NAIROBI, Kenya — Equity Group Holdings Plc has reported a profit before tax of Kshs 60.7 billion for the full year 2024, driven by strategic diversified growth.
The Group’s profit after tax grew by 12% to Kshs 48.8 billion, while earnings per share increased by 11% to Kshs 12.3. The total assets grew to Kshs 1.7 trillion, with the Group’s regional subsidiaries contributing 49% of total assets and 54% of profit before tax.
“We are proud of the resilience demonstrated by the Group amidst a challenging global economic landscape,” said Dr. James Mwangi, Equity Group Holdings Plc Managing Director and CEO. “Our financial strength gives us the flexibility to seize opportunities as the regional economy presents diversified levers for growth.”
The Group’s total deposits grew to Kshs 1.4 trillion, with the customer base growing to 21.6 million. The Group’s liquidity position remains strong, with cash and cash equivalents rising by 19% to Kshs 345 billion.
The Group’s insurance arm reported a profit before tax growth of 58% to Kshs 1.5 billion. The Group’s digital channels now process 86% of all transactions, enabling customers to access a seamless, digital-first experience.
Equity Group has also continued to invest in technology, infrastructure, and diversification. The Group has modernized its digital channels and has launched ONE Equity, an integrated digital platform that allows customers to access a wide range of products and services under a single umbrella.
The Group’s commitment to sustainability is further highlighted by its focus on nature restoration and its adoption of the Taskforce for Nature Finance Disclosure (TNFD) and African Natural Capital Alliance (ANCA) frameworks.
Equity Group has also been recognized for its excellence in various categories, including being ranked as the 2nd strongest banking brand in the world by Brand Finance. The Group’s insurance arm was also recognized as the Best Insurance Provider.
The Equity Leaders Program (ELP) continues to make a significant impact, with 113 scholars having received full scholarships to pursue university education in top global universities. The program has already produced over 970 global scholars on full scholarship.
In promoting economic empowerment, 2,477,358 women and youth received training in financial education, with 634,059 MSMEs receiving capacity building in entrepreneurship. Under the Young Africa Works Program, Kshs 340.8 billion has been disbursed to 323,303 MSMEs.
The Group’s social protection programs have reached 5.79 million individuals, with Kshs 164.2 billion disbursed via cash transfers. In health, the Equity Afya Clinics have cumulatively recorded 3,343,889 patient visits across 132 outpatient medical centers.
Dr. Mwangi concluded, “Equity Group remains committed to driving positive change. Our focus on financial inclusion, regional expansion, and sustainable growth will enable us to continue being a catalyst for economic empowerment and resilience across Africa.”
