Global Credit Rating (GCR) has updated its public rating of Equity Group Holdings Plc from AA- to A with a stable outlook.
The assessment acknowledges Equity Group’s robust financial profile, strong franchise, and leading position in the East and Central African banking sector. GCR cites elevated credit risks in the region, including foreign currency volatility, inflationary pressures, and constrained liquidity conditions, as key factors influencing the revised rating.
Equity Group Managing Director James Mwangi, said: “We remain confident in the Group’s strategic direction and operational resilience. Our investments in technology, talent, and risk management continue to position us strongly to deliver sustainable value for all stakeholders. We take note of GCR’s highlights, particularly around operational risks, and continue to strengthen our systems to meet the highest standards of integrity and accountability.
“Recognizing the rising complexity of fraud risk across the financial sector, we have expanded our investments in cybersecurity, fortified our internal controls, and enhanced staff capabilities to ensure resilience at every level.
“Our recent dual ISO certifications in Information Security and IT Service Management reaffirm our commitment to robust governance, enhanced risk management, and operational excellence. We are confident that these ongoing improvements will reinforce stakeholder trust and support our long-term vision of sustainable growth across Africa.”
Equity Group remains fundamentally strong and continues to demonstrate resilience across varying economic environments.
Equity Group Holdings reported Ksh 48.8 billion in 2024 full year net profit.
The rating also highlights cases of fraud that occurred last year in Kenya and Uganda and the previous year in DRC, all of which were detected by the internal controls and the risk teams. The cases are being actively pursued in the respective markets through security and legal processes. No other incident has occurred since last year. However, these cases are continuing to feature prominently in the news because they are ongoing court cases such as the one in Kenya. The Bank has continued to invest in technology, comprehensive systems & processes, talent and skills to strengthen its risk management capabilities.