Equity Group to reward Kenyan banker Mwangi with $4.2 million dividend payout

Key Points

• James Mwangi to receive Ksh543.19 million ($4.2 million) in dividends from Equity Group, marking a 6.42% increase from last year’s payout.
• Equity Group’s total assets reached $13.96 billion, with an 11.63% increase in profit after tax to $377.53 million.
• CEO Mwangi highlights Equity’s diversified approach and regional expansion, driving long-term growth despite challenging market conditions.

Kenyan multimillionaire businessman and leading banking executive James Mwangi is set to receive Ksh543.19 million ($4.2 million) in dividends from Equity Group Holdings, a major financial services group in East and Central Africa.

Mwangi sees 8.59 percent dividend boost

This payout, scheduled for June 30, is part of the Ksh16 billion ($124.64 million) approved by the lender’s board of directors. Mwangi’s dividend of Ksh543.15 million a significant increase from last year’s Ksh510.4 million.

The appreciation of the Kenyan shilling has played a key role in the dividend’s growth. When converted to U.S. dollars, Mwangi’s payout will reach $4.2 million, reflecting an 8.59 percent increase from the $3.87 million he received in 2023.

Mwangi has been a driving force behind Equity Group’s rise as the largest financial services provider in East and Central Africa. His stake in the company, worth over $45 million, represents a 3.39 percent share, valued at Ksh6.03 billion ($46.69 million).

Equity Group assets reach $13.96 billion

Equity Group’s strong performance in 2024 further underscores its position as a regional leader. At the end of the 2024 fiscal year, the group’s total assets reached Ksh1.8 trillion ($13.96 billion), with retained earnings of Ksh232.83 billion ($1.8 billion).

The group reported a profit after tax increase of 11.63 percent, rising from Ksh43.74 billion ($338.39 million) to Ksh48.8 billion ($377.53 million), driven by strong growth in both interest and non-interest income.

The proposed dividend payout of Ksh4.25 ($0.0329) per share, totaling Ksh16 billion ($124.64 million), reflects 34.5 percent of net earnings. The bank’s return on equity (ROE) stands at 21.5 percent, and return on assets (ROA) is 2.8 percent—both figures above industry averages.

Mwangi highlights Equity’s resilient strategy

CEO James Mwangi highlighted the bank’s resilience and strategic focus, saying, “Our financial strength allows us to seize opportunities even in challenging times. We remain committed to supporting our customers and contributing to regional economic growth.”

He also emphasized the importance of Equity’s diversified approach, noting, “Our tri-engine model—combining commercial, social, and sustainability priorities—has cemented our leadership. With nearly half of our total assets and profits now coming from regional subsidiaries, our strategic expansion continues to drive long-term growth.”