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Equity Bank Posts 23.8pc Profit Growth to Sh18.3bn
Equity Group Holdings announced a 23.8% increase in profit after tax for Q1 2026, reaching Sh18.3 billion, driven by cost-cutting measures and a digital shift. This follows similar profit growth announcements from other Kenyan banks. KCB Group reported a 15.3% increase in pre-tax profit to Sh24.4 billion for Q1 2026, while also reporting a 10.7% increase in net profit to Sh17.81 billion. Sidian Bank posted a 9% profit growth to Sh607.03 million, with deposits jumping to Sh74 billion, propelled by expansion of its balance sheet. The banking sector's strong performance comes amid a challenging business environment.
Schneider Electric Opens Innovation Hub, Training Centre in Nairobi
Schneider Electric launched a new innovation hub and hands-on training centre in Nairobi to foster energy technology, digitalization, and technical skills development across East Africa. The State Department for Industry is requesting an additional Sh6.978 billion for the 2026/27 financial year to address critical funding gaps in industrial projects and operations. Cable Experts Limited has entered into a share purchase agreement to acquire a 68.37% stake in troubled East African Cables PLC, aiming to rescue the company from administration.
Sorted Wallet Raises $4.4mn to Expand in Emerging Markets
Sorted Wallet, a non-custodial digital wallet for feature phones, successfully raised $4.4 million in seed funding to fuel its expansion into emerging markets. Kenya is simultaneously bolstering its cybersecurity training programs and recognizing top student talent as part of efforts to enhance national digital security, despite a recent decrease in cyberattacks. A recent report highlights the significant yet often overlooked economic contributions of Kenyan women, who manage households and drive economic growth despite facing disproportionate financial burdens.
