Equity Group Holdings Plc has shattered its own records, reporting a 55% surge in profit after tax to KSh75.5 billion for the full year ended December 2025, up from KSh48.8 billion the previous year.
The result is the largest annual profit ever reported by a Kenyan company, a multi-year transformation from a domestic retail bank into a diversified, pan-African financial services group.
A Balance Sheet Built for Scale
BALANCE SHEET
| Metric | FY2025 | FY2024 | Change |
| Total assets | KSh 1.97tn | KSh 1.80tn | +9% |
| Customer deposits | KSh 1.46tn | KSh 1.40tn | +4% |
| Net loans | KSh 882.5bn | KSh 819.2bn | +8% |
| Customer accounts | 22.4 million | — | — |
INCOME STATEMENT
| Metric | FY2025 | FY2024 | Change |
| Net interest income | KSh 126.9bn | — | +17% |
| Non-funded income | KSh 90.8bn | — | +7% |
| Total income | KSh 217.7bn | KSh 193.8bn | +12% |
| Profit after tax | KSh 75.5bn | KSh 48.8bn | +55% |
| Cost-to-income ratio | 51.0% | 58.2% | −7.2pp |
The Group’s total assets expanded 9% to KSh1.97 trillion, closing in on the KSh2 trillion mark. Revenue growth was broad-based, and crucially the Group did not simply grow the top line it tightened the bottom line too. The cost-to-income ratio fell sharply to 51.0% from 58.2%, reflecting the payoff from years of investment in self-service and digital infrastructure. Over 98% of transactions now occur outside branches, with digital channels handling 88.4% of all customer activity.
Credit Quality Strengthens as Provisions Fall
| Credit metric | FY2025 | FY2024 | Movement |
| Loan loss provisions | — | — | −28% |
| NPL coverage ratio | 67.7% | Below 67.7% | Improved |
| Cost of risk | 1.7% | Higher | Improved |
Loan loss provisions dropped 28%, a signal that credit quality improved even as the loan book expanded. NPL coverage strengthened to 67.7% and the cost of risk fell to 1.7% — a meaningful improvement that underpinned the profit surge as much as revenue growth did.
Regional Subsidiaries Now Drive Half of Group Profit
Perhaps the most consequential shift in the 2025 results: subsidiaries outside Kenya contributed 51% of banking profit before tax and 48% of banking profit after tax. Regional diversification, long a strategic aspiration, has become a financial reality.
| Subsidiary | PAT FY2025 | PAT FY2024 | PAT Growth | Notable Metric |
| Equity Bank Kenya (EBKL) | KSh 39.2bn | KSh 24.1bn | +63% | ROE 26.8% (from 20.2%) |
| DRC | KSh 24.7bn | ~KSh 15.6bn | +58% | Loan growth +17% |
| Rwanda | KSh 5.4bn | — | Solid | Loan book +22%, assets +5% |
| Uganda | KSh 3.6bn | ~KSh 0.6bn | +500% | Strongest turnaround |
| Tanzania | KSh 2.7bn | ~KSh 1.2bn | +125% | Shareholders’ funds +75% |
| Total subsidiaries (ex-Kenya) | 51% of Group banking PBT · 48% of Group banking PAT | |||
“Our regional subsidiaries now contribute about half of our banking profitability, demonstrating the value of our pan-African footprint and the resilience that comes from diversification,” said Dr. James Mwangi, Group MD & CEO.
Kenya Unit Posts Its Strongest Year on Record
| EBKL metric | FY2025 | FY2024 | Change |
| Profit after tax | KSh 39.2bn | KSh 24.1bn | +63% |
| Net interest income growth | — | — | +28% |
| Interest expense | — | — | −37% |
| Shareholders’ funds | KSh 136.2bn | — | +11% |
| Return on assets (ROA) | 3.9% | 2.4% | +1.5pp |
| Return on equity (ROE) | 26.8% | 20.2% | +6.6pp |
| Share of all bank SME lending | 45% | — | — |
Equity Bank Kenya reported profit after tax of KSh39.2 billion, up 63%. Net interest income grew 28% while interest expense fell 37%, a combination that dramatically widened margins. EBKL also received recognition at the Kenya Bankers Association Sustainable Finance Initiative Awards as the Best Bank for MSME Financing.
Insurance Arm Accelerates After Licensing Expansion
GROUP INSURANCE — HEADLINE
| Metric | FY2025 | Change |
| Gross written premiums | KSh 9.17bn | +75% |
| Insurance revenue | KSh 3.57bn | +150% |
| Profit before tax | KSh 2.0bn | +36% |
BY SUBSIDIARY
| Unit | GWP | PBT | Note |
| Equity Life Assurance | — | KSh 1.77bn | 6.9m customers · 19.2m policies |
| Equity General Insurance | KSh 1.79bn | KSh 199m | First full year of operations |
| Equity Health Insurance | KSh 20m | KSh 40m | First 4 months of operations |
Equity Insurance Group turned in its strongest performance since acquiring its full suite of underwriting licences. Equity Health Insurance already posted a profit before tax of KSh40 million on KSh20 million in gross written premiums, a sign of the unit’s early commercial traction.
Dividend Raised 35% as Board Rewards Shareholders
| Dividend metric | FY2025 | FY2024 | Change |
| Dividend per share | KSh 5.75 | KSh 4.25 | +35.3% |
| Total payout | KSh 21.7bn | KSh 16.0bn | +35.6% |
The Board has recommended a dividend of KSh5.75 per share , a 35.3% increase that signals confidence in the earnings trajectory, not merely a one-year windfall.
The Macro Backdrop: Tailwinds Across East Africa
Africa’s economic environment supported the Group’s performance. Eleven of the world’s 20 fastest-growing economies in 2025 are on the continent, including South Sudan, Rwanda, and Uganda. A minerals boom is lifting growth in the DRC, Tanzania, and Uganda, while elevated gold, copper, and coffee prices — combined with a weaker US dollar and lower oil and wheat costs — have broadly favoured East African economies.
Geopolitical risk rose during the year, with oil briefly spiking toward $100 per barrel amid the Iran conflict.
Analysts project prices will ease to the mid-$60s following a ceasefire, which should relieve near-term pressure on inflation and trade. Interest rate cuts in Kenya and the DRC may face some short-term resistance if energy prices stay elevated, but the broader inflation picture remains contained.
