Equity Group Holdings Plc, East and Central Africa’s largest bank, on Thursday posted a net profit of Ksh 15.4 billion for the first quarter, a 4% drop from Ksh 16.0 billion in Q1 2024.
The bank attributed the drop to currency fluctuation and the weak performance of its South Sudan Subsidiary, which registered a 68% decline in earnings from Ksh 1.1 billion to Ksh 3.3 billion.
Despite this, the Group delivered strong and sustainable growth, highlighted by a 7% year-on-year increase in customer deposits from Ksh 1.24 trillion to Ksh 1.32 trillion. Total assets grew by 4% year-on-year from Ksh 1.69 trillion to Ksh 1.75 trillion.
The regional lender send said its net interest income surged by 3% to Ksh 28.6 billion from Ksh 27.8 billion. Total expenses declined by 1% to Ksh 29.5 billion.
Equity Bank Kenya continues to drive the Group’s performance, contributing to 51% of total revenue. The Kenya subsidiary registered a 7% growth in customer deports to Ksh 792.7 billion.
The Tanzania subsidiary registered the highest growth, with profit before tax up 540% and deposits increasing by 14% during this period. EquityBCDC, the Group’s subsidiary in DRC, recorded an 8% year-on-year surge in deposits to Ksh 468.4 billion.
“We are proud of the resilience demonstrated by the Group amidst a challenging global economic landscape, where our financial strength provides the flexibility to seize opportunities as the regional economy presents diversified levers for growth,” said Dr. James Mwangi, the Group’s Managing Director, and CEO during the release of Q1 2025.
The Group expressed its commitment to financial inclusion, regional growth, and sustainable development. “Our focus on financial inclusion, regional expansion, and sustainable growth will enable us to continue being a catalyst for economic empowerment and resilience across Africa,” noted Dr. Mwangi.
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