Equity Group Holdings, a Nairobi-based financial services giant led by veteran Kenyan banker James Mwangi, reported a resilient performance in the first quarter of 2024. Profit after tax jumped 25 percent year-on-year to Ksh16 billion ($122.25 million), driven by operational excellence across all segments.
Total income climbed to Ksh49.6 billion ($378.98 million) in Q1 2024, compared to Ksh39.7 billion ($303.34 million) a year earlier. Interest income surged 33 percent to Ksh43 billion ($328.55 million), fueled by a 32-percent increase in loans and advances to customers.
Equity Group Q1 profit soars on regional expansion
Presenting the bank’s Q1 2024 results on Monday, Equity Group Managing Director and CEO James Mwangi commented on the rapid expansion witnessed across key markets including Uganda, Rwanda, Tanzania, the Democratic Republic of the Congo, and South Sudan.
James Mwangi underscored the pivotal role played by regional banking subsidiaries, which contributed a staggering 63 percent of the Ksh16 billion ($122.25 million) profit before tax, boasting an impressive return on average equity of 29.1 percent. This performance, according to Mwangi, solidifies Equity Group’s stature as the undisputed regional banking leader.
Kenya’s Equity Group sees asset rise
Under Mwangi’s strategic leadership, Equity Group has grown into a dominant force in East and Central Africa’s financial landscape. The group’s footprint now spans Uganda, Tanzania, South Sudan, Rwanda, and the Democratic Republic of the Congo.
James Mwangi, a prominent figure in Kenyan finance, holds a 3.38-percent stake in Equity Group, representing 127,809,180 ordinary shares.
Equity Group’s total assets rose to Ksh1.69 trillion ($12.91 billion) by the end of the quarter, a 10.46-percent increase from Ksh1.53 trillion ($11.69 billion) a year ago, solidifying its position as the second-largest bank in East Africa.
