At a Glance
- Equity Group’s market cap surged to $1.4 billion, driven by a 63.8% increase in share price and strong regional growth.
- In 2024, Equity Group reported a 13.09% profit rise to $317.39 million, fueled by its regional diversification strategy.
- Ranked the second-strongest banking brand worldwide by BrandFinance, Equity Group sets a benchmark for trust and financial inclusion.
Kenya’s Equity Group Holdings has solidified its position as the leading financial services provider in Kenya and the most valuable banking group in East and Central Africa.
With a market capitalization (market cap) of $1.4 billion, the bank has become a cornerstone of the region’s financial landscape, recognized for its innovation, exceptional performance, and transformative impact under the leadership of Kenyan banker James Mwangi.
Equity Group’s market cap jumps to $1.4 billion
On January 17, 2025, Equity Group’s shares closed at Ksh48.2 on the Nairobi Securities Exchange (NSE), marking a significant rise of 32 percent from Ksh36 a year earlier. This elevated its market cap to Ksh181.9 billion, reflecting an increase of Ksh46.04 billion in local currency terms.
In dollar terms, the performance is even more impressive. The strengthening of the Kenyan shilling against the US dollar amplified the gains, driving a 63.8 percent increase in Equity Group’s share price. This resulted in its market cap climbing by $547.4 million over the year—from $857.3 million to $1.4 billion, placing it ahead of regional peers like Kenya’s KCB Group and Tanzania’s NMB Bank Plc, both of which maintain market caps above $1 billion.
Regional strategy powers Equity Group
The surge in Equity Group‘s market value can be attributed to its strong financial performance in 2024. For the nine months ending September 2024, the group reported a net profit of $317.39 million—a 13.09 percent increase from $280.67 million during the same period in 2023. This growth reflects Equity Group’s effective regional diversification strategy, with nearly 50 percent of earnings now derived from operations outside Kenya.
Interest income rose by 13.32 percent, from $861.45 million to $976.2 million, while non-interest income saw a 5.8 percent boost to $474.06 million. Furthermore, customer deposits climbed 9.04 percent to $10.21 billion, fueled by a loyal customer base of over 20 million. The group’s liquidity also improved, with cash and cash equivalents surging by 55 percent to $2.29 billion.
Despite economic challenges such as inflation and fluctuating interest rates, Equity Group delivered a comprehensive income increase of 5.12 percent, reaching $198.83 million, and grew its retained earnings by 12.94 percent to $1.83 billion. The group’s balance sheet showed growth, with total assets increasing to $17.03 billion.
Equity Group drives financial inclusion
James Mwangi, a top figure in African banking, has led Equity Group to remarkable achievements. His emphasis on innovation, digital transformation, and financial inclusion has turned the bank into a beacon of hope for millions. By providing accessible financial services, Equity Group has become a vital driver of economic growth across the region.
Equity Group’s extensive reach in East and Central Africa reflects its commitment to serving diverse communities. With over 390 branches, 74,000 agent outlets, 37,000 point-of-sale terminals, and 780 ATMs, the bank has built a network that meets customers where they are. Its merchants’ network, exceeding 1.1 million, reflects its dedication to financial access in Kenya, Uganda, Tanzania, Rwanda, South Sudan, the Democratic Republic of Congo, and Ethiopia.
Under Mwangi’s guidance, the bank has embraced a robust regional diversification strategy, which has not only bolstered profitability but also reduced dependency on the Kenyan market. This approach has positioned the group as a pan-African financial leader, with a sustainable model for growth in emerging markets.
Global recognition and brand leadership
Equity Group’s reputation has reached global heights. According to BrandFinance, it is the second-strongest banking brand in the world, with a Brand Strength Index (BSI) score of 92.5 out of 100 and an elite AAA+ rating. For the third consecutive year, the bank has been listed in BrandFinance’s Banking 500 rankings, highlighting its international credibility and the trust it commands from its customers.
As the bank deepens its influence in East and Central Africa, it also eyes opportunities for greater innovation and expansion. Its financial strength, forward-thinking leadership, and dedication to regional development make it well-prepared to shape the future of banking in Africa and beyond.
For investors, stakeholders, and customers alike, Equity Group is more than a financial institution—it is a transformative force enabling progress and empowerment. With a $1.4 billion market cap, the bank’s value lies not only in its numbers but in its unwavering mission to advance economic inclusion and excellence.
