Banking & Finance
Equity Group Posts Sh29.6B Profit H1 2024
In a major financial milestone, Equity Group Holdings announced a net profit of Sh29.6 billion for the half-year ending June 2024, reflecting a strong 32% growth from the Sh 22.4 billion reported during the same period in 2023. This significant rise highlights the bank’s solid financial performance and effective strategic execution
Equity Group reports Sh29.6B profit in H1 2024, up 32% YoY, driven by loan book growth, digital banking, and regional expansion in the DRC.
In a robust show of financial strength, Equity Group Holdings reported a net profit of Ksh29.6 billion for the half-year ended June 2024, a 32% increase from the Ksh22.4 billion posted during the same period in 2023. The stellar performance reinforces Equity’s growing dominance across East Africa’s financial sector.
Equity Group’s loan portfolio surged by 18%, climbing to Ksh800 billion, up from Ksh678 billion last year. The expansion is attributed to increased lending to small and medium-sized enterprises (SMEs)—a critical driver of economic activity in the region.
The Group’s digital platforms recorded a 25% rise in transaction volumes, with over 95% of all customer transactions conducted via digital channels. The bank continues to leverage its Equity Mobile App and Equitel platform to deepen access and reduce operational costs.
Equity improved its cost-to-income ratio to 45%, down from 48% in 2023, driven by process automation and operational streamlining. The digital shift has significantly lowered branch-level overheads.
Equity Group’s regional strategy is yielding strong returns, particularly in the Democratic Republic of Congo (DRC), where it has recorded accelerated growth through its subsidiary, Equity BCDC. The DRC now plays a pivotal role in the Group’s East and Central African expansion plan.
True to its mission, Equity continues to champion financial inclusion by offering tailored services to unbanked and underserved populations across Kenya, Uganda, Tanzania, Rwanda, South Sudan, and DRC. This has contributed to deeper market penetration and customer loyalty.
- Net Profit: Ksh29.6 billion (↑32% YoY)
- Loan Book: Ksh800 billion (↑18%)
- Cost-to-Income Ratio: 45% (↓ from 48%)
- Digital Transactions: 95% of total volume
- Regional Growth: Strongest in DRC operations
While specific figures on deposits and non-performing loans (NPLs) were not disclosed, the growth in core assets suggests improved balance sheet strength and asset quality.
Though Dr. James Mwangi did not issue a detailed press release alongside the results, the bank’s investor reports emphasize a continued focus on:
- Sustainable lending
- Digital innovation
- Climate finance and green banking
- Financial education and literacy programs
Analysts forecast continued growth for Equity Group as it doubles down on:
- Expanding digital lending platforms
- Leveraging AI-driven customer engagement tools
- Growing its share in DRC, Tanzania, and Uganda
- Exploring infrastructure financing and renewable energy funding
Equity Group Holdings’ Sh29.6 billion profit in H1 2024 is more than just a number—it’s a reflection of strategic agility, digital transformation, and a strong commitment to inclusive banking. The Group’s proactive regional strategy, particularly in the DRC, combined with a digital-first model, continues to distinguish it in a competitive market.
With rising profits, leaner operations, and broader financial reach, Equity is set to shape the next chapter of banking across East and Central Africa.
Keywords:
Equity Group Half-Year 2024 Profit | Equity Bank Loan Book Growth | Digital Banking in East Africa | DRC Expansion | Financial Inclusion Kenya