Matooke Republic
Tuesday, July 15, 2025
  • Home
  • News
  • Entertainment
  • Gossip
  • Features
  • Business
  • Sports
  • Health
  • Photos
  • Relationships
Matooke Republic
  • Home
  • News
  • Entertainment
  • Gossip
  • Features
  • Business
  • Sports
  • Health
  • Photos
  • Relationships
No Result
View All Result
Matooke Republic
No Result
View All Result

Equity Group reports strong regional growth, record profits, and strategic expansions in insurance and sustainability initiatives

Matooke Republic by Matooke Republic
November 12, 2024
in Business
Reading Time: 4 mins read
L-R: Equity Bank Kenya Managing Director, Moses Nyabanda, Equity Group Managing Director and CEO, Dr. James Mwangi and Equity Group Chief Internal Auditor, Beth Kithinji, during the Q3 2024 Investor Briefing event.

L-R: Equity Bank Kenya Managing Director, Moses Nyabanda, Equity Group Managing Director and CEO, Dr. James Mwangi and Equity Group Chief Internal Auditor, Beth Kithinji, during the Q3 2024 Investor Briefing event.

Share on FacebookShare on Twitter

Equity Group Holdings Plc (EGH) has shown resilience amidst high-interest rates and fluctuating exchange rates across its markets, reporting steady growth and increased contributions from its regional operations. As of September 30, 2024, regional branches contributed 51% of the Group’s profit before tax and accounted for 48% of its total assets, which now stand at Kshs 1.7 trillion (Shs 48.4 trillion).

EGH, recently recognized as Africa’s top financial brand and the world’s second-strongest banking brand by Brand Finance, saw a 9% year-on-year increase in deposits, reaching Kshs 1.3 trillion (Shs 37 trillion) with a customer base of 21.3 million. This deposit growth strengthened the Group’s liquidity, increasing cash reserves by 12% to Kshs 295.5 billion (Shs 8.4 trillion) and expanding investments in securities to Kshs 468.1 billion (Shs 13.8 trillion), achieving a solid liquidity ratio of 55%.

While announcing third-quarter results, Dr. James Mwangi, EGH’s Managing Director and CEO, expressed optimism for future growth. With central banks in some markets lowering their reference rates, the Group’s improved liquidity enables it to reduce costly long-term debt by Kshs 137.6 billion (Shs 3.9 trillion) and better support customers as economic conditions stabilize.

RELATED POSTS

Jacob Kiplimo shines at Samsung Galaxy Unpacked as new Galaxy Watch 8 launches

Pearl Tower One: Meera Investments unveils Kampala’s landmark Grade-A office building

EGH also saw a 17% increase in shareholders’ equity, totaling Kshs 227.0 billion (Shs 6.5 trillion), which strengthens its capacity to pursue new investments, including recent expansions in the insurance sector. The Group’s interest income grew by 13%, reaching Kshs 125.9 billion (Shs 3.6 trillion), while non-interest income rose by Kshs 2 billion (Shs 57 billion), contributing to an 8% growth in total income.

A focus on regional expansion has boosted performance, with subsidiaries in the Democratic Republic of the Congo (DRC) and Rwanda (including the acquisition of Cogebanque) contributing to a larger share of the Group’s total loans (47%) and profits (47%). EGH has also maintained a prudent risk management strategy, setting aside Kshs 12.7 billion (Shs 342 billion) for loan loss provisions, which has kept its non-performing loan (NPL) ratio at 13.4%, lower than the industry average of 16.7%.

L-R: Equity Life Assurance (Kenya) Limited Managing Director, Angela Okinda, Equity Group Managing Director and CEO, Dr. James Mwangi and Equity Group Operating Officer, Samwel Kirubi, during the Q3 2024 Investor Briefing event. 

For the nine months ending in September, EGH reported a 13% increase in profit after tax, reaching Kshs 40.9 billion (Shs 1.1 trillion), and an earnings-per-share increase to Kshs 10.4 from Kshs 9.2. Regional subsidiaries contributed 51% of the Group’s profit. The Group’s strong capital and liquidity buffers, with core capital and total capital ratios at 15.9% and 18.3%, respectively, exceed regulatory thresholds.

In addition to banking, EGH has expanded its insurance offerings to promote financial resilience. Equity Life Assurance (Kenya), the Group’s first insurance subsidiary, posted a remarkable 181% year-on-year increase in profit before tax, reaching Kshs 1.07 billion.

EGH is leveraging its expansive branch network and over 1.1 million agents and merchants to distribute insurance products, which complements its “One Equity” digital-first approach. With 86% of transactions conducted through digital channels, the Group is focusing on customer-centric, bundled product offerings accessible across multiple channels.

Equity Group Managing Director and CEO, Dr. James Mwangi (Right) and Equity Bank Kenya Managing Director, Moses Nyabanda (Left), during the Q3 2024 Investor Briefing event. 

In social impact, the Equity Group Foundation awarded university scholarships to 113 students from Kenya, Rwanda, Uganda, and DRC and provided technical and vocational training scholarships to nearly 4,000 students. The Foundation’s MSME support initiatives, under the Young Africa Works program, have trained over 596,000 small business owners, with loans totaling Kshs 323.3 billion disbursed to more than 315,000 MSMEs.

Committed to sustainability, EGH recently unveiled its 2023 Sustainability Report, highlighting its contributions to environmental, social, and economic goals. The Group has adopted frameworks such as the Taskforce for Nature-related Financial Disclosures (TNFD) and Africa Natural Capital Alliance (ANCA) to guide its sustainability initiatives. Equity Bank also leads in climate finance, having disbursed over USD 200 million for climate-related projects and planted 30 million trees as part of its environmental restoration efforts.

Related

Tags: Equity Bank UgandaEquity Group
Share1Tweet1Send
Matooke Republic

Matooke Republic

Freshly peeled info from area code 256

Related Posts

NMG’s Susan Nsibirwa and Claver Serumaga, the newly appointed Executive Director at Equity Bank Uganda launch the Top 100 mid-sized companies survey.

Equity Bank, Nation Media Group and KPMG launch 2025 Top 100 Mid-Sized companies survey to empower Uganda’s SMEs

by Matooke Republic
6 days ago

...

Equity Bank Uganda MD Gift Shoko.

Equity Bank Uganda set to launch 2025 Top 100 mid-sized companies survey

by Matooke Republic
1 week ago

...

Claver Serumaga.

Who is Claver Serumaga, the new Equity Bank Uganda Executive Director?

by Matooke Republic
1 week ago

...

Equity Bank tees up support for Women’s Golf in Lira

by Matooke Republic
1 week ago

...

Nation Media MD Nsibirwa and Equity Bank Managing Director Gift Shoko (middle) at the Daily Monitor offices in Namuwongo.

Equity Bank Uganda delegation visits Nation Media Group to strengthen collaboration

by Matooke Republic
2 weeks ago

...

Next Post

Witchdoctor arrested for raping 8-year-old girl, then hitting her on head with hoe

MP Ssegirinya Muhammed.

Ssegirinya explains why he’ll seek a second term as Kawempe North MP

RECOMMENDED

Taxi driver in TikTok stunt involving passenger on vehicle roof enjoying drinks arrested; says he was paid Shs20k for the gig

July 15, 2025
Don Chris.

Number of victims scammed by Don Chris rises to 350, amount of money lost now stands at Shs2 billion

July 15, 2025
  • 643 Followers
  • 23.9k Followers

MOST VIEWED

  • Here is how to use NIRA’s new online portal to register or renew your national ID

    3968 shares
    Share 1587 Tweet 992
  • DNA test confirms late MP Ssegirinya was father to only 4 of 9 children presented after his death

    102 shares
    Share 41 Tweet 26
  • Kampala University proprietor Prof Kateregga’s wife rejects DNA results indicating one of three children is not his, demands fresh test in the United States

    96 shares
    Share 38 Tweet 24
  • Properties owned by late billionaire Aponye at risk of auction over Shs15 billion loan arrears

    79 shares
    Share 32 Tweet 20
  • Pastor Bugingo’s daughter Doreen Gift awarded scholarship to Arizona State University in the US

    62 shares
    Share 25 Tweet 16
Matooke Republic

Uganda's only free Newspaper. Out every Thursday. Freshly peeled info. kiwatule, Kampala, Uganda.

  • Home
  • News
  • Entertainment
  • Gossip
  • Features
  • Business
  • Sports
  • Health
  • Photos

© Matooke Republic 2024

© Matooke Republic 2024

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.