NAIROBI, Kenya — Equity Group Holdings Plc has reported a 24% increase in profit after tax to KSh19.1 billion for the first quarter, driven by strong performance from regional subsidiaries, rapid digital banking adoption, and improved asset quality.
The pan-African financial services group said its balance sheet expanded by 16% to KSh2.04 trillion, up from KSh1.75 trillion in the same period last year. Growth was supported by a 13% increase in customer deposits to KSh1.48 trillion and a 9% rise in net loans, driven by lending to retail, MSME, and public sector segments.
Equity Group’s regional subsidiaries across East and Central Africa played a key role in the strong performance, now contributing 50% of banking profitability and 52% of total assets.
Equity Bank Tanzania recorded a 150% surge in profit to KSh1.04 billion, EquityBCDC in the Democratic Republic of Congo posted a 32% increase to KSh5.0 billion, while Equity Rwanda grew by 36% to KSh1.5 billion. In Kenya, Equity Bank Kenya posted a 21% rise in profit after tax to KSh10.3 billion and disbursed more than a third of its MSME loans between January and March.
The Group’s digital transformation strategy continued to reshape operations, with 98.3% of transactions conducted outside physical branches and 89.5% processed through digital platforms. This shift significantly improved efficiency, reducing the cost-to-income ratio to 50.6% from 54.2% in the same period last year.
Group Managing Director and CEO James Mwangi said the performance reflects the institution’s long-term transformation into a diversified, technology-driven financial services group. “We are building a future-ready institution; scalable, secure, and impact-led, anchored in digital capabilities, staff upskilling, and a culture of disciplined execution,” he said.
Equity Insurance Group also recorded strong growth, with gross written premiums rising 30% to KSh4.5 billion and profit before tax increasing 53% to KSh640 million, driven by expansion in health, life, and general insurance portfolios.
Asset quality improved significantly, with non-performing loans dropping to 10% from 14%, while loan loss provisions declined by 18%. NPL coverage improved to 72% from 67%, reflecting stronger risk management and recovery efforts.
Through the Equity Group Foundation, the lender expanded its social and environmental programmes, facilitating KSh416 billion in MSME credit access, planting 45.5 million trees, and rolling out a KSh3.3 billion partnership with the Mastercard Foundation to support 60,000 smallholder farmers in Tanzania and the Democratic Republic of Congo.
In education and technology, the foundation has trained 600,000 youth in artificial intelligence, machine learning, and data analytics, while also scaling generative AI training for staff.
LEquity Group said it remains focused on its 2030 Africa Recovery and Resilience Plan, targeting expansion into 15 countries, growth to 100 million customers, and wider deployment of AI-enabled digital financial systems across Africa.
