Equity Bank (EGH) has shown strong resilience even in the challenging economic conditions in its key markets. As of September 2024, the Group achieved 51% profit contribution from its regional businesses, solidifying its diverse regional portfolio. Equity Bank’s deposits increased by 9% year-over-year, reaching Ksh 1.3 trillion, with a customer base of 21.3 million.
This deposit growth has helped strengthen its liquidity to Ksh 295.5 billion. This is supported by a 12% increase in cash and cash equivalents. The Group recorded a year-on-year profit after tax growth of 13% to reach Ksh 40.9 billion.
CEO Dr. James Mwangi also shared how impactful regional expansion has been especially in the DRC and also the acquisition of Rwanda’s Cogebanque, which contributed to a balanced profit split between Kenyan and regional subsidiaries. Non-funded income also grew while inflationary pressures led to a 19% increase in expenses. Investment in technology also helped improve operational efficiency as 86% of transactions were completed digitally.
EGH’s insurance division, Equity Life Assurance Kenya (ELAK), saw a 181% profit increase year-on-year. EGH has also had improvements in environmental, social and governance (ESG) initiatives. In addition, EGH’s partnerships with entities like IFC, UNHCR and Microsoft have facilitated initiatives supporting refugees, sustainable agriculture, and digital financial inclusion.
Dr. Mwangi said, “Despite operating in a challenging environment, Equity Group remains committed to sustainable practices. Our recently unveiled Sustainability Report highlights the Group’s strategic approach to embedding sustainability. As an early adopter of the Taskforce for Nature-related Financial Disclosures (TNFD) framework in Africa, and the Africa Natural Capital Alliance (ANCA) the Group is not only focused on sustainable customer solutions but also actively supports nature restoration, having achieved the significant milestone of planting 30 million trees. Furthermore, Equity Bank continues to lead in climate finance by extending over USD 200 million in climate finance initiatives.”
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