bank Rate

(Q1 2018 v Q1 2019) 31-Mar-19Change

Year to Date Mar-19 (2019 Projected)Zambia 9.75% 0 Basis Points 12.14 -28% 7.5% 4.2%Mozambique 14.25% -375 Basis Points 63.40 -3% 3.4% 4.5%

FX (Local Currency v/s USD)Interest Rates (April 2019)

Source: FX – Bloomberg & Bank of Zambia, GDP Growth - AFDB

World Bank increased confidence in Mozambique attractiveness – Mozambique Ease of Doing Business ranking by World Bank improved from position 138 to 135 while Zambia slipped two position from 85 to 87.

Exchange rates – 28% depreciation of Zambia Kwacha against the Dollar, Depreciation of Mozambique Metical was marginal -3%.

Inflation rates- Inflation rates have been low and continues to decrease in Mozambique, Zambia has been on an upward trajectory largely contributed by the increase in petroleum prices.

According to AFDB –Mozambique growth is projected to be 4.5% in 2019 and 5.0% in 2020, driven by agriculture, which is continuing to recover from the 2015–16 regional drought, and extractive industries, with coal exports continuing to expand. There are also bright prospects of increased foreign direct investment in gas-related megaprojects in the Rovuma Basin in 2019.

According to AFDB- Zambia growth projected at 4.2% in 2019 and 4.3% in 2020. Lower demand of copper to China associated with escalating trade tensions is expected to further dampen the copper price.

Focus Area 3: Geographical diversification Entry into New Markets in Zambia & Mozambique Macro-economic overview

Source: FX- Bloomberg & Bank of Zambia, GDP Growth- AFDB

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Focus Area 3: Geographical and Business Diversification

TRANSFORMING LIVES IN AFRICA, ONE BRANCH AT A TIME

BRANCHES 291(A) BRANCHES IN KENYA 179 NAIROBI 52(B) BRANCHES IN UGANDA 35 KAMPALA 18(C) BRANCHES IN SOUTH SUDAN 5 JUBA 4 (D) BRANCHES IN TANZANIA 15 DAR ES SALAAM 8(E) BRANCHES IN RWANDA 14 KIGALI 8(F) BRANCHES IN DRC 43 KINSHASA 29

AGENT OUTLETS 44,689POINT OF SALE TERMINALS (POS) 26,152ATM 699

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GroupGroupFunding Split Asset SplitIn KES Billion

Focus Area 4: Balance Sheet Agility

82.1

95.448.9

54.6

27.1

14.3

382.4

Shareholders’Funds

Q1 2018

428.5

Q1 2019

Deposits

Other Liabilities

Borrowed Funds

527.8

605.7

+15% Growth

16%

12%

89%

349.3382.4

428.5

Q1 2017

Q1 2018

Q1 2019

+9%

+12%

Deposits

271.1305.5

150.2

169.7

67.8

84.738.7

45.8

Other Assets

Q1 2018

GovernmentSecurities

Q1 2019

Net Loans

Cash & CashEquivalents

527.8

605.7

+15%

13%

13%

25%

18%

261.9 271.1305.5

Q1 2019

Q1 2017

Q1 2018

+4%

+13%

Net Loans

12%

Growth

Focus Area 4: Balance Sheet Agility

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• Most transaction are now done using the digital channels which have continued to grow

• Transforming the cost structure of the bank from fixed cost to variable cost with minimal investments due to use of 3rd

party infrastructure

Transformation from a place you go to; to something you do

8

7

7 6 676 7

6

1517 18

2220

85

90

100

95

105

10

110

115

0

5

135

15

140

50

9ATM

Q1 2019Q1 2018

137

Transactions in millions

86

109

Q1 2017

Agent

Mobile (App, STK & MKey)

112

Q1 2015 Q1 2016

Branch

46

+22%

+16%

Focus Area 5: Innovation and digitization Focus Area 5: Innovation and Digitization

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Transaction numbers in millions

7.1 6.4

Q1 2019

Q1 2018

-9%

60.1 64.6

Q1 2018

Q1 2019

+8%

Transaction value in KES billion

138.5 141.9

Q1 2018

Q1 2019

+2%

71.8 67.7

Q1 2018

Q1 2019

-6%

Equitel ATM Branch

6.2 6.0

Q1 2018

Q1 2019

-3%

555 556

Q1 2019

Q1 2018

0%

Variable cost channels Fixed cost channels

Focus Area 5: Innovation and digitization Leveraging off variable cost 3rd party infrastructure

EazzyApp Agency Merchants

52.0

70.5

Q1 2018

Q1 2019

+36%

27.6 38.0

Q1 2018

Q1 2019

+37%

0.4 0.6

Q1 2018

Q1 2019

+78%

58.489.4

Q1 2019

Q1 2018

+53%

EazzyBiz

18.521.5

Q1 2018

Q1 2019

+16%

3.8 5.1

Q1 2019

Q1 2018

+34%

20.7 25.6

Q1 2019

Q1 2018

+24%156.5199.4

Q1 2018

Q1 2019

+27%

1.6

Q1 2018

Q1 2019

0.0

MKey

1.0

Q1 2018

Q1 2019

0.0

Focus Area 5: Innovation and digitization Leveraging off variable cost 3rd party infrastructure

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35.4 38.3 44.4

94.2

107.2

121.9

Q1 2017 Q1 2018 Q1 2019

+14%

+14% +8%

+16%

Withdrawal Amount (Kes Bn) Deposit Amount (Kes Bn)

58.8

68.9 77.5

Q1 2017 Q1 2018 Q1 2019

+17% +13%

Net Deposit Amount (Kes Bn)

Focus Area 5: Fintech Innovations in Agency BankingAgency Transaction Amount

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0

5

10

15

20

25

30

35

40

45

Dec

-17

Sep

-17

Jun-

16

Feb-

19

Sep

-16

Jan-

18

Jan-

15

Feb-

15

Mar

-15

Apr

-15

Oct

-16

May

-15

Jun-

15

Jun-

17

Jul-1

5

May

-16

Aug

-15

Sep

-15

Nov

-15

Mar

-18

Feb-

17

Dec

-15

Jan-

16

Feb-

16

Mar

-16

Apr

-16

Dec

-18

Jul-1

6 A

ug-1

6

Nov

-16

Jul-1

8

Apr

-17

Dec

-16

Jan-

17

Mar

-17

May

-17

Apr

-18

Jul-1

7

Nov

-17

Oct

-15

Oct

-17

Feb-

18

May

-18

Nov

-18

Jun-

18

Aug

-17

Sep

-18

Jan-

19

Oct

-18

Mar

-19

Apr

-19

Aug

-18

Monthly Deposit Amount (Kes Bn) Monthly Withdrawal Amount (Kes Bn)

Agent Deposits growing an increasingly higher rate than Agent Withdrawals thus creating an exponential growth in Net Cash Deposited

Focus Area 5: Fintech Innovations in Agency BankingAgency model becoming a net deposit mobilizer

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• The use of a Universal POS that converges Mobile Wallets, Cards & Digital payments

340

456523

25,611

Q1 2017 Q1 2018 Q1 2019

15,348

20,731

+34%

+15%

+35%+24%

Transaction VolumeKes Mn

Commissions inKes Mn

Focus Area 5: Fintech Innovations in Merchant Banking

▪ Equity is leading in Acquiring and Issuing

▪ Best in class payment channelservices work well with merchants

12.3

15.0

18.0

Q1 2019

Q1 2018

Q1 2017

+23%

+20%

Number of outlets (In 000)

Focus Area 5: Fintech Innovations in Merchant Banking

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27

354 344409 387 425 450

557666 672

749 786880 888 887

1,072

Jun-18

Jan-18

Feb-18

Mar-18

Apr-18

May-18

Feb-19

Jul-18

Sep-18

Aug-18

Oct-18

Nov-18

Dec-18

Jan-19

Mar-19

Monthly Transaction Vol (in Mn)

1.1

2.8

Q1 2018 Q1 2019

+157%

Cumulative Transaction Volume (Bn)

Focus Area 5: Fintech Innovations in EazzyPay

84 87101 93 99 109

128 137 143 153 147166 159 166

203

Jan-18

Feb-18

May-18

Mar-18

Apr-18

Sep-18

Jun-18

Aug-18

Jul-18

Oct-18

Nov-18

Dec-18

Jan-19

Feb-19

Mar-19

Monthly No of Transactions ("000")

272

528

Q1 2018 Q1 2019

+94%

Cumulative No. of Transactions ("000")

Focus Area 5: Fintech Innovations in EazzyPay

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18

Focus Area 5: Fintech Innovations in Diaspora Remittances (KES millions)

42

183 192

Q1 2017 Q1 2019Q1 2018

24,427

30,932

3,247

+5%

+339%

+652%

+27%

Transaction Volumes in Kes Mn Diaspora Commissions in Kes Mn

Focus Area 5: Fintech Innovations in DiasporaRemittances (KES millions)

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0

Focus Area 5: Fintech Innovation and digitization 97% of our Transactions outside the branch

76%

12%

5%4%


Agency

Others3%ATM

Branch

Q1 2019Q1 2018

77%

12%

4% 3% 3%


Branch

Agency

ATMOthers

Focus Area 5: Fintech Innovation and digitization 97% of our Transactions outside the branch

30

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0

Focus Area 5: Fintech Innovation and digitization 50% of our Transactions Value outside the branch

54%16%

15%

8% 7%

Branch


Agency

ATMOthers

Q1 2019Q1 2018

Branches now handling high value transactions for SME, corporates, wealth management & advisory services

50%

18%

16%

10% 6%

Branch

Others

Agency


ATM

Focus Area 5: Fintech Innovation and Digitization 50% of our Transactions Value outside the branch

31

Q 1 2 0 1 9 P E R F O R M A N C E


24

93%

7%

Mobile Lending

Branch Lending

Q1 2019 Transaction count Q1 2019 Transaction Value

20%

80%

Mobile Lending

Branch Lending

Focus Area 5: Fintech Innovation and Digitization 93% of our Loan Transactions via Mobile Channel

32

Q 1 2 0 1 9 P E R F O R M A N C E


Finserve Rebranded

THE NEW FACE OF THE FINTECH

22

33

Q 1 2 0 1 9 P E R F O R M A N C E


THE NEW FACE OF THE FINTECH

22

34

Q 1 2 0 1 9 P E R F O R M A N C E


93% of loans processed by the Group are channelled through mobile channels.

Equitel has close to 2 Million active users, making it one of the fastest growing MVNO in the world.

1 out of every 5 shillings that flow through Kenya’s mobile money system are processed by Equitel.

Over 2,000 businesses, large and small, are already using our APIs and payment gateway to automate their back end, provide multiple payment options to their customers, and expand their revenue streams.

mKey, Africa’s first keyboard app combines lifestyle, social and financial features. As at the end of Mar 2019, we had over 320,000 downloads, which is impressive by any measure.

Fintech Transactions & Volume

23

Fintech Transactions & Volume

35

Q 1 2 0 1 9 P E R F O R M A N C E


25

Focus Area 5: Fintech Innovation and digitization Finserve’s M-Key

9,452

99,970

215,547

298,420321,339 324,971 328,009

Mar-19Jan-19Dec-18Sep-18 Oct-18 Nov-18 Feb-19

Cumulative Downloads

5,836

51,567

108,851

160,443

195,998217,610 220,370

Mar-19Dec-18Sep-18 Jan-19Nov-18Oct-18 Feb-19

Cumulative Activations

Focus Area 5: Fintech Innovation and DigitizationFinserve’s M-Key

36

Q 1 2 0 1 9 P E R F O R M A N C E


26

Focus Area 5: Fintech Innovation and digitization Finserve’s M-Key

18.4 94.6

456.5

868.21,199.1

1,422.0

19-Jan18-Nov 19-Feb18-Dec18-Sep 18-Oct 19-Mar

3.4

Cumulative Transactions Value (Mn)

0.030.32

1.04

1.88

2.482.95

3.47

Oct-18Sep-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19

Cumulative Transactions (Mn)

0.6 5.3 18.6

85.9125.3

147.8 147.9

Sep-18 Oct-18 Mar-19Nov-18 Dec-18 Jan-19 Feb-19

Cumulative Loan Value (Mn)

Focus Area 5: Fintech Innovation and Digitization Finserve’s M-Key

37

Q 1 2 0 1 9 P E R F O R M A N C E


28

Focus Area 6: Efficiencies and cost optimization

Q1 2017 Q1 2019Q1 2018

54.7%

49.6% 49.8%

GroupStaff Cost Trend Other Expenses Trend(including loan provisions)

Cost to Income Ratio Trend(Without Loan Loss Provision)

Group

EBKL EBKL EBKL

48.3%

Q1 2018Q1 2017 Q1 2019

42.5% 41.8%

Group Group

1.6 1.7 1.6

Q1 2017 Q1 2018 Q1 2019

3.83.4

3.9

Q1 2019Q1 2017 Q1 2018

2.5 2.6 2.6

Q1 2017 Q1 2018 Q1 2019

5.8 5.66.2

Q1 2018Q1 2017 Q1 2019

Focus Area 6: Efficiencies and Cost Optimization

38

Q 1 2 0 1 9 P E R F O R M A N C E


29

Cost of funds

%Net Interest Margin Yield on Interest Earning Assets

8.4 8.48.1

8.58.2

Dec-18Jun-18Mar-18 Sep-18 Mar-19

11.1 11.0 10.8 11.2 10.7

Mar-18 Jun-18 Sep-18 Dec-18 Mar-19

2.7 2.7 2.7 2.7 2.6

Dec-18Mar-18 Mar-19Jun-18 Sep-18

Focus Area 6: Efficiencies and cost optimization

Group

%

%

Focus Area 6: Efficiencies and Cost Optimization

39

Q 1 2 0 1 9 P E R F O R M A N C E


30

Focus Area 6: Efficient Financial Intermediation

11.0

12.5

10.0

9.5

13.0

12.0

0.5

11.5

10.5

11.9%

12.4%

10.0%

12.7%

10.7%

Sep,2018

11.3%

10.5%

Jun,2018

Tier 1 Banks Yield on Loans11.7%

Mar,2018

11.0%

12.1%

11.3%

10.9%

12.1%

Mar,2019

Equity Yield on Loans

Tier 1 Banks Yield on Govt Securities

12.8%

11.8%

10.8%10.5%

11.9%

Dec,2018

Equity Yield on Govt Securities

3.8

3.4

3.6

2.4

2.6

Equity Cost of Deposits

Sep,2018

2.7%

2.4%

3.4%

2.5%

3.7% 3.7%

Mar,2018

3.3%

2.4%

3.6%

2.7% Equity Cost of Funds

Jun,2018

3.4%

2.4%

2.7%

3.4%

2.6%

2.4%

Dec,2018

3.7%

2.7%

Mar,2019

Tier 1 Banks Cost of Deposits

Tier 1 Banks Cost of Funds

Equity Group’s superior lending yields higher than Tier 1 Banks lending yields reflecting efficient asset allocation between and within asset classes

Equity Group’s ability to attract cheap deposits and borrowed funds underpinned by its stable deposit franchise and implied low risk

Tier 1 Banks excludes Equity Group

Focus Area 6: Efficient Financial Intermediation

Tier 1 Banks excludes Equity Group

40

Q 1 2 0 1 9 P E R F O R M A N C E


0

Focus Area 7: Asset quality(Group)

NPL per sector as at Mar 2019NPL’s – Sector vs EGH Plc as at Mar 2019

NPL Coverage (IFRS 9-Gen. Prov. + Spec. Prov. + Int. Suspended) / Gross NPL

NPL per Country as at Mar 2019

9.5% 9.9%10.7% 10.6%

12.4% 12.0%12.7%

12.0%12.8%

7.1% 7.3% 7.4%6.3% 6.3%

8.4% 8.7%7.6%

9.0%

Mar-19Sep-17 Dec-18Sep-18Jun-18Mar-17 Jun-17 Dec-17 Mar-18

Sector (Kenya)

Group

5.0%

10.8% 10.9%

5.5%4.4%

9.0%

Agric

ultu

re

SME

Mic

roEn

terp

rises

Tota

l

Larg

eEn

terp

rises

Con

sum

er

110.0%

78.7%

105.1%

73.7%

Q1 2019Q1 2018

EBKL Group 31.6%

12.6%8.5% 8.1%

3.5% 1.7%

CO

NG

O

KEN

YA

TAN

ZAN

IA

UG

AND

A

S.SU

DAN

RW

AND

A

Mar 2019 Sector number is data for Feb 2019

Focus Area 7: Asset quality (Group)

Mar 2019 Sector number is data for Feb 2019

41

Q 1 2 0 1 9 P E R F O R M A N C E


1

Focus Area 7: Asset distribution(Group)

10% 13%

3%

2%21%

Mar-18

63%

2%

23%3%

59%

Mar-19

Consumer

Agriculture

Micro Enterprises

SME

Large Enterprises

100% 100%

Split by economic sectorsSplit by market segmentation

Split by currency24%

25%

76%

75% 100%

100%

Local Currency

Q1 2018

Q1 2019

Foreign Currency

23%

23%

23%

9%

7%4% 3%

Tourism, Rest & HotelsEnergy & Water

Trade

Real Estate

Personal Household

Transport & Comm.

Agriculture

3%

ManufacturingBuilding & Construction

2%2%

Others

Contribution per country

DRC Rwanda

5.4%

TanzaniaUganda S. SudanKenya

75.3%

7.8%6.4%

5.0%

0.0%

Focus Area 7: Asset distribution (Group)

42

Q 1 2 0 1 9 P E R F O R M A N C E


Focus Area 8: Impact Investment Impact & Social Investment Programs

33

5%

53%

35%

3%3%

Wings to Fly Program

Financial Education & EntrepreneurshipEnergy & Environment

2%

Equity Leaders Program

AgricultureHealth

Focus Area 8: Impact Investment Impact & Social Investment Programs

USD 353 M in Social Investment Programs

43

Q 1 2 0 1 9 P E R F O R M A N C E


Focus Area 8: Impact Investment Shared Prosperity Business Model and its Social Impact

34

Focus Area 8: Impact InvestmentShared Prosperity Business Model and its Social Impact

16,168

44,111 MSMEs Trained

USD 65M Accessed in Loans

USD

353,109,744TOTAL FUNDS RAISED FOR CURRENT PROGRAMS

1,739,478 Women and Youth Trained in Financial Education

2018 GRADUATING CLASS• 96% secondary school completion• 74% attained university entry grades• 86% take on school and community

leadership roles

638,522 PEASANT FARMERS TRANSFORMED TO AGRI-BUSINESSES

12,256UNIVERSITY SCHOLARS496 attending or alumni of global universities

31,291

Content availed through mobile channel

Mobile & digital learning tools Scholars

MAMA for mothers Financial Education Wikipedia

1MillionTrees planted

Clean energy products distributed

SMALL & MEDIUM-SIZEDFARMERS SUPPORTED

84,708

TOTAL WINGS TO FLY

SCHOLARS

172 1,500

3,643

6,557 8,569

10,572 12,488

14,168 15,168

16,168

- 2,000 4,000 6,000 8,000

10,000 12,000 14,000 16,000 18,000

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

44

Q 1 2 0 1 9 P E R F O R M A N C E


Business Validation

45

Q 1 2 0 1 9 P E R F O R M A N C E


Global Ratings and Accolades

Position 11 globally on Return on Assets Position 35 globally on Soundness (Capital Assets Ratio) Position 44 globally on Profits on CapitalPosition 799 globally largest Bank

Equity Bank Credit RatingNational Rating: Aa3.ke/KE-1Global Rating: B2Rating Outlook: StableSame as the sovereign rating

Equity Bank Credit RatingLong Term Rating Scale AA-Short Term Rating Scale A1+Rating Outlook Stable

2018

EuroMoney Awards for ExcellenceKenya’s Best bank

46

Q 1 2 0 1 9 P E R F O R M A N C E


Global Ratings and Accolades

African Bank of The Year, 2018African Banker of the Year, 2018 (Dr. James Mwangi Group Managing Director & CEO Equity Group Holdings Plc)

EABC Chairman’s Award-Overall Best Regional CompanyBest East African Company-CSRBest East African Company- Financial services (1st Runners up).

Equity Bank has been recognised for the last 11 years since 2007 as the Top Banking Superbrand in Kenya and in East Africa in 2008 and 2009.

47

Q 1 2 0 1 9 P E R F O R M A N C E


38

2018 National Banking Awards and Accolades 2018 National Banking Awards and Accolades

48

Q 1 2 0 1 9 P E R F O R M A N C E


2018 National Banking Awards and Accolades

Equity Bank Kenya’s Director of Marketing, David Nyamu (2nd left) and Director of Customer Experience and Product Marketing, Julius Kayoboke (extreme right) receive the award for Top Banking Superbrand in Kenya 2018 for the 11th year in a row from Superbrands E.A. Projects Director Jawad Jaffer (2nd right). With them is Bidco Chairman, Vimal Shah (extreme left).

49

Q 1 2 0 1 9 P E R F O R M A N C E


40

Market ValidationMarket Capitalization

132

115

84

6759

3544

36

20

2 2

157

135

88

7464

47

36 40

26

2 2

EQUITY KCB COOP BBK NBKI&M HFCNICSTANBICDTKSTANCHART

+19%

+17%

+4%

+10%+9%

+33%-17% +10%

+28%

-4% -17%

Mkt Cap at at 31st Dec 2018Mkt Cap at at 29th Mar 2019

Market Validation Market Capitalization

50

Q 1 2 0 1 9 P E R F O R M A N C E



Intermediation & Financial Performance

51

Q 1 2 0 1 9 P E R F O R M A N C E


42

Balance Sheet

KES (Billion)Q1 2018 Q1 2019 Growth

Assets

Net Loans 271.1 305.5 13%

Cash & Cash Equivalents 67.8 84.7 25%

Government Securities 150.2 169.7 13%

Other Assets 38.7 45.8 18%

Total Assets 527.8 605.7 15%

Liabilities & Capital

Deposits 382.4 428.5 12%

Borrowed Funds 48.9 54.6 12%

Other Liabilities 14.3 27.1 89%

Shareholder’s Funds 82.1 95.4 16%

Total Liabilities & Capital 527.8 605.7 15%

GROUP

Balance Sheet

52

Q 1 2 0 1 9 P E R F O R M A N C E


43

6% Growth in PBT

KES (Billion) Q1 2018 Q1 2019 Growth %

Interest Income 12.7 13.5 7%Interest Expense -2.9 -3.1 7%Net Interest Income 9.8 10.4 6%

Non-Funded Income 6.7 7.2 7%Total Income 16.5 17.6 7%

Loan Loss Provision -0.4 -0.4 14%Staff Costs -2.6 -2.6 1%Other Operating Expenses -5.2 -5.7 10%Total Costs -8.2 -8.8 7%

PBT 8.3 8.8 6%Tax -2.4 -2.6 9%PAT 5.9 6.2 5%

GROUP

5% Growth in PAT

53

Q 1 2 0 1 9 P E R F O R M A N C E


44

31.1%27.0%

31.4%

26.0%

GroupEBKL

Q1 2018 Q1 2019

RoAE

4.6% 4.5%4.5% 4.2%

EBKL Group

Q1 2018 Q1 2019

RoAA

RoAE and RoAA TrendRoAE and RoAA Trend

54

Q 1 2 0 1 9 P E R F O R M A N C E


45

Financial RatiosEBKL EBKL Group Group

Q1 2018 Q1 2019 Q1 2018 Q1 2019Profitability Ratios Yield on Loans 11.7% 11.0% 12.8% 12.1% Yield on Government Securities 10.7% 10.0% 10.7% 10.0% Yield on Interest Earning Assets 10.9% 10.4% 11.0% 10.7% Cost of Deposits 2.3% 2.2% 2.5% 2.4% Cost of Funds 2.6% 2.4% 2.7% 2.6% Net Interest Margin 8.3% 7.9% 8.4% 8.2% Cost to Income Ratio (with provisions) 43.4% 43.3% 49.6% 49.8% Cost to Income Ratio (without provision) 42.5% 41.8% 47.5% 47.5% RoAE 31.1% 31.4% 27.0% 26.0% RoAA 4.6% 4.5% 4.5% 4.2% Asset Quality Cost of Risk 0.20% 0.33% 0.50% 0.51% Leverage Loan / Deposit Ratio 68.6% 66.4% 70.9% 71.3% Capital Adequacy Ratios Core Capital to Risk Weighted Assets 14.4% 14.0% 18.7% 17.4% Total Capital to Risk Weighted Assets 14.5% 16.4% 18.7% 19.3% Liquidity Liquidity ratio 56.0% 61.3% 55.2% 57.4%

Financial Ratios

55

Q 1 2 0 1 9 P E R F O R M A N C E


46

2019 Outlook – Group

Group2019 Outlook Q1 2019 Actual

10% - 15% 13%10% - 15% 12%

8.5% - 10% 8.2%42% - 45% 41%48% - 52% 47.5%

23% - 25% 26.0%3.8% - 4.5% 4.2%

0.8% - 1.2% 0.51%4.0% - 5.5% 9.04%

25% - 30% 26%20% - 25% 17%

Cost of RiskNPL

Subsidiaries Contribution (Assets)Subsidiaries Contribution (PBT)

Loan GrowthDeposit Growth

Net Interest MarginNon Funded Income MixCost to Income Ratio

Return on EquityReturn on Assets

2019 Outlook – Group

56

Q 1 2 0 1 9 P E R F O R M A N C E


Appendix

57

Q 1 2 0 1 9 P E R F O R M A N C E


Macroeconomic Environment

Indicators & Trends - Kenya

58

Q 1 2 0 1 9 P E R F O R M A N C E


0

2019

Interest Rates - Kenya

11.0

8.5

11.5

Jan

Feb

Mar

Apr

May Jun

Jul

Sep Dec Jan

Mar

Apr

May

Aug

0.0

Oct

Nov

Dec Jan

Feb

Mar

7.5

Aug Oct

Feb

Nov Ju

l

7.0

8.0

Jun

9.0

9.5

10.0

10.5

Sep

10.0

8.0

10.4

9.0

11.0

10.0

11.1

8.0

10.5

11.0

10.0

8.0

10.6

10.0

7.78.0

7.3

10.6

11.2

10.0

11.1

10.0

8.0

11.1

9.5

10.3

11.1

9.5

7.9

10.2

11.1

7.7

9.0

9.7

10.5

9.5

7.6

9.1

9.0

7.6

10.4

9.9

9.0

7.6

8.7

9.7

9.0

7.5

8.4

9.5

8.2

7.3

9.5

9.6 9.5

9.0

10.0

9.4

7.1

8.8

9.9

8.7

8.0

7.0

9.0

8.4

10.3

8.08.2

10.0

9.0

10.1

9.0

8.68.7

10.5

10.9

10.0

8.6

10.5

10.9

10.0

10.610.9 10.9

10.0

8.8

10.310.9

10.0

10.4

10.9

10.4

8.3

10.3

10.9

10.0

8.2

10.3

10.9

10.0

8.1

10.3

9.0

10.0

8.1

11.0

9.0

% 91 Days182 Days

364 DaysCBR

2017 2018

The Monetary Policy Committee (MPC) met on 27th Mar 2019 and retained the Central Bank Rate (CBR) at 9.0%

Short term rates have since come down due to high liquidity in the banking sector

Interest Rates - Kenya

59

Q 1 2 0 1 9 P E R F O R M A N C E


1

201920182017

Foreign Exchange – Kenya

The Shilling has opened the year being buoyant and has already gained 1.1% against the USD within 3 months of 2019.

98

0

1

99

100

103

101

105

102

104

103.23 [29-Dec-17]

101.62 [28-Feb-18]

101.85 [31-Dec-18]

100.75 [29-Mar-19]

103.66 [2-Jan-17]

+0.4%

+1.4%

+1.1%

KES/USD

Foreign Exchange – Kenya

60

Q 1 2 0 1 9 P E R F O R M A N C E


0

Diaspora Remittances – Kenya

Kenyan Diaspora remittances on a steady growth supporting FX reserves

Q2 2016

Q3 2016

495

565

Q1 2017

Q4 2014

Q2 2015

Q4 2013

Q2 2017

Q1 2013

Q2 2013

Q3 2013

Q1 2014

Q2 2014

Q3 2014

Q1 2015

Q3 2015

Q4 2015

Q1 2016

Q4 2016

Q3 2017

Q4 2017

Q1 2018

Q2 2018

Q3 2018

Q4 2018

Q1 2019

365349

364

636

341

437455

433416

447

340

402392

327

666683

390425

315

373

737

309

642

Diaspora Quarterly Remittances (USD Mn)

Source: CBK Diaspora Remittances

Diaspora Remittances – Kenya

Source: CBK Diaspora Remittances

61

Q 1 2 0 1 9 P E R F O R M A N C E


3

Foreign Reserves – Kenya

4.8 4.7 4.7 4.7 4.8 5.0

6.1 6.1 6.1 5.9 5.8 5.8 5.6 5.4 5.4 5.3 5.4 5.4 5.3

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

5.5

6.0

6.5

7.0

7.5

Nov-18

Jul-18Jan-18

Oct-17

May-18

Nov-17

Dec-17

Aug-18

Jan-19

Feb-18

Mar-18

Apr-18

Mar-19

Jun-18

Sep-18

Oct-18

Dec-18

Feb-19

Apr-19

Months of Import Cover

Source: CBK

The Kes remains sufficiently cushioned against by the FX reserves from supply pressure in the economy

Statutory requirement (4 Months)

EAC convergence criteria (4.5 Months)

Foreign Reserves – Kenya

62

Q 1 2 0 1 9 P E R F O R M A N C E


4

FX – Selected East Africa CountriesJa

n-17

Feb-

17

Mar

-17

Jul-1

8

Nov

-17

Apr

-17

Apr

-18

May

-17

Dec

-17

Jul-1

7

100

Dec

-18

Jun-

17

Aug

-17

Mar

-19

Sep

-17

40

Sep

-18

Oct

-17

Feb-

18

Mar

-18

May

-18

Jun-

18

Oct

-18

Nov

-18

Jan-

19

Feb-

19

0

36

38

98

Jan-

18

102

22

104

Aug

-18

Dec

-16

RWF

22.4 TZS

35.2

21.7

8.3

103.2

36.5

KES/USD

UGX

100.8

9.0

23.1

36.9

100.8

8.6

+3%

+4%

+1%

0%

KES continues holding ground against her East African peers and against the USD YoY

FX – Selected East Africa Countries

63

Q 1 2 0 1 9 P E R F O R M A N C E


5

2018

International debt market – Overview on USD LIBOR

2.8

2.1

2.6

2.3

2.4

1.8

2.5

2.2

1.9

2.0

2.9

2.7

3.0

0.0

2.88 [31 Dec 18]

1.84 [3 Jan 18]

2.59 [26 Sep 18]2.50 [27 Jun 18]

2.65 [27 Mar 19]

2.62 [30 Apr 19]2.44 [31 Mar 18]

6-Month USD LIBOR

2018 2019

Libor down 25 Bps in 2019

Libor down 25 Bps in 2019 and the downswing trend is expected to continue. This will bring funding cost reprieve to Kenyan banks with FX debt.

International Debt Market-Overview on USD LIBOR

64

Q 1 2 0 1 9 P E R F O R M A N C E


6

Credit by Banking System

2.5

Dec

-17

May

-17

0.7

Dec

-16

Jun-

17

Jan-

17

Dec

-18

Aug

-18

2.4

Feb-

17

Mar

-17

Apr

-17

Sep

-18

2.3

Nov

-17

Oct

-17

Jul-1

7

0.8Ja

n-18

May

-18

Jun-

18

Sep

-17

Jul-1

8

Aug

-17

Feb-

18

Mar

-18

Jan-

19

Oct

-18

Apr

-18

Nov

-18

0.9

0.0

0.7

2.3

0.7

2.3 2.3

0.8

2.3 2.3

0.8

2.4

2.3 2.3

0.8

2.3

0.9

2.3

0.9

2.4

0.8

0.9

2.3 2.32.4

0.7

0.9

2.4

0.9

2.4

0.9

2.4

0.9

0.9

0.9

0.91.0

2.4 Credit to private sector

Public debt from Banking System

0.6

2.4

1.0

0.7

2.2

2.3

2.4

0.80.80.8

2.3

0.7

2.3

0.7

2.3

2.4

+27%

+3%

+3%

+12%

31%

Public debt/Private debt

38%


41%


Banking System CreditBanking system credit

65

Q 1 2 0 1 9 P E R F O R M A N C E


7

Private Sector Credit Growth Trend

Negative effects of interest capping putting Kenya at the risk of loosing her credentials as the regional business hub if businesses can’t

access increased credit as is happening in regional markets

17.0

15.5

11.1

7.1

4.6 4.1 3.52.3

1.5 1.6 2.0

3.9

2.1 2.84.3 4.3 3.9 4.4

2.4 3.0 3.4

8.8

7.6

1.5 2.0

6.5 7.0 6.3 5.7 6.2 6.5 5.9 5.1

7.7

10.5 10.712.6

10.5

11.0

-2

0

2

4

6

8

10

12

14

16

18

Jan-

16

Mar

-16

Jan-

19

Jun-

16

Dec

-15

Jul-1

7

Feb-

16

Jun-

18

Aug

-17

Apr

-16

May

-17

Oct

-16

May

-16

Jul-1

6

Aug

-16

Sep

-16

Nov

-16

Apr

-18

Dec

-16

Jan-

17

Sep

-17

Mar

-17

Sep

-18

Nov

-17

Oct

-18

Dec

-17

Nov

-18

Apr

-17

Jul-1

8

Feb-

18

Feb-

17

Mar

-18

Jan-

18

May

-18

Jun-

17

Aug

-18

Oct

-17

Feb-

19

Dec

-18

14.3

Kenya Uganda

%

Private Sector Credit Growth Trend

66

Q 1 2 0 1 9 P E R F O R M A N C E


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N o t e s

67

Q 1 2 0 1 9 P E R F O R M A N C E


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N o t e s

Q 1 2 0 1 9 P E R F O R M A N C E


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N o t e s

69

Q 1 2 0 1 9 P E R F O R M A N C E


OUR INSPIRATION

That when years turn our vision dim and gray,we shall still see beauty in the tired wrinkles of our faces and shall take confort out of the fact and knowledge that when we

were given the opportunity, we did all we could to empower our people to exploit opportunities and realise their full potential on

the road to economic prosperity.

EQUITY GROUP HOLDINGS PLC AND EQUITY BANK (KENYA) LIMITED ARE REGULATED BY THE CENTRAL BANK OF KENYA.

Equity Centre

P.O. Box 75104–00200, Nairobi.

Tel: 0763063000, Fax: + 254-020-2737276,

[email protected], www.equitygroupholdings.com

@keEquityBank keEquityBank

www.ke.equitybankgroup.com

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