Equity Group Holdings has reported a 12 percent growth in its profit after tax, reaching Sh48.8 billion for the financial year ending December 31, 2024. This marks an increase from Sh43.7 billion recorded the previous year, underscoring the bank’s resilience, diversified business model, and prudent financial management.
The Group’s profit before tax grew by 17 percent to Sh60.7 billion, with earnings per share (EPS) rising by 11 percent to Sh12.3. This strong financial performance highlights Equity’s ability to navigate economic challenges while maintaining growth momentum.
Regional operations played a significant role in Equity’s success, contributing 49 percent of total assets and 54 percent of profit before tax. To reward shareholders, the Group proposed a dividend of Sh4.25 per share, reflecting a payout ratio of 34.5 percent.
While releasing the full-year results, Equity Group Holdings Managing Director James Mwangi emphasized the institution’s resilience amid a shifting global economic landscape. “Our financial strength gives us the flexibility to seize opportunities as the regional economy presents diversified levers for growth. The Group’s liquidity and capital position remains strong, positioning us to better support our customers in the years ahead,” Mwangi stated.
Total customer deposits grew to Sh1.4 trillion, with the customer base expanding to 21.6 million, reinforcing the Group’s growing influence in the financial sector. The liquidity position remained robust, with cash and cash equivalents increasing by 19 percent to Sh345 billion and investment securities reaching Sh512 billion. The overall liquidity ratio stood at an impressive 57 percent.
Equity’s regional subsidiaries recorded remarkable growth. Equity Bank Rwanda’s revenue grew by 36 percent, Tanzania by 20 percent, and the Democratic Republic of Congo (DRC) by nine percent. Profit after tax increased by 30 percent in Rwanda, 107 percent in Tanzania, 186 percent in Uganda, and 29 percent in the DRC.
In Kenya, the Group reduced its base lending rate three times over the past six months, signaling its commitment to expanding its loan book and stimulating economic growth. The digital banking segment also experienced substantial growth, with mobile banking transactions increasing by 67 percent year-on-year to Sh3.174 trillion.
Looking ahead, Mwangi reaffirmed Equity Group’s commitment to financial inclusion, regional expansion, and sustainable growth, positioning the institution as a catalyst for economic empowerment across Africa
