NAIROBI, Kenya- Equity Bank Kenya experienced a notable shift in its workforce last year, as the lender reduced its employee count by 415, dropping from 8,178 in 2022 to 7,763 in 2023, according to its latest sustainability report.
While the bank’s Kenyan arm made moves to hire 1,123 new employees—about half of what it brought on board in 2022—subsidiaries like the Democratic Republic of Congo and South Sudan saw more modest changes in their workforce.
Equity Group’s operations span across seven markets, including Kenya, Uganda, Tanzania, Rwanda, South Sudan, and the Democratic Republic of Congo (DRC).
While the group’s total employee count grew from 11,812 in 2022 to 12,120 in 2023, the South Sudan arm witnessed only six new hires, dropping its workforce to 122 from 127 in the previous year.
Despite these fluctuations, 41.3pc of the bank’s permanent employees are women, with nearly 27pc of them in senior management positions—a promising sign for gender diversity in the workplace.
Tanzania and Uganda lead the charge in gender balance within the group, boasting a 51:49 ratio of male to female employees, while South Sudan lags with a 69:31 split.
The bank continues to address disparities in pay and representation across its subsidiaries, making efforts toward pay parity.
One of the key challenges Equity Group has been tackling is the pay parity gap. In 2023, the bank improved its gender pay gap from 1:1.32 in 2022 to 1:1.25.
The report highlights challenges in closing the gap, particularly in countries where men hold more senior roles and have longer service tenures than their female counterparts.
The bank is taking proactive steps, including gender-balanced shortlists during recruitment, internal salary adjustments, and increasing the number of women in senior management roles.
Equity Group’s financial performance for the year ending December 31, 2023, saw a decline in profitability, with net profit after tax falling by 5pc to KSh 43.7 billion, down from KSh 46.1 billion in 2022.
This decrease is largely attributed to a staggering 128.7pc increase in loan loss provisions, as non-performing loans surged by 81.5pc year-on-year.
This trend signals growing challenges in managing the loan portfolio, especially as the group continues to expand its presence across the region.
