Equity Group Holdings Plc, East Africa’s largest lender by assets, led by Kenyan banker James Mwangi, reported a 32 percent increase in first-half profit as stronger lending, higher non-interest income and improved asset quality lifted earnings across its regional operations.

Profit after tax for the six months ended June 30, 2026, rose to KSh45.5 billion ($352 million), from KSh34.6 billion ($267.3 million) a year earlier, according to financial results.

Profit before tax increased 39 percent to KSh57.8 billion ($446.5 million), from KSh41.5 billion ($320.6 million).

What drove the bank’s first-half earnings?

The result gives the Nairobi-based lender its strongest first-half earnings in recent years, with growth coming from both its core banking business and operations outside Kenya.

Total operating income rose 25 percent to KSh124.9 billion ($965 million), from KSh100.2 billion ($774 million).

Non-funded income was a major contributor, increasing 36 percent to KSh55.6 billion ($430 million) from KSh40.9 billion ($316 million). It accounted for 44.5 percent of total revenue, up from 40.8 percenta year earlier.

Net interest income also increased, rising 17 percent to KSh69.3 billion ($535.4 million) from KSh59.3 billion ($458.2 million).

The increase was supported by growth in lending and higher interest income from customer loans and government securities.

How much did Equity Group assets increase?

Equity Group’s balance sheet expanded alongside earnings. Total assets rose 20 percent to KSh2.16 trillion ($16.7 billion), compared with KSh1.8 trillion ($13.9 billion a year earlier).

Net loans and advances to customers increased 19% to KSh981 billion ($7.57 billion), from KSh825 billion ($6.37 billion), as demand remained strong across corporate, retail, micro, small and medium-sized enterprises and public-sector lending.

Customer deposits grew 21 percent to KSh1.59 trillion ($12.3 billion), from KSh1.31 trillion ($10.1 billion), giving the bank a larger pool of funding to support lending across its markets.

The lender also made progress in reducing problem loans. Its gross non-performing loan ratio fell to 9.5 percent from 13.7 percent a year earlier, while NPL coverage improved to 70 percent from 68 percent.

What is Equity Group CEO James Mwangi saying?

James Mwangi, Equity Group’s group managing director and CEO, said the results came as the economies where the bank operates continued to grow.

“The Group’s performance is unfolding against a backdrop of resilient regional economic growth,” Mwangi said.

He cited projected economic growth of 4.5 percent to 5 percent in Kenya, 5.6 percent in the Democratic Republic of Congo, 5.9 percent in Tanzania, 6.4 percent in Uganda, 6.8 percent in Rwanda and 20 percent in South Sudan.

Mwangi said commodity prices and policy reforms were supporting growth across the region.

He also said the bank’s first-half performance reflected its efforts to build a more diversified and technology-focused financial services group under its Africa Recovery and Resilience Plan 2030.

What share of revenue came outside Kenya?

Equity’s businesses outside Kenya remained an important part of the group’s earnings.

They accounted for 42 percent of banking profit and 47% of revenue during the period, with the Democratic Republic of Congo and Tanzania among the strongest contributors.

Net income at Equity BCDC in the DRC rose 30 percent to KSh11.8 billion ($91.1 million), while Equity Bank Tanzania reported an 82 percent increase in profit to KSh2 billion ($15.4 million).

Equity Bank Rwanda’s profit rose 12 percent to KSh2.9 billion ($22.4 million).

In Kenya, the group’s main banking unit increased profit after tax by 32 percent to KSh25.7 billion ($198.5 million). Deposits grew 24 percent, while loans increased 11 percent from the previous quarter.

How much did non-banking revenue contribute?

The group’s insurance business also delivered stronger results.

Equity Insurance Group increased gross written premiums by 24 percent to KSh6.4 billion ($49.4 million), while pretax profit rose 34 percent to KSh1.25 billion ($9.65 million).

Non-banking subsidiaries increased their contribution to group revenue to 4.8 percent from 4 percent.

Technology remained central to the group’s operations, with customers continuing to shift transactions away from branches.

Some 98.3 percent of all banking transactions were completed outside traditional branches, while 89.7 percent were processed entirely through digital channels.

The figures underline how much of Equity Group’s growth is now coming from a broader regional business rather than Kenya alone, while higher digital usage is allowing the lender to serve more customers without a similar increase in its branch network.