Equity Bank has once again been recognized as Kenya’s most admired brand, as banks top the list of best brands in the country.
According to the latest report by brand valuation consultancy firm–Brand Finance, Equity attained a brand value increased to KSh65.8 billion, representing one per cent increase.
Safaricom follows closely with KSh58.1 billion then KCB (KSh50.4 billion), Mpesa (KSh26.5 billion) with Co-operative Bank coming fifth with a brand value of KSh21.7 billion.
Other valuable brands include NCBA (Sh19.7 billion, Kenya Power (Sh16.6 billion), Tusker (Sh5.8 billion) and I&M (Sh5.6 billion).
Also, Equity emerged the best in the list of Kenya’s strongest brands recording Brand Strength Index score of 92.5, increasing by a mark as compared to last year’s 92.4.
KCB was second with 91.5, followed by Britam (90.1) Co-operative Bank of Kenya (86.9) and Tusker having 85.4.
With increased loan loss provisions and a net profit decline as experience in many firms, Equity has demonstrated remarkable financial management by significantly boosting its net interest income.
The Bank attracted high ratings in consumer perception areas including familiarity, recommendation and consideration highlighting the lender’s strong connection with its customers.
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Brand Finance Director Walter Serem said that Equity Bank’s outstanding brand valuation and strength reflect its dominant position in the Kenyan financial landscape, adding, “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.”
CIC Insurance Group was named the fastest-growing brand, posting a 63 per cent increase in brand value to KSh1.9 billion due to its increased Brand Strength Index score of 82.98, signaling enhanced customer perceptions and heightened brand strength.
CIC Insurance Group’s AAA- rating reflects trust and confidence among its customers, which has been achieved by robust brand equity and a strong market strategy that aligns well with consumer needs.
NCBA recorded a 44 per cent surge in brand value to KSh19.7 billion, and Centum Investment Company, posting a 36 per cent increase to KSh713.8 million.
Yearly, Brand Finance tests 6,000 of the largest brands and publishes over 100 reports ranking brands across all sectors and countries.
By our reporter
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