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Equity Group Emerges the Best Performing Bank Stock at the NSE in 2019

BY Soko Directory Team · January 9, 2020 09:01 am

In the year ended 2019, the Equity Group stock emerged the best performing stock in the banking sector at the NSE after closing the year at 53.50 shillings.

The Equity Group stock came in second overall at the NSE, after the Safaricom stock which closed the year with a market value of 203 billion shillings.

Equity closed the year with a market value of 195.7 billion making it the most valuable bank stock and second most valuable stock at the NSE after Safaricom.

The bank stock also emerged as the lead large cap gainer during the year ended after it recorded a 53.5 percent gain on its price.

Equity beat its peers, KCB Group, NCBA, Barclays and Co-operative Bank which gained by 44.2, 32.6, 21.9, 14.3 percent respectively.

Equity Bank currently has a customer base in excess of 9.2 million in the six East African countries that it serves, making it one of the largest commercial banks on the African continent, by customer numbers.

Currently, Equity is in the process of acquiring one of the largest banks in the Democratic Republic of Congo (DRC) which has over 26 branches.

The Group’s stock is also cross-listed on the Uganda Securities Exchange (USE), under the symbol EBL.

The bank’s expansion strategy across East Africa and dividends pay-out in the year when bank stocks also got a boost from the lifting of the cap on interest rates has been linked to Equity’s rise in stock price.

Additionally, the bank is in talks with a London-listed investment group to buy out four banks in Rwanda, Zambia, Mozambique, and Tanzania.

Equity Group recorded a profit before tax growth of 10.4 percent to 24.8 billion shillings, up from 22.4 billion shillings in Q3’2018.

Read Also: Safaricom Dominated the Equities Market in 2019 Accounting for 50.9% Capitalization at NSE

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system. Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

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