Equity bank group CEO James Mwangi….Photo/courtesy
NAIROBI, Kenya — Equity Group Holdings has reported a record net profit of 75.5 billion shillings, driven largely by strong growth across its regional subsidiaries, underscoring the lender’s shift from a Kenya-focused bank to a regional financial powerhouse.
The bank said earnings were boosted by increased lending, higher transaction volumes and expanding operations in markets including Uganda, Tanzania, Rwanda, South Sudan and the Democratic Republic of Congo.
Regional subsidiaries now contribute a significant share of the group’s total income, reflecting years of expansion beyond Kenya.
In particular, operations in the Democratic Republic of Congo and Uganda have emerged as key growth engines, supported by rising demand for credit and digital banking services.
Equity’s total assets also grew, crossing the 2 trillion shilling mark, as customer deposits increased and the bank deepened its footprint among small businesses and retail clients.
Group CEO James Mwangi said the results demonstrate the success of the bank’s regional diversification strategy and continued investment in technology.
“Our regional businesses are now the main drivers of growth, validating our long-term vision of building a Pan-African financial services group,” Mwangi said.
The lender has increasingly focused on digital banking, agency banking and SME financing, helping it reach millions of customers across East and Central Africa while keeping operating costs in check.
Analysts say the strong performance positions Equity among the most profitable banks in the region, though they note that currency fluctuations and regulatory differences across markets remain potential risks.
The results highlight a broader trend of Kenyan banks expanding across borders to tap into underserved markets and reduce reliance on the domestic economy.
