Equity Group Holdings has announced a Ksh 16 billion dividend payout to shareholders, following a strong financial performance that saw the lender post a Ksh 48.8 billion profit after tax in 2023. The dividend, equivalent to Ksh 4.25 per share, represents 34% of the bank’s earnings well within its dividend policy range of 30% to 50%.
Speaking during the Annual General Meeting (AGM), Equity Group Chairman Prof. Isaac Macharia emphasized the bank’s resilience in the face of challenging macroeconomic conditions in 2024. “Despite a complex and evolving macroeconomic landscape, Equity Group remained resilient, agile, and purpose-driven,” he said. Prof. Macharia also highlighted the successful integration of Cogebanque into Equity Bank Rwanda and the strengthening of governance across the lender’s six operating markets.
In a major board reshuffle, shareholders approved the appointment of four new members to the Board Audit Committee: Obadiah Biraro, Dr. Aloysius Uche Ordu, Dr. Lakshmi Shyam-Sunder, and Dr. Evanson Baiya. They replace retiring members Dr. Edward Odundo, Vijay Gidoomal, Dr. Helen Gichohi, and Samwel Kirubi, who will now serve in various roles within the bank’s subsidiaries.
Additionally, six directors were elected to join the board, pending approval by the Central Bank. These include Farida Khambata, Nick O’Donohoe, Dr. Uche Ordu, Obadiah Biraro, Dr. Shyam-Sunder, and David Mutombo.
Looking ahead, Equity Group announced plans to establish a Representative Office in the United Arab Emirates (UAE), signaling a strategic push to bolster its regional and global footprint. Group CEO Dr. James Mwangi stated that the office will help facilitate trade and investment between East and Central Africa and regions including the Middle East, India, and South Asia.
“Equity Group continues on a strong growth trajectory, driven by our commitment to innovation, regional expansion, and sustainable practices,” said Dr. Mwangi.
The move awaits regulatory approval but represents a significant milestone in the bank’s ambition to connect African markets with global opportunities.
