Equity Group Holdings delivered a 24% rise in profit after tax to KSh19.1 billion for the quarter ended 31 March 2026, drawing on gains across Kenya, the Democratic Republic of Congo, Rwanda, and Tanzania, alongside a loan book that shed four percentage points of non-performing exposure over the past twelve months.
GROUP FINANCIAL HIGHLIGHTS
| METRIC | Q1 2026 | Q1 2025 | CHANGE |
|---|---|---|---|
| Profit after tax | KSh 19.1bn | KSh 15.3bn | +24% |
| Total assets | KSh 2.04tn | KSh 1.75tn | +16% |
| Customer deposits | KSh 1.48tn | KSh 1.31tn | +13% |
| Net loans and advances | KSh 873bn | KSh 805bn | +9% |
| Total operating income | KSh 55.3bn | KSh 48.2bn | +15% |
| Net interest income | KSh 33.0bn | KSh 28.6bn | +16% |
| Loan loss provisions | KSh 2.8bn | KSh 3.4bn | −18% |
| Customer base | 22.7 million | — | — |
Source: Equity Group Holdings PLC unaudited financial statements, 31 March 2026.
A balance sheet that keeps growing
Total assets grew 16% to KSh2.04 trillion. Customer deposits rose 13% and net loans grew 9%, pointing to sustained confidence across the Group’s markets rather than concentration in a single territory. The Group now serves 22.7 million customers through 86,910 agency outlets and 1.4 million merchants.
The cost-to-income ratio fell to 50.6% from 54.2% a year earlier, driven by productivity gains and a shift in customer behaviour toward digital channels. Return on assets stood at 3.9% and return on equity at 22.6%.
KEY RATIOS
| RATIO | Q1 2026 | Q1 2025 |
|---|---|---|
| Return on assets (ROA) | 3.9% | — |
| Return on equity (ROE) | 22.6% | — |
| Cost-to-income ratio | 50.6% | 54.2% |
| Non-performing loans (NPL) ratio | 10% | 14% |
| NPL coverage | 72% | 67% |
| Group liquidity ratio | 64.7% | 58.5% |
| Core capital / risk-weighted assets | 17.7% | 16.5% |
Regional businesses cross a milestone
For the first time, subsidiaries outside Kenya account for 50% of Group banking profitability and 52% of total banking assets. Across assets, revenue, loan book, and profit before tax, regional banking now contributes 52%, 51%, 54%, and 50% respectively to Group totals.
Equity Bank Kenya remained the anchor, posting a 21% rise in profit after tax to KSh10.3 billion. The bank also disbursed 36.2% of all MSME loans in Kenya between January and March 2026, out of a national total of KSh101 billion during that period.
SUBSIDIARY PERFORMANCE — Q1 2026
| SUBSIDIARY | PROFIT AFTER TAX | YEAR-ON-YEAR |
|---|---|---|
| Equity Bank Kenya | KSh 10.3bn | +21% |
| EquityBCDC (DRC) | KSh 5.0bn | +32% |
| Equity Rwanda | KSh 1.5bn | +36% |
| Equity Tanzania | KSh 1.04bn | +150% |
REGIONAL CONTRIBUTION TO GROUP TOTALS — Q1 2026
| METRIC | REGIONAL SHARE |
|---|---|
| Total assets | 52% |
| Revenue | 51% |
| Loan book | 54% |
| Profit before tax | 50% |
Loan quality improves across the board
Non-performing loans fell from 14% to 10% year-on-year, reflecting tighter underwriting, stronger collections, and the benefits of a diversified portfolio. NPL coverage improved to 72% from 67%, while loan loss provisions declined 18% to KSh2.8 billion. Gross NPLs dropped to KSh109.5 billion from KSh132.8 billion a year earlier.
Insurance emerges as a third growth engine
Equity Insurance Group recorded gross written premiums of KSh4.5 billion, up 30%, with profit before tax rising 53% to KSh640 million. Insurance now sits alongside banking and payments as a contributor to Group performance.
INSURANCE GROUP — Q1 2026
| METRIC | Q1 2026 | YEAR-ON-YEAR |
|---|---|---|
| Gross written premiums | KSh 4.5bn | +30% |
| Profit before tax | KSh 640m | +53% |
| of which: life insurance | KSh 2.7bn | — |
| of which: health insurance | KSh 1.2bn | — |
| of which: general insurance | KSh 600m | — |
Digital adoption reaches near-total scale
Today, 98.3% of all transactions occur outside branches and 89.5% move through digital platforms. The Group has invested in workforce capability alongside infrastructure: more than 80% of Group staff completed a business-focused generative AI course, accumulating over 20,000 hours of instruction, while 5,000 users logged over 3,500 hours through iamtheCODE.
DIGITAL AND TECHNOLOGY ADOPTION — Q1 2026
| INDICATOR | FIGURE |
|---|---|
| Transactions outside branches | 98.3% |
| Transactions through digital platforms | 89.5% |
| Agency outlets | 86,910 |
| Merchant network | 1.4 million |
| Staff completing generative AI course | 80%+ |
| AI training hours completed | 20,000+ |
| iamtheCODE active users | 5,000+ |
| iamtheCODE learning hours | 3,500+ |
Outlook
“Our Q1 performance reflects the success of our deliberate transformation into a diversified, regional, technology-led financial services Group. We are building a future-ready institution; scalable, secure, and impact-led, anchored in digital capabilities, staff upskilling, and a culture of disciplined execution,” Dr James Mwangi, Group Managing Director and CEO.
Profit is growing, risk is falling, regional businesses are carrying half the Group’s weight, insurance is scaling, and 98 cents in every transaction shilling now moves without a teller. The first quarter leaves the Group well-placed heading into the remainder of 2026.
