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Equity Group posts strong Q1 2026 growth as Equity Bank Uganda expands balance sheet and strengthens its role in the group’s regional transformation
Kampala, Uganda | NEWS CORRESPONDENT | Equity Group Holdings Plc has reported strong first quarter 2026 results, delivering accelerated growth driven by its technology-led transformation strategy, regional diversification and continued customer expansion across East and Central Africa.
At the same time, Equity Bank Uganda (EBUL) continued to strengthen its market position through sustained balance sheet growth, improved resilience and continued investment in Uganda’s long-term economic future.
The Group recorded 24% year-on-year growth in Profit After Tax to KSh19.1 billion, while total assets grew 16% to KSh2.04 trillion, customer deposits increased 13% to KSh1.48 trillion, and net loans expanded 9% to KSh873.5 billion, reflecting sustained customer confidence and broad-based economic activity across its markets.
The performance underscores the success of Equity’s deliberate evolution into a diversified, regional and technology-enabled financial services institution serving 22.7 million customers supported by 409 branches, 86,910 agency outlets and more than 1.4 million merchants across Africa.
Within the Group’s regional portfolio, Equity Bank Uganda continued to register strong underlying growth, demonstrating resilience despite a cautious operating environment.
Equity Bank Uganda’s total assets grew 16% year-on-year to KSh131.1 billion, customer deposits increased 6% to KSh96.2 billion, while customer loans expanded 5% to KSh49.6 billion, reflecting continued support to enterprises, households and Uganda’s productive sectors. Shareholders’ funds strengthened to KSh20.2 billion, reinforcing the Bank’s capital base for future expansion.
The bank also maintained prudent risk management with IFRS coverage improving to 82%, demonstrating stronger provisioning and resilience in an evolving macroeconomic environment.
Although profitability moderated during the quarter, Equity Bank Uganda maintained a solid earnings position with Profit Before Tax of KSh1.1 billion, while continuing to invest in customer acquisition, digital capability, service delivery and future growth opportunities.
The Q1 2026 performance demonstrates the confidence customers continue to place in Equity Bank Uganda and reflects Equity Bank’s commitment to building a stronger institution for the future.
Equity Bank Uganda remains focused on supporting businesses, unlocking opportunities for individuals and strengthening Uganda’s participation in regional trade and investment flows.
Equity Group’s regional subsidiaries continued to play an increasingly strategic role, accounting for 52% of Group banking assets and 50% of banking profitability, highlighting the maturity of the Group’s pan-African strategy.
Regional subsidiaries recorded strong performances, led by Equity Bank Tanzania with 150% growth in profit after tax, Equity Bank Rwanda with 36% growth and Equity BCDC (DRC) with 32% growth.
Across the group, subsidiaries contributed 52% of assets, 54% of loan book, 51% of revenue and 50% of profit before tax.
Equity Group said its transformation agenda continues to accelerate, with 98.3% of all transactions now occurring outside branches and 89.5% processed through digital platforms, reflecting changing customer behaviour and increased efficiency.
Operational efficiency improved with the Group’s cost-to-income ratio declining to 50.6% from 54.2%, while Return on Assets remained strong at 3.9% and Return on Equity at 22.6%.
Commenting on the Group’s performance, Dr. James Mwangi, Group Managing Director and CEO, said:
“Our Q1 performance reflects the success of our deliberate transformation into a diversified, regional, technology-led financial services Group. We are building a future-ready institution; scalable, secure and impact-led.”
He added: “As we progress toward our 2030 ambitions, we are evolving beyond traditional banking into a Transformation Finance Institution that mobilizes capital, connects ecosystems and accelerates inclusive prosperity across Africa.”
Beyond financial performance, Equity’s commitment to Uganda continues through leadership development, youth empowerment and socio-economic transformation initiatives. This year, Equity Bank Uganda commissioned the fifth cohort of the Equity Leaders Program (ELP) and celebrated graduates from the inaugural cohort, strengthening its investment in developing future Ugandan leaders and expanding access to opportunity.
Uganda also remains one of the region’s strongest growth markets, supported by improving private sector credit growth, stable inflation and momentum toward first oil production expected later in 2026.
