L-R: Equity Group Executive Director, Mary Wamae, Group Board Chairman Prof. Isaac Macharia, Group Managing Director and CEO, Dr. James Mwangi and Group Chief Operating Officer, Samuel Kirubi during the Full Year 2022 Investor Briefing event.

Equity Group has reported a profit before tax of Kshs. 59.8 billion and a profit after tax of Kshs. 46.1 billion in its 2022 results. This is a 15% year-on-year growth for the giant  lender. Additionally, the Group’s balance sheet  now stands at Kshs. 1.447 trillion, after an 11% growth in total assets. In that respect, the shareholders will receive a dividend payout of  Kshs. 15.1 billion.

“The Group’s 2022 results reflect the resilience that the business has developed due to deliberate and intentional leadership and management decisions through interest capping period and COVID- 19 pandemic environment, strategically positioning itself  to navigate the evolving macroeconomic headwinds and turbulence in the financial and economic sectors,”  said Dr. James Mwangi, Group Managing Director and CEO as he released the results.

Geographical expansion and business diversification continued to strengthen the resilience and risk mitigation of the Group.  The Kenyan banking business’ dominant performance continued to decline with the strong showing of other subsidiaries which contributed 44% of the Group’s assets and an equivalent 44% contribution to total revenue. With its strong efficiency, economies of scale  and maturity, Kenya contributed to 70% or Kshs.  33.4 billion of the profit after tax, leaving the other subsidiaries to contribute Kshs. 14.7 billion of  the  net profit.

Gone digital

“The COVID-19 environment acted as a tailwind for business transformation through innovation and digital adoption. 97% of all Group transactions are on customer self-service on own devices driving efficiency gains, ease and convenience to customers and reduction of fixed and variable costs. The Group’s latest breakthrough is digital e-Commerce payments through Pay with Equity (PWE) rails following the wave of mobile and internet banking usage by customers,”  Dr.  Mwangi added.

Pay with Equity transactions grew by 393% to 131.5 million,  while the volume of business transacted grew by 281% to Kshs.  524 billion  during the year. In the same vein, internet banking transactions grew by 212% to 10.7million,  while the value grew by 136% to Kshs.  311 billion.

Social impact investments

Given the challenging socio-economic environment, the Group stepped up its social impact investments inspired by the need to fulfill its commitment to promote inclusion, transformation of lives and livelihoods, enhancing human dignity  and expanding opportunities in society with a bias for young people and women. Over the last  four  years of COVID- 19 environment, secondary school scholarships offered by the Equity Group Foundation (EGF) and its partners has increased to 57,009 from 16,304,  with over 40,000 scholars currently in school concurrently between Form 1 to Form 4. The Equity Leaders Program (ELP) has recorded 17,820 university scholars with 761 being global scholars , while  7,482 have  received paid internships. Additionally, 3,454 scholars have been fully supported to access skills training in TVET institutions.



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