How digital shift fuelled Sh18.3bn profit explosion for Equity Bank
Traditional banking channels with variable overhead costs are actively dying out...
✨ Key Highlights
Equity Group Holdings has announced a significant 23.8% increase in profit after tax for the first quarter of 2026, reaching Sh18.3 billion, driven by cost-cutting measures and a digital shift.
- The group's asset base surpassed the Sh2 trillion mark.
- Key to the profit surge was a reported 19% drop in interest expenses, aided by a wider net interest margin, particularly in Kenya.
- The increased profitability was also attributed to a 9.6% decline in other operating expenses, a result of customers embracing self-service digital banking channels, as highlighted by Chief Executive Officer James Mwangi.
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Equity Bank Posts 23.8pc Profit Growth to Sh18.3bn - May 2026
Equity Group Holdings has announced a significant 23.8% increase in profit after tax for the first quarter of 2026, reaching Sh18.3 billion, driven by cost-cutting measures and a digital shift. KCB Group also reported strong performance with a 10.7% increase in net profit to Sh17.81 billion for the same quarter, while its pre-tax profit rose 15.3% to Sh24.4 billion despite a challenging business environment. Sidian Bank contributed to the banking sector momentum, posting a 9.0% increase in profit after tax to Sh607.03 million, with deposits jumping to Sh74 billion on the back of expanded net interest income and balance sheet growth.
