Table of Contents
Key Points
- Equity Group half-year net profit jumped 17% to $267.8 million, supported by higher interest income and reduced loan loss provisions.
- The bank delivered a record quarterly pre-tax profit of $177.3 million, with strong growth in Kenya, Uganda, Tanzania, and the Democratic Republic of Congo.
- Total assets rose to $13.9 billion by June 30, 2025, with nearly half of profit now generated from operations outside Kenya.
Equity Group, one of East and Central Africa’s biggest financial institutions, led by Kenyan banker James Mwangi, reported stronger-than-expected results for the first half of 2025. Profit for the period rose above $260 million, lifted by the bank’s diversified operations that stretch well beyond Kenya into the wider region.
The lender’s financial statement showed net profit climbed 17 percent, rising from Ksh29.6 billion ($229.1 million) in the first half of 2024 to Ksh34.6 billion ($267.8 million) in the same period this year. Earnings per share were up 16 percent, supported by a 9 percent increase in net interest income and lower costs. The group also cut loan loss provisions by 34 percent, helping to strengthen performance despite a tough operating environment.
Equity Group delivers historic quarter
The second quarter was especially strong. Equity posted Ksh22.9 billion ($177.3 million) in profit before tax, the highest quarterly result in its history and well above its four-year quarterly average of Ksh14.8 billion ($114.6 million). Growth was broad-based, with Kenya and Uganda each recording a 40 percent jump in profit after tax, while Tanzania and the Democratic Republic of Congo posted gains of 75 percent and 22 percent respectively.
Reflecting on the results, Equity Group Managing Director and CEO James Mwangi said the bank’s strategy is beginning to show up in the numbers. “The execution of the strategic business plan has started to reflect on the balance sheet and performance of the Group in agriculture, mining, manufacturing, trade and investment, and small and medium enterprises (SMEs) that populate the eco-systems of the formal sector in these value chains and is likely to significantly and increasingly transform the structure and performance of the Group,” he said.
Equity assets rise to $13.9 billion
Equity Group has grown steadily under James Mwangi’s leadership, spreading into Uganda, Tanzania, South Sudan, Rwanda, and the DRC. Mwangi, who owns 3.39 percent of the bank, equivalent to 127.8 million shares, has overseen the institution’s expansion from a Kenyan lender to a regional banking force. Nearly half of its deposits, loans, assets, and revenue now come from its businesses outside Kenya.
By June 30, 2025, the group’s total assets had risen to Ksh1.798 trillion ($13.9 billion) from Ksh1.746 trillion ($13.5 billion) a year earlier. Shareholders’ equity and retained earnings also grew, reaching Ksh276.1 billion ($2.1 billion) and Ksh263.8 billion ($2 billion) respectively. Regional subsidiaries have become an important driver of growth, contributing 46 percent of profit before tax and 43 percent of profit after tax from banking activities.
