Equity Group has been named the 5th strongest banking brand in the world. The Group is the only new entrant among the top ten leading banking brands with an impressive Brand Strength Index (BSI) of 90.8 compared to the strongest banking brand that scored a BSI index of 94. This is according to the Brand Finance Banking 500 2022 Annual Report released earlier this week.
Equity tied with the top four banking brands with a similar brand ranking score of AAA+, the highest rating that a brand can attain. Brand Strength Index (BSI) is calculated by assessing a brand’s marketing investment, Stakeholder Equity and Business Performance. Based on the BSI, a brand is assigned a corresponding Brand Rating of up to AAA+, similar to a credit rating.
As of 31st December, 2021, Equity Group was the most valuable bank in the Nairobi Securities Exchange with a market capitalization of Ksh. 199.9 billion. The Group also ranked 39th globally on return on assets, position 71 on return on capital, and position 149 on soundness (Capital Assets to Assets ratio), in the Top 1,000 World Banks 2021 report by The Banker magazine.
Every year, leading brand valuation consultancy Brand Finance puts 5,000 of the biggest brands to the test, and publishes nearly 100 reports, ranking brands across all sectors and countries. The world’s top 500 most valuable and strongest banking brands are included in the annual Brand Finance Banking 500 ranking.
In the report, David Haigh, Chairman and CEO of Brand Finance stated, “As banks continue to battle the fallout from the COVID-19 pandemic, the importance of a solid brand is more significant than ever. Banking products are becoming commoditised, and banks will need to continue differentiating themselves from other competitors in the market through the use of their brand, particularly in the face of an emerging threat from challenger brands and decentralised finance in the future.”
Speaking on the group’s achievement, Dr. James Mwangi, Equity Group Managing Director and CEO said, “The ranking of Equity as the 5th strongest banking brand in the world is a strong validation of our twin engine business model that has positioned Equity as a social banking brand, driven by our vision of championing the social economic prosperity of the people of Africa.”