Equity Bank named Kenya's most valuable brand

CIC Insurance Group fastest-growing brand.

In Summary

•Equity Bank brand value is up marginally to Sh65.8 billion, and also leads as the strongest Kenyan brand with an AAA+ brand rating.

•CIC Insurance Group emerged as the fastest-growing brand, with a 63% surge in brand value to Sh1.9 billion.

Equity Bank headquarters in Upper Hill area, Nairobi/FILE
Equity Bank headquarters in Upper Hill area, Nairobi/FILE

Equity Bank has once again been named Kenya's most valuable brand, as banks dominate the list of top brands in the country.

The latest data by brand valuation consultancy firm–Brand Finance, puts Equity at the top ,with a brand value increase of one per cent, to Sh65.8 billion.

It is followed by Safaricom (Sh58.1 billion), KCB (Sh50.4 billion), Mpesa (Sh26.5 billion) with Co-operative Bank closing the top five mark with a brand value of Sh21.7 billion.

Other valuable brands include NCBA (Sh19.7 billion, Kenya Power (Sh16.6 billion), Tusker (Sh5.8 billion) and I&M (Sh5.6 billion).

Equity also topped the list of Kenya's strongest brands with an impressive Brand Strength Index score of 92.5, nearly consistent with last year's 92.4.

It was followed by KCB (91.5), Britam (90.1) Co-operative Bank of Kenya (86.9) with beer brand Tusker closing the top five with an index score of 85.4.

The strong performance by Equity Bank comes even as the Kenyan financial sector continues to face challenges.

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.

The 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 per cent surge in brand value to Sh1.9 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 per cent increase in brand value to Sh19.7 billion, and Centum Investment Company, marking a 36 per cent rise to Sh713.8 million.

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, Brand Finance tests 6,000 of the biggest brands and publishes over 100 reports ranking brands across all sectors and countries.

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