Equity Bank Reports Sh41 Billion Proﬁt Driven by Government Securities and Strong Deposit Growth

14 November 2024

Equity Bank Group reported a 13.1 percent increase in proﬁtability to Sh41.9 billion in the ﬁrst nine months of the year, largely driven by high returns from Kenyan government bonds. The East African region’s second-largest lender by assets shifted its strategy towards government securities, investing Sh468.1 billion in government papers, representing a ﬁve percent increase compared to the same period in 2023. Meanwhile, traditional customer lending decreased by ﬁve percent to Sh800.1 billion from Sh845.9 billion year-over-year.