Equity Group Holdings has reported a 24% rise in profit after tax to KSh19.1bn (Shs 556.4bn) in the first quarter of 2026, as its regional subsidiaries outside Kenya reached a landmark threshold, contributing half of the group’s total banking profit for the first time.
The Nairobi-listed lender, which operates across six African countries, said its balance sheet grew 16% to KSh2.04tn (Shs 59.4tn), supported by a 13% increase in customer deposits to KSh1.48tn (Shs 43.1tn) and a 9% rise in net loans.
The results signal a decisive shift in the group’s centre of gravity away from its Kenyan home market.
Regional units now account for 52% of group banking assets, 51% of banking revenue, and 54% of the loan book. The figures mark a structural turning point for a bank that has spent a decade building out operations in the Democratic Republic of Congo, Rwanda, Tanzania, Uganda, and beyond.
The strongest performance came from Equity Bank Tanzania, where profit after tax surged 150% to KSh1.04bn (Shs 30.3bn).
Equity Bank Rwanda grew its profit 36% to KSh1.5bn (Shs 43.7bn), while EquityBCDC in the DRC posted a 32% rise to KSh5.0bn (Shs 145.7bn).
Equity Bank Kenya, which remains the group’s largest single operation, delivered a more measured 21% increase to KSh10.3bn (Shs 300.0bn).
Group chief executive Dr James Mwangi said the results reflected the success of a deliberate strategy to build a diversified, technology-led pan-African institution.
“As we progress toward our 2030 ambitions, we are evolving beyond traditional banking into a transformational finance institution that mobilises capital, connects ecosystems, and accelerates inclusive, sustainable prosperity across Africa,” he said.
The group’s cost-to-income ratio improved to 50.6% from 54.2% a year e
arlier, a gain the bank attributed to productivity improvements and customers migrating to digital channels. The group said 98.3% of all transactions now take place outside branches, with 89.5% processed through digital platforms.
Asset quality also improved materially. The non-performing loan ratio fell to 10% from 14% a year earlier, while NPL coverage rose to 72% from 67%.
Loan loss provisions declined 18%, freeing capital that contributed to the group’s return on equity of 22.6% and return on assets of 3.9%.
Insurance is emerging as a meaningful third growth engine. Equity Insurance Group grew gross written premiums 30% to KSh4.5bn (Shs 131.1bn), with profit before tax rising 53% to KSh0.64bn (Shs 18.6bn).
The health insurance book wrote KSh1.2bn (Shs 35.0bn), while life and general insurance contributed KSh2.7bn (Shs 78.7bn) and KSh0.6bn (Shs 17.5bn) respectively.
The group serves 22.7 million customers through a distribution network of 86,910 agency outlets and 1.4 million merchants.
Looking ahead, management said the group was targeting operations in 15 countries and a customer base of 100 million by 2030 under its Africa Recovery and Resilience Plan. The group said it remained well capitalised with sufficient headroom to fund its expansion.
