Equity Group Holdings Plc, the largest bank in East and Central Africa by market capitalization, has posted a net profit of KSh 15.4 billion for the quarter ending March 31, 2025. This represents a four percent decline from the KSh 16.0 billion recorded in Q1 2024.
The dip was attributed mainly to a twelve percent drop in non-funded income and weak performance from its South Sudan operations. Despite the setback, the Group’s balance sheet strengthened, subsidiaries reported steady earnings, and non-banking segments recorded growth.
Q1 2025 Financial Highlights (Group Performance)
| Metric | Q1 2025 | Q1 2024 | YoY Change |
|---|---|---|---|
| Total Income | KSh 48.2 Bn | KSh 50.0 Bn | –4% |
| Net Interest Income | KSh 28.6 Bn | KSh 27.8 Bn | +3% |
| Non-Funded Income | KSh 19.6 Bn | KSh 22.3 Bn | –12% |
| Loan Loss Provisions | KSh 3.4 Bn | KSh 6.1 Bn | –44% |
| Profit Before Tax (PBT) | KSh 18.7 Bn | KSh 20.2 Bn | –8% |
| Profit After Tax (PAT) | KSh 15.4 Bn | KSh 16.0 Bn | –4% |
“Despite global uncertainties and geopolitical tensions, Equity remains resilient and focused on delivering value to all our stakeholders,”
— Dr. James Mwangi, Managing Director and CEO
Subsidiary Highlights
Kenya
- Profit After Tax: KSh 8.5 billion (57% of Group PAT)
- Loans: KSh 421.5 billion (flat)
- Deposits: KSh 792.7 billion (growth noted)
- Non-Performing Loans (NPLs): Increased to 19.0%
Tanzania
- PBT Growth: +540% to KSh 0.6 billion
- NPLs: Dropped to 3.0%
- Non-Funded Income: Strong performance
Democratic Republic of Congo (DRC)
- PBT: KSh 4.7 billion (stable in local currency)
Rwanda and Uganda
- Rwanda PAT: KSh 1.1 billion
- Uganda PAT: KSh 1.2 billion
“Equity is strongly positioned across all our subsidiaries. As we continue our transformation journey, we see significant opportunities for sustained growth.”
— Dr. James Mwangi
Balance Sheet Overview
| Item | Q1 2025 | Q1 2024 | YoY Change |
|---|---|---|---|
| Total Assets | KSh 1.75 Trillion | KSh 1.68 Trillion | +4% |
| Net Loans | KSh 804.7 Bn | KSh 782.5 Bn | +3% |
| Customer Deposits | KSh 1.32 Trillion | KSh 1.23 Trillion | +7% |
| Government Securities | KSh 548.3 Bn | KSh 472.2 Bn | +16% |
| Borrowed Funds | KSh 72.9 Bn | KSh 126.0 Bn | –42% |
| Shareholders’ Equity | KSh 264.7 Bn | KSh 218.9 Bn | +21% |
Non-Banking Operations
Equity’s non-banking arm posted a KSh 0.6 billion PAT, contributing four percent to Group earnings—up from 3.1% in Q1 2024. The insurance segment continued to perform well, led by Equity Life Assurance Kenya, which now commands a 16% market share in group credit life.
- Insurance Revenue: KSh 1.08 billion (more than doubled)
- Insurance PBT: Rose 27% to KSh 414 million (from KSh 321 million)
“The insurance business continues to deliver good results,”
— Dr. James Mwangi
