Kenya banker James Mwangi leads Equity Group to $119 million profit in Q1 2025

Key Points

• Equity Group posted a Q1 2025 profit of $119.2 million, down 4.24% year-on-year, impacted by weak income growth and South Sudan currency losses.
• Regional subsidiaries contributed 47% of total assets, with strong performance from Tanzania and DRC, highlighting the Group’s effective diversification strategy.
• Under James Mwangi, total assets rose 3.75% to Ksh1.75 trillion ($13.54 billion), while retained earnings grew 11.79%, solidifying Equity Group as East Africa’s largest bank.

Equity Group, East and Central Africa’s leading financial services group, led by Kenyan banker James Mwangi, opened 2025 posting a mixed set of results. The group posted a profit of $119.2 million, marking a 4.24 percent decline in profit from the same period last year. Amid its disciplined cost management, the dip in net profit was largely attributed to muted income growth and currency devaluation impacts in hyperinflationary markets like South Sudan.

Profit dips on FX, income growth slowdown

According to the group’s recent financial statement, Equity Group’s profit declined from Ksh16.03 billion ($124.01 million) in the first quarter of 2024 to Ksh15.35 billion ($119.2 million) this year 2025, weighed down by slower revenue growth and currency translation losses from its South Sudan operations, where the local currency weakened sharply.

Net interest income rose a modest 2.63 percent to Ksh28.57 billion ($221.2 million), while non-interest income declined 11.84 percent to Ksh19.61 billion ($151.81 million), underscoring a tougher revenue environment. Customer deposits grew by 7 percent to Ksh1.32 trillion ($10.2 billion) and a 3 percent growth in the loan book to Ksh804.7 billion ($6.2 billion), fueled by an expanding customer base now totaling 20.7 million.

Regional expansion, digital strength drive resilience

The Group’s regional subsidiaries remained central to its diversification strategy, contributing 47 percent of total assets, with Tanzania making a notable impact. In the DRC, EquityBCDC recorded loan and deposit growth of 9 percent and 8 percent, respectively. Digital channels continued to dominate, handling 87 percent of all transactions.

James Mwangi, Managing Director and CEO of Equity Group Holdings Plc, expressed confidence in the Group’s resilience and growth prospects amid global headwinds. “The Group’s financial strength provides the flexibility to seize opportunities as regional economies present diversified growth levers. Combined with the performance of our regional and non-banking subsidiaries, we are well-positioned to deliver sustainable growth and long-term value for our customers, communities, and shareholders,” Mwangi said.

Equity Group expands across East and Central Africa

Equity Group has expanded its presence in East and Central Africa, with operations now in Uganda, Tanzania, South Sudan, Rwanda, and the Democratic Republic of the Congo. 

Under James Mwangi, the bank’s balance sheet showed a single-digit growth, with total assets increasing by 3.75 percent to Ksh1.75 trillion ($13.54 billion). Retained earnings also saw an 11.79 percent increase, growing from Ksh219.89 billion ($1.7 billion) to Ksh245.82 billion ($1.9 billion), cementing its status as the largest bank in East Africa.

Despite the profit dip, Equity Group’s underlying fundamentals remain solid, supported by disciplined cost controls, regional momentum, and digital innovation under its Africa Recovery and Resilience Plan.