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ANNUAL REPORT and FINANCIAL STATEMENTS Equity Bank Group Headquarters, Nairobi

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ANNUAL REPORT and FINANCIAL STATEMENTS Equity Bank Group Headquarters, Nairobi 2013 ANNUAL REPORT AND FINANCIAL STATEMENTS Equity Bank Group Headquarters, Nairobi. EQUITY BANK LIMITED AND SUBSIDIARIES | ANNUAL REPORT AND FINANCIAL STATEMENTS Pg FOR THE YEAR ENDED 31 DECEMBER 2013 1 CORPORATE PHILOSOPHIES Founded as Equity Building Society (EBS) in October OUR PURPOSE 1984, Equity Bank has grown to be the largest bank in We exist to transform the lives and livelihoods of our Africa by customer base. people socially and economically by availing them modern, inclusive financial services that maximize their The Bank is a value driven institution with the customer opportunities. at the center. One of the core values of the Bank is respect and dignity for customers. Staff are carefully selected and OUR VISION appointed based on attitude as they can be trained for To be the champion of the socio-economic prosperity of ‘skills’. The Bank in pursuit of its purpose of transforming the people of Africa. lives and livelihoods of the African people has set a clear and well-defined corporate image and positioning that OUR MISSION the bank can own and stay true to through a vibrant, We offer inclusive, customer focused financial services energized and passionate team. that socially and economically empower our clients and other stakeholders. The tagline for Equity Bank is “Your Listening Caring Partner”. The bank puts a lot of emphasis on listening POSITIONING STATEMENT to and caring for its customers. For Equity Bank, our Equity provides Inclusive Financial Services that transform services go beyond banking. We believe that by building livelihoods, give dignity and expand opportunities. a strong emotional connection with our customers, we create a better and stronger relationship which in turn OUR TAGLINE enables us to achieve one of our core philosophies, to Your Listening Caring Partner. transform the lives and livelihoods of our people. OUR MOTTO Just like the Equity logo that denotes a house, at Equity we believe in providing a ‘home’ to all our customers. By Growing Together In Trust. providing tailor made and relevant products and services, OUR VALUES we have seen our customers find a home in Equity Bank. We continue to witness millions of our customers Professionalism nurture, pursue and realize their dreams. This is what Integrity gives us inspiration and motivation to continue pursuing Creativity & Innovation the Equity dream. Teamwork In line with our positioning statement, every year we Unity of Purpose rededicate ourselves to listening to the needs and Respect & Dignity for Customers aspirations of our customers, continuously innovating Effective Corporate Governance products and services that are relevant to them that meet their needs and that help them to live dignified lives. In 2014 and beyond, there are abundant opportunities for all as Africa becomes the future for the 21st century. We invite you all to share in the vision and mission as we re-dedicate ourselves to work even harder for financial inclusion, empowerment and wealth creation of all, as we continue jointly pursuing the African dream. Pg EQUITY BANK LIMITED AND SUBSIDIARIES | ANNUAL REPORT AND FINANCIAL STATEMENTS 2 FOR THE YEAR ENDED 31 DECEMBER 2013 TABLE OF CONTENTS Corporate Philosophies 1 Notice of Tenth Annual General Meeting 3-4 Bank information 5-6 Chairman’s Statement 7-10 CEO’s Statement 11-15 Financial Highlights 16 -17 Key achievements and accolades 18-20 Statement on corporate social responsibility 21-25 Board of Directors 26-33 The Executive Management 34-38 Report of the directors 39-40 Statement of corporate governance 41- 48 Statement of directors’ responsibilities 49 Report of the independent auditors 50 Financial statements: Consolidated income statement 51 Consolidated statement of comprehensive income 52 Consolidated statement of financial position 53 Consolidated statement of changes in equity 54 Statement of changes in equity 55 Consolidated statement of cash flows 56 Notes to the consolidated financial statements 57-116 Notes 117-118 Proxy Form 119 EQUITY BANK LIMITED AND SUBSIDIARIES | ANNUAL REPORT AND FINANCIAL STATEMENTS Pg FOR THE YEAR ENDED 31 DECEMBER 2013 3 NOTICE OF TENTH ANNUAL GENERAL MEETING Notice is hereby given that the Tenth Annual General Meeting (AGM) of Equity Bank Limited will be held on Wednesday, 26th March 2014 at Kenyatta International Conference Centre (KICC) NAIROBI at 10.00 am to transact the following business: 1. The Company Secretary to read the notice convening the meeting. 2. To receive, consider and if thought fit, adopt the Annual Report and Audited Financial Statements for the year ended 31st December 2013 together with the Chairman’s, Directors’ and Auditors’ reports thereon. 3. To approve a first and final dividend for the year ended 31st December 2013 of KES 1.50/- per ordinary share of KES 0.50 cents each, subject to withholding tax, where applicable. 4. Election of Directors: a) Mr. Peter Kahara Munga, a director retires by rotation in accordance with Article 100 of the Company’s Articles of Association, and having attained the age of seventy years on 5th May 2013 further retires in terms of section 186 (2) of the Companies Act (Cap 486 of the Laws of Kenya) and being eligible, by virtue of a special notice given under section 186 (5), offers himself for re-election as a director. b) Prof. Shem Migot-Adholla, a director retires by rotation in accordance with Article 100 of the Company’s Articles of Association, and having attained the age of seventy years on 14th June 2012 further retires in terms of section 186 (2) of the Companies Act (Cap 486 of the Laws of Kenya) and being eligible, by virtue of a special notice given under section 186 (5), offers himself for re-election as a director. c) Mr. Ernest Nzovu, a director retires by rotation in accordance with Article 100 of the Company’s Articles of Association, and having attained the age of seventy years on 27th September 2013 further retires in terms of section 186 (2) of the Companies Act (Cap 486 of the Laws of Kenya) and does not offer himself for re-election as a director. 5. To approve the remuneration of the directors for the year ending 31st December 2014. 6. To note that the auditors Messrs Ernst & Young, being eligible and having expressed their willingness, will continue in office in accordance with section 159 of the Companies Act (Cap 486) and to authorize the directors to fix their remuneration. 7. As Special Business, to consider and if thought fit, to pass the following resolution as a Special Resolution: “To ratify the acquisition of Francis Thuo & Partners Limited by Equity Investment Bank Limited, a wholly owned subsidiary of Equity Investment Services Limited, which in turn is a wholly owned subsidiary of Equity Bank Limited in fulfillment of the requirement of Regulation G.06 (a) of the Fifth Schedule to the Capital Markets (Securities) (Public Offers, Listing and Disclosures) Regulations 2002 (“Disclosure Regulations”)” 8. Any other business of which notice will have been duly received. By order of the Board Mary Wangari Wamae Company Secretary P.O. Box 75104 -00200 NAIROBI. 27th February, 2014 Pg EQUITY BANK LIMITED AND SUBSIDIARIES | ANNUAL REPORT AND FINANCIAL STATEMENTS 4 FOR THE YEAR ENDED 31 DECEMBER 2013 NOTICE OF TENTH ANNUAL GENERAL MEETING Notes 1) A member entitled to attend and vote at the meeting and who is unable to attend is entitled to appoint a proxy to attend and vote on his or her behalf. A proxy need not be a member of the Company. To be valid, a form of proxy must be duly completed by the member and lodged with the Company Secretary at the Company’s Head Office situated at EQUITY CENTRE, 9TH FLOOR, Hospital Road, Upper Hill, Nairobi, not later than 10.00 am on Monday, 24th March 2014, failing which it will be invalid. In the case of a corporate body the proxy must be under its common seal. 2) Subject to approval of shareholders, the Board of Directors has resolved to recommend to members at the forthcoming Annual General Meeting a dividend for the year ended 31st December 2013 of KES 1.50/- per share to be paid to shareholders on the register of members of the Company at the close of business on 14th March 2014. The dividend will be paid on or about 25th April 2014. 3) The full set of audited financial statements for the year ended 31st December 2013 is available at the Company’s registered office at Equity Centre 9th Floor or can be downloaded at the website, www.equitybankgroup.com EQUITY BANK LIMITED AND SUBSIDIARIES | ANNUAL REPORT AND FINANCIAL STATEMENTS Pg FOR THE YEAR ENDED 31 DECEMBER 2013 5 BANK INFORMATION PRINCIPAL PLACE OF BUSINESS: 9th Floor, Equity Centre Hospital Road,Upper Hill P.O. Box 75104-00200 NAIROBI Tel : +254-020-2262000 Fax : +254-020-2737276, Cell: 0711 026000 /0732 112000 [email protected], www.equitybankgroup.com @KeEquitybank KeEquitybank REGISTERED OFFICE: 9th Floor, Equity Centre Hospital Road,Upper Hill P.O. Box 75104-00200 NAIROBI LAWYERS: Coulson Harney Advocates, 1st Floor, Block A Nairobi Business Park Ngong Road P.O. Box 10643 – 00100 NAIROBI Hamilton Harrison & Mathews ICEA Building, Kenyatta Avenue, P.O. Box 30333-00100 NAIROBI Dengtiel A. Kuur South Sudan Associated Advocates Chamber of Commerce Complex Summer Palace Business Hotel Close Juba SOUTH SUDAN MRB Attorneys KG 624 St, Kimihurura P.O. Box 628 Kigali RWANDA Mark & Associates Attorneys NIC Life House 1st Floor, Wing C Sokoine Drive/Ohio Street P.O.Box 8211 Dares Salaam TANZANIA A.F. Mpanga Advocates 9th Floor North Wing Workers House 1 Pikinton Road P.O. Box 1520 Kampala UGANDA Pg EQUITY BANK LIMITED AND SUBSIDIARIES | ANNUAL REPORT AND FINANCIAL STATEMENTS 6 FOR THE YEAR ENDED 31 DECEMBER 2013 BANK INFORMATION (continued) BANKERS: Central Bank of Kenya P.O.
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