The lender improved its position from 5th place last time with a Brand Strength Index score of 92.4 out of 100 with an elite AAA+ brand strength rating.
This marks a 1.6-point BSI improvement on its 2022 debut ranking.
Its brand value ranking also improved to position 291 from position 338 last year after posting $531.7 million in 2022, up from $338 million.
“We are delighted to see that Equity has once again been recognized as one of the strongest banking brands in the world by Brand Finance,” Equity Group Managing Director and CEO James Mwangi said.
“We are excited that 4 of the top 10 banks are from the African continent and that in a span of 1 year the Bank’s brand value has ascended by 37% and improved its ranking inching one step closer to position 1 globally,” Mwangi added.
Yearly, Brand Finance ranks the 5,000 biggest brands in the globe from all sectors as well as countries.
Declan Ahern, Director of Brand Finance, says that banking brands across the globe have continued to recover significantly post Covid-19.
“There has been an improvement in digital banking services, government stimulus measures have been relatively successful, and the rise of mobile banking and online platforms have contributed to the sector’s positive performance,” said Ahern.
The consultancy defines brand value as the net economic benefit that a brand owner would achieve by licensing the brand in the open market.
They also define brand strength as the efficacy of a brand’s performance on intangible measures relative to its competitors.