Nairobi — Equity Group has posted a profit after tax growth of 12 percent to Sh48.8 billion for the full year ending December 31, 2024, boosted by gains earned from regional subsidiaries as well as business diversification.

The Kenyan unit contributed 46 percent to the Group's total revenue; other regional subsidiaries also saw big contributions to their net profit.

While Equity Bank Rwanda's revenue grew 36 percent year-on-year (YoY), Tanzania's by 20 percent, and DRC's by 9 percent, among others.

"Our financial strength gives us the flexibility to seize opportunities as the regional economy presents diversified levers for growth. The Group's liquidity and capital position remains strong, positioning us to better support our customers in the years ahead," While releasing the full year 2024 results, James Mwangi, Equity Group Holdings Managing Director and CEO, said.

Last year, the Group's total deposits grew to Sh1.4 trillion, with the customer base growing to 21.6 million.

"The Group's liquidity position remains strong, with cash and cash equivalents rising by 19% to Kshs 345 billion, while investment securities grew to Kshs 512 billion, contributing to an overall liquidity ratio of 57%," the Group stated.

"This positions the Group to effectively underpin the Groups' Africa Recovery and Resilience Plan (ARRP), a private sector led development plan championed by Equity aimed at catalyzing, capacitating, connecting, and financing enterprises and households across Africa."

Its life assurance business also performed well, hitting Sh1.5 billion in profit before tax, representing a 58 percent jump.

"The value of business processed through Equity Mobile YoY increased by 67% from Kshs 1.895 trillion to Kshs 3.174 trillion while Equity Online for business (EazzyBiz) increased by 21% from Kshs 3.165 trillion to Kshs 3.841 trillion......"