Equity Group Chief Executive Officer and Managing Director Dr. James Mwangi is set to receive Sh543.19 million in dividends from Kenya’s second-largest bank by asset base.

The payout, scheduled for June 30, is an increase from the Sh510.4 million the banker earned last year and is part of the Sh16 billion approved by the lender’s board of directors.

The dividend growth was attributed to the appreciating Kenyan Shillings against the US dollar. Mwangi remains Kenya’s wealthiest banker and one of the best-paid corporate bosses.

He holds a 3.39 percent stake, valued at Sh6.03 billion at Equity Group Holdings, a major financial services group in East and Central Africa.

Mwangi has been the driving force behind Equity Group’s rise into a dominant force in East and Central Africa’s banking sector. 

Two of Kenya’s largest banks make Sh110.6 billion net profit in 12 months

In the full financial year 2024, the lender’s profit after tax rose by 12 percent to Sh48.8 billion, driven by strategic business diversification, innovation, and regional expansion.

The Group’s Profit Before Tax grew by 17 percent to Sh60.7 billion, while Earnings Per Share rose by 11 percent to Sh12.3. Total deposits grew to reach Sh1.4 trillion, with the customer base growing to 21.6 million.

“We are proud of the resilience demonstrated by the Group amidst a challenging global economic landscape. Our financial strength gives us the flexibility to seize opportunities as the regional economies present diversified levers for growth. The Group’s liquidity and capital position remains very strong, positioning us to better support our customers in the years ahead,” Dr. James Mwangi remarked.

Due to the performance, the Group proposed a dividend of Sh4.25 per share, representing a payout ratio of 34.5 percent.

The bank’s return on equity (ROE) stands at 21.5 percent, and return on assets (ROA) is 2.8 percent—both figures above industry averages.