Equity Group Holdings has reaffirmed its strength and resilience following the latest public rating by Global Credit Rating (GCR), which revised the Group’s long-term issuer rating to A (KE) from AA- (KE), with a Stable Outlook. The revised rating reflects a more cautious outlook on the broader macroeconomic and operating environment across Sub-Saharan Africa, where Equity Group maintains a substantial presence.
Despite the downgrade, GCR acknowledged the Group’s solid financial fundamentals, strong regional footprint, and leadership in East and Central African banking. The revised rating was primarily influenced by elevated credit risks across the region, driven by foreign currency fluctuations, inflationary trends, and tight liquidity conditions. However, Equity Group’s performance and risk profile remain robust, demonstrating its ability to navigate challenging economic conditions.
The Group concluded the 2024 financial year with a Profit After Tax of Kshs 48.8 billion, representing a resilient performance amid prevailing economic pressures. Earnings Per Share grew by 11% to Kshs 12.3, showcasing the Group’s consistent delivery of value to shareholders. Notably, the regional subsidiaries now account for 49% of total assets and 54% of Profit Before Tax, underlining the effectiveness of its diversification strategy and cross-border expansion model.
Equity’s Non-Performing Loan (NPL) ratio remains below the industry average, highlighting the Group’s disciplined risk management approach. Through a proactive credit management framework and prudent lending practices, the Group continues to safeguard asset quality. It also maintains strong capital and liquidity buffers, providing the flexibility to respond to volatile market conditions and ensuring continued support to its broad customer base.
Operational integrity remains a key focus, particularly after isolated cases of fraud were identified in Kenya, Uganda, and the Democratic Republic of Congo (DRC) over the past two years. These cases were flagged by the Group’s internal control mechanisms and are currently under legal proceedings in the respective jurisdictions. No new incidents have been reported since the previous year, and the Group has intensified efforts to bolster its internal systems and risk management structures.
To enhance system integrity and resilience, Equity Bank recently achieved two internationally recognized certifications: ISO 27001:2023 for Information Security Management and ISO 20000-1:2018 for IT Service Management. These certifications validate the Group’s strong governance systems, especially in cybersecurity and service delivery, areas emphasized in GCR’s sustainability assessment.
In response to the challenges and opportunities in the sector, the Group has significantly invested in advanced technology, skilled talent, and risk governance infrastructure. It continues to prioritize operational excellence, security, and accountability to meet evolving regulatory and stakeholder expectations. Enhancements in cybersecurity, internal control systems, and staff capabilities are part of its broader commitment to long-term sustainability.
Equity Group serves as a key driver of economic transformation across Africa by leveraging innovation and inclusive financial services. With banking operations in Kenya, DRC, Rwanda, Uganda, Tanzania, South Sudan, and a representative office in Ethiopia, the Group has diversified into investment banking, insurance, telecom, fintech, and social impact ventures. It remains the largest integrated financial services provider in the region, with a market capitalization of USD 1.27 billion, asset base of USD 13.96 billion, and a customer base of 21.6 million. The Group’s extensive footprint includes 399 branches, 85,080 agents, over 1.1 million Pay with Equity merchants, 40,045 POS merchants, and 899 ATMs, supported by a strong digital banking infrastructure.
