Proposed dividend per share of Kshs 4.25, a payout ratio of 34.5%
Earnings per share increased by 11% to Kshs 12.3
Asset quality improves by 100 basis points from Q1 2024 to Q4 2024.
Profits after tax grew by 12% to Kshs 48.8 billion.
Regional operations contribute 49% of total assets and 54% of profit before tax.
NAIROBI, 27th March 2025: Equity Group Holdings Plc continues to deliver solid financial results, underpinned by the Group’s strategic focus on diversification, innovation, and regional expansion. With strong liquidity, capital buffers, and robust regional businesses, the Group is poised to maintain its leadership position in the region and continue driving sustainable growth.
While releasing the full year 2024 results, Dr. James Mwangi, Equity Group Holdings Plc Managing Director, and CEO said, *“We are proud of the resilience demonstrated by the Group amidst a challenging 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.”*
In FY 2024, Equity Group Holdings Plc achieved a Profit After Tax (PAT) of Kshs 48.8 billion, reinforcing the continued success of the Group’s diversified business model and prudent financial management. The Group’s Profit Before Tax (PBT) grew by 17% to Kshs 60.7 billion, while Earnings Per Share (EPS) rose by 11% to Kshs 12.3, signifying the Group’s robust financial performance.
The Group’s total deposits grew to reach Kshs 1.4 trillion with the customer base growing to 21.6 million, showcasing the scale and reach of the deposit franchise. The Group’s liquidity position remains strong, with cash and cash equivalents rising by 19% to Kshs 345 billion, while investment securities grew to Kshs 512 billion, contributing to an overall liquidity ratio of 57%. This positions the Group to effectively underpin the Groups’ Africa Recovery and Resilience Plan (ARRP), a private sector led development plan championed by Equity aimed at catalyzing, capacitating, connecting, and financing enterprises and households across Africa. Beyond providing financial and technological tools, it empowers individuals, businesses, and communities through a clear framework for development, by building capabilities and mitigating risks, enabling them to leverage these tools effectively and efficiently to achieve their social, environmental, and economic ambitions.
The ARRP aspires to drive long-term transformation across the continent, relying on the support and active participation of diverse stakeholders. Strategic partnerships with Development Finance Institutions (DFIs), global implementation partners, and social institutions have been instrumental in delivering a wide range of social and commercial outcomes with lasting, sustainable results. As part of these efforts, the Group has also partnered with AfDB, Microsoft that protect their life, health, and wealth.
*”As we continue to expand our financial services ecosystem, our Bancassurance unit remains a vital component of our growth strategy. The 6% increase in premium collections, despite the current market challenges, underscores the unit’s potential. To unlock further growth, we invested heavily in the unit’s repositioning, focusing on talent development, digital transformation, and process enhancements. This medium-to long-term strategy will allow us to deliver a more integrated, customer-centric experience, where insurance is a key layer in our customers’ overall financial well-being. Encouragingly, our insurance premium financing solution has seen a significant 50% increase in uptake, reflecting our dedication to supporting customers through uncertain times as they prioritize protecting their health, life and assets,”* said Dr. Mwangi.
As part of its ongoing transformation, Equity Group has continued to invest in technology, infrastructure, and diversification. The Group has modernized its digital channels, which now process 86% of all transactions, enabling customers to access a seamless, digital first experience. Furthermore, ONE Equity, the Group’s integrated digital platform, allows customers to access a wide range of products and services under a single umbrella, enhancing cross-selling and customer engagement.
The value of business processed through Equity Mobile YoY increased by 67% from Kshs 1.895 trillion to Kshs 3.174 trillion while Equity Online for business (EazzyBiz) increased by 21% from Kshs 3.165 trillion to Kshs 3.841 trillion and the interoperable Pay With Equity (PWE) for merchants increased by 14% from Kshs 1.884 trillion to Kshs 2.149 trillion, ATM increased by 21% from Kshs 398.6 billion to Kshs 481.4 billion as customers and Kenyans embraced the newly introduced Cash Deposit Machines to ease the pain for businesses looking to access their cash after banking hours while Branches are evolving to be more SME, large enterprises and corporates focused, with transaction volumes increasing by 21% from Kshs 4.176 trillion to Kshs 5.046 trillion.
Brand Finance ranked the Bank as the 2nd strongest banking brand in the world in 2024 and as the most valuable brand in East and Central Africa its value rising to USD 450 million (KES 64 billion). In all franchise segments, Equity Bank has been a front runner, emerging as the best bank in several categories according to Think Business Banking awards. The Bank earned top honors, including recognition as the Best Bank, Best in Digital Banking, Best in Trade Financing, Best in Agriculture and Livestock financing, Best in Product Innovation, and Best in SME Banking, among others. Equity Group’s insurance arm was also celebrated as the Best Insurance Provider, while its investment services were recognized for excellence in Wealth Management. These accolades reflect Equity Bank’s unwavering commitment to excellence, innovation, and leadership across diverse financial services, solidifying its position as a market leader.
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 distributed across various sectors, having attended 233 different universities in 37 countries and 6 continents. 204 scholars have attended the Ivy League universities, contributing to the region’s human capital development. The ELP program recently admitted a new cohort of 750 scholars into the pre-university internship program, bringing the total number of ELP scholars supported by the Group to date to 29,515. Cumulatively, the program has facilitated 9,700 paid internships and provided opportunities for 3,979 TVET scholars.
The Group remains a leader in climate action, having planted over 35 million trees and extended more than USD 200 million in climate finance to support climate resilience initiatives. In promoting the clean energy transition, Equity Group Foundation has championed the distribution of 466,975 clean energy products to households and institutions. Equity’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. International Finance Corporation, IFC, ranked the Group the global leader with the highest number of climate related transactions among 258 institutions worldwide.
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 340.8B has been disbursed to 323,303 MSMEs.
The Group’s social protection programs have reached 5.79 million individuals, with Kshs 164.2B disbursed via cash transfers. In health, the Equity Afya Clinics have cumulatively recorded 3,343,889 patient visits across 132 outpatient medical centers. This holistic approach underscores Equity Group’s commitment to fostering sustainable development and improving livelihoods across the region.
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. As we move forward, we remain optimistic about the future and will continue to leverage our strengths to create long-term value and impact for our customers and shareholders.”*
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