Equity Bank Group has announced a net profit of KSh 48.8 billion for the financial year ending December 2024. This marks a 12% increase from the KSh 43.7 billion profit reported in 2023.
In an investor briefing on March 27, 2025, Equity Group Managing Director and CEO, James Mwangi, credited the bank’s success to its diversified business model and careful financial management. Mwangi highlighted the group’s expansion into various sectors, including insurance, which played a significant role in its growth.
The bank’s Profit Before Tax (PBT) rose by 17%, reaching KSh 60.7 billion, while Earnings Per Share (EPS) increased by 11%, standing at KSh 12.3. Total income grew by 6% to KSh 193.8 billion, contributing to a higher dividend payout, which was increased by 6% to KSh 4.25 per share.
Equity Bank also saw growth in its deposits, which surged to KSh 1.4 trillion. The bank’s customer base expanded to 21.6 million during the year. Mwangi noted that the group’s Non-Performing Loan (NPL) ratio remained low at 12.2%, well below the industry average of 16.4%.
In response to Kenya’s recovering economy, Equity Bank has lowered its base lending rate three times in the past six months. CEO Mwangi explained that the move is designed to boost the bank’s loan book. By reducing borrowing costs, businesses will have better access to affordable credit, while households will benefit from increased disposable income, stimulating consumer spending.
Equity Bank’s positive financial performance highlights its ongoing growth and stability in a competitive banking sector.
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