LONDON - April 23, 2024 - Equity Bank has once again been confirmed as Kenya's most valuable brand, with a brand value increase of 1% to KES 65.8 billion, according to new data from Brand Finance, the world’s leading brand valuation consultancy. This achievement positions Equity Bank at the pinnacle of the Kenyan financial sector, showcasing robust growth and resilience even in challenging economic circumstances.
Despite a demanding financial environment marked by increased loan loss provisions and a net profit decline, Equity Bank has demonstrated remarkable financial management by significantly boosting its net interest income. This success highlights the bank's revenue-generating capability and strategic agility.
Adding to its list of accolades, Equity Bank has maintained an impressive Brand Strength Index score of 92.46, nearly consistent with last year's 92.43. This high score, supported by high ratings in consumer perception areas such as familiarity, consideration, and recommendation, underpins the bank's strong connection with its customers.
Walter Serem, Brand Finance Director, said:
"Equity Bank's outstanding brand valuation and strength reflect its dominant position in the Kenyan financial landscape. The bank's solid financial performance, combined with stellar brand metrics, equip it well to navigate future challenges and capitalise on opportunities within the ever-evolving financial sector."
In a remarkable year for Kenyan brand growth, CIC Insurance Group emerged as the fastest-growing brand, with a 63% surge in brand value to KES 1.9 billion. This growth is predominantly attributed to its increased Brand Strength Index score of 82.98, signalling enhanced customer perceptions and heightened brand strength.
CIC Insurance Group's AAA- rating underscores significant confidence and trust among its customers, indicating robust brand equity and a strong market strategy that aligns well with consumer needs.
Other notable mentions include NCBA, with a 44% increase in brand value to KES 19.7 billion; Centum Investment Company, marking a 36% rise to KES 713.8 million; and Kenya Airways, which achieved a 38% boost to KES 6.4 billion. These figures reflect the strategic adaptability and resilience of Kenyan brands amidst operational and economic challenges, illustrating a promising trajectory for the future of Kenya's corporate landscape.
Every year, leading brand valuation consultancy Brand Finance tests 6,000 of the biggest brands and publishes over 100 reports ranking brands across all sectors and countries. Kenya’s top 25 most valuable and strongest brands are included in the Brand Finance Kenya 25 2024 ranking.