EQUITY BANK LEADS AS KENYA’S MOST VALUABLE BRAND WITH IMPRESSIVE RESILIENCE AND STRATEGIC GROWTH

Equity Bank has once again been confirmed as Kenya’s most valuable brand, with a brand value increase of 1% to Kshs.  65.8 billion, according to new data from Brand Finance, the world’s leading brand valuation consultancy. This achievement positions Equity Bank at the pinnacle of the Kenyan financial sector, showcasing robust growth and resilience even in challenging economic circumstances.

Despite a demanding financial environment marked by increased loan loss provisions and a net profit decline, Equity Bank has demonstrated remarkable financial management by significantly boosting its net interest income. This success highlights the bank’s revenue-generating capability and strategic agility.

Brand strength

Adding to its list of accolades, Equity Bank has maintained an impressive  brand strength index score of 92.46, nearly consistent with last year’s 92.43. This high score, supported by high ratings in consumer perception areas such as familiarity, consideration  and recommendation, underpins the bank’s strong connection with its customers. Walter Serem, director,  Brand Finance  said: “Equity Bank’s outstanding brand valuation and strength reflect its dominant position in the Kenyan financial landscape. The bank’s solid financial performance, combined with stellar brand metrics, equip it well to navigate future challenges and capitalise on opportunities within the ever-evolving financial sector.”

Confidence

In a remarkable year for Kenyan brand growth, CIC Insurance Group emerged as the fastest-growing brand, with a 63% surge in brand value to K shs.  1.9 billion. This growth is predominantly attributed to its increased brand strength index score of 82.98, signalling enhanced customer perceptions and heightened brand strength. CIC Insurance Group’s AAA- rating underscores significant confidence and trust among its customers, indicating robust brand equity and a strong market strategy that aligns well with consumers’  needs. Other notable mentions include :  NCBA, with a 44% increase in brand value to Kshs.  19.7 billion; Centum Investment Company, marking a 36% rise to Kshs.  713.8 million  and Kenya Airways, which achieved a 38% boost to Kshs.  6.4 billion. These figures reflect the strategic adaptability and resilience of Kenyan brands amidst operational and economic challenges, illustrating a promising trajectory for the future of Kenya’s corporate landscape.

Every year, leading brand valuation consultancy Brand Finance tests  six thousand  of the biggest brands and publishes over  one hundred  reports ranking brands across all sectors and countries. Kenya’s top  twenty  five   most valuable and strongest brands are included in the Brand Finance Kenya 25 2024 ranking.

Brand value is understood as the net economic benefit that a brand owner would achieve by licensing the brand in the open market. Brand strength on  the other  hand   is the efficacy of a brand’s performance on intangible measures relative to its competitors.