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Equity Bank Leads as Kenya's Most Valuable Brand with Impressive Resilience and Strategic Growth

03 May 2024
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  • Equity Bank brand value is up marginally to KES 65.8 billion, also leads as the strongest Kenyan brand with an AAA+ brand rating
  • New ranking of Kenya’s most valuable and strongest brands finds CIC Insurance Group to be Kenya’s fastest-growing brand, up 63%
  • Kenya Airways has grown in value, up 38% to KES 6.4 billion

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.

"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."

Walter Serem, Brand Finance Director

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.

Brand value is understood as the net economic benefit that a brand owner would achieve by licensing the brand in the open market. Brand strength is the efficacy of a brand’s performance on intangible measures relative to its competitors.

The full ranking, additional insights, charts, more information about the methodology, and definitions of key terms are available in the Brand Finance Kenya 25 2024 ranking.

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Media Contacts

Penny Erricker
Communications Executive
Brand Finance

About Brand Finance

Brand Finance is the world’s leading brand valuation consultancy. Bridging the gap between marketing and finance for more than 25 years, Brand Finance evaluates the strength of brands and quantifies their financial value to help organizations of all kinds make strategic decisions.

Headquartered in London, Brand Finance has offices in over 20 countries, offering services on all continents. Every year, Brand Finance conducts more than 5,000 brand valuations, supported by original market research, and publishes over 100 reports which rank brands across all sectors and countries.

Brand Finance also operates the Global Brand Equity Monitor, conducting original market research annually on over 5,000 brands, surveying more than 150,000 respondents across 38 countries and 31 industry sectors. Combining perceptual data from the Global Brand Equity Monitor with data from its valuation database enables Brand Finance to arm brand leaders with the data and analytics they need to enhance brand and business value.

Brand Finance is a regulated accountancy firm, leading the standardization of the brand valuation industry. Brand Finance was the first to be certified by independent auditors as compliant with both ISO 10668 and ISO 20671 and has received the official endorsement of the Marketing Accountability Standards Board (MASB) in the United States.

Definition of Brand

Brand is defined as a marketing-related intangible asset including, but not limited to, names, terms, signs, symbols, logos, and designs, intended to identify goods, services, or entities, creating distinctive images and associations in the minds of stakeholders, thereby generating economic benefits.

Brand Strength

Brand strength is the efficacy of a brand’s performance on intangible measures relative to its competitors. Brand Finance evaluates brand strength in a process compliant with ISO 20671, looking at Marketing Investment, Stakeholder Equity, and the impact of those on Business Performance. The data used is derived from Brand Finance’s proprietary market research programme and from publicly available sources.

Each brand is assigned a Brand Strength Index (BSI) score out of 100, which feeds into the brand value calculation. Based on the score, each brand is assigned a corresponding Brand Rating up to AAA+ in a format similar to a credit rating.

Brand Valuation Approach

Brand Finance calculates the values of brands in its rankings using the Royalty Relief approach – a brand valuation method compliant with the industry standards set in ISO 10668. It involves estimating the likely future revenues that are attributable to a brand by calculating a royalty rate that would be charged for its use, to arrive at a ‘brand value’ understood as a net economic benefit that a brand owner would achieve by licensing the brand in the open market.

The steps in this process are as follows:

1 Calculate brand strength using a balanced scorecard of metrics assessing Marketing Investment, Stakeholder Equity, and Business Performance. Brand strength is expressed as a Brand Strength Index (BSI) score on a scale of 0 to 100.

2 Determine royalty range for each industry, reflecting the importance of brand to purchasing decisions. In luxury, the maximum percentage is high, while in extractive industry, where goods are often commoditised, it is lower. This is done by reviewing comparable licensing agreements sourced from Brand Finance’s extensive database.

3 Calculate royalty rate. The BSI score is applied to the royalty range to arrive at a royalty rate. For example, if the royalty range in a sector is 0-5% and a brand has a BSI score of 80 out of 100, then an appropriate royalty rate for the use of this brand in the given sector will be 4%.

4 Determine brand-specific revenues by estimating a proportion of parent company revenues attributable to a brand.

5 Determine forecast revenues using a function of historic revenues, equity analyst forecasts, and economic growth rates.

6 Apply the royalty rate to the forecast revenues to derive brand revenues.

7 Discount post-tax brand revenues to a net present value which equals the brand value.


Brand Finance has produced this study with an independent and unbiased analysis. The values derived and opinions presented in this study are based on publicly available information and certain assumptions that Brand Finance used where such data was deficient or unclear. Brand Finance accepts no responsibility and will not be liable in the event that the publicly available information relied upon is subsequently found to be inaccurate. The opinions and financial analysis expressed in the study are not to be construed as providing investment or business advice. Brand Finance does not intend the study to be relied upon for any reason and excludes all liability to any body, government, or organisation.

The data presented in this study form part of Brand Finance's proprietary database, are provided for the benefit of the media, and are not to be used in part or in full for any commercial or technical purpose without written permission from Brand Finance.

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