Browsing: Dr james mwangi

• The strong performance of key subsidiaries in Rwanda, DRC, and Kenya largely drove growth in customer deposits.
• Equity South Sudan emerged as a standout performer, posting a 48% jump in revenue.
• Collectively, the subsidiaries accounted for 55% of the group’s revenue and 58% of pre-provision operating profits.

In the six months to June 2024, regional lender Equity Group posted strong results amid a tough macroeconomic environment marked by high interest rates and currency woes.

An analysis of the Group’s performance shows that subsidiaries spread in Rwanda, the Democratic Republic of Congo (DRC), Kenya, and South Sudan played a pivotal role in bolstering its financial performance.

The subsidiaries’ performance helped cushion the lender from the impact of external pressures on the overall earnings.

Equity Group reported a 12.5 per cent year-on-year jump in net earnings, reaching $230.2 million (KSH29.62 billion) in the first half of 2024. This growth was underpinned by …

• Equity Bank dividend payout of $0.03 (KES4) per share will amount to a 36 per cent payout of the regional lender’s $331.6 million net profit.
• Customer numbers grew to 19.6 million, translating to an increase in deposits, which hit $10.6 billion in 2023.
• Loan books also increased to $6.7 billion (KES887.4 billion) from KES706.6 billion in 2022.

Equity Group’s profits saw a five per cent decline to $331.6 million (KES43.7 billion) for the financial year ending in December 2023, down from $349 million (KES46 billion) the previous year. However, despite the drop, Equity Group’s dividend payout has hit record …

• According to the 2022 Annual report released by Brand Finance Banking 500, the brand value of Equity Group stood at US$388 million.
• The report shows that Equity Group held position 338 overall but topped in Sub-Saharan Africa, outside of South Africa.
• This year, the world’s top 500 banking brands have recorded an upward trend, reporting a 9 per cent year-on-year brand value growth to reach an all-time high of US$1.38 trillion.
• Equity Group Foundation’s corporate social arm has scaled its operations to reach a total spend of US$513 million in social investment programs.

Banking in Africa

Equity Group Holdings, the most influential financial service group in East and Central Africa, has ranked the fifth strongest banking brand globally.

According to the 2022 Annual report released by Brand Finance Banking 500, the brand value of Equity Group stood at US$388 million. The financial company is among the few banks from …

Equity Group CEO, Dr James Mwangi joined a league of 14 global CEOs who have committed to champion cross-sector collaboration in the creation of a purpose-first economy.

The letter signed by the participants shows their vision for a new global economy that is more equal, inclusive and sustainable. They are also looking at an economy that is more robust in the face of pandemics, climate change and many other global challenges that the world is facing.

António Guterres, the UN Secretary-General, Henrietta Fore, UNICEF Executive Director and OECD Development Co-operation Director Jorge Moreira da Silva among other people endorsed the CEOs’ open letter.

Among the CEO’s who have joined the movement are the CEO’s of International Chamber of Commerce Mastercard, Interface, Voyager, Danone, DSM, Philips, L’Oréal, Fortune Media, Mahindra, Natura & Co, Ketchum PR and Beiersdorf.

The CEO’s have combined annual revenue of over $100 billion and a combined global …