Q&A: Equity Bank Uganda’s Samuel Kirubi on the bank’s fast but purposeful rise from the bottom to Uganda’s 6th largest bank Equity Bank Uganda has just released its 2021 financials, reporting a 40.8% rise in deposits from UGX1.623 trillion to UGX2.285 trillion—a record UGX662.3 billion, the highest in the industry in 2021! Riding on a strong deposits foundation, the bank also upped its lending, by 22.4%, from UGX1.261 trillion to UGX1.544 trillion and as such, saw its total income grow by a handsome 31% from UGX292.1 billion to UGX382.7 billion. The bank also reported that it had made a record, UGX118.2 billion in profit before tax and UGX86 billion in net profit- the highest ever in its 14-year year history. The bank's balance sheet, as a result, grew 36.2% from UGX2.069 trillion to UGX2.818 trillion, making the bank the 6th largest bank by assets. 2021 also saw the bank set some new industry records as the 3rd largest by lending, 5th largest by deposits as well as 6th largest by income and profitability. In this interview, Samuel Kirubi, the bank’s Managing Director, who has led the bank from the 11th position in 2015 to the 6th position, speaks to CEO East Africa Magazine on the key growth drivers as well as the Equity Group’s larger vision of transforming Africa.
Samuel Kirubi, the Equity Bank Uganda Managing Director since 2015. PHOTO/CEO East Africa Magazine/Bash Mutumba
2021 was yet another good year for Equity Bank in Uganda. All the key fundamentals posted strong double-digit growth. What are some of the key highlights in your performance that do stand out for the bank?
2021 was a tough year for the bank and the industry. Although the bank recorded double-digit growth rates across various parameters, it wasn't an easy year, as the actual effects of COVID-19,
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