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Kenyan banking tycoon Suresh Bhagwanji Shah has seen the market value of his stake in I&M Bank Group increase by more than $1.4 million in the past 25 days, as shares in the Kenya-based financial services holding surged by a single digit.
Shah, who is credited with building I&M Bank into a prominent banking group in East Africa, has a beneficial 10.98-percent share in the firm worth more than $33 million.
According to research conducted by Billionaires.Africa, the market value of his holding in the bank has climbed by Ksh160.6 million ($1.41 million) in the past 25 days, owing to a 4.3-percent gain in the bank’s shares.
As of press time on Feb. 28, shares in I&M Bank were trading at Ksh21.5 ($0.189), 94 basis points higher than their starting price on the Nairobi Stock Exchange this morning.
Since Feb. 3, the bank’s shares have risen from Ksh20.6 ($0.181) to Ksh21.5 ($0.189) at the time of writing, giving owners a total gain of 4.37 percent in just 25 days.
As a result of the price gains, the market value of Shah’s stake has increased from Ksh3.68 billion ($32.3 million) on Feb. 3 to Ksh3.84 billion ($33.7 million).
I&M Bank Group is a leading non-operating holding company situated in Kenya, with active operations in Tanzania and Rwanda, as well as a joint venture in Mauritius.
Since its founding by Shah in 1974, the group has expanded its operations to other East African countries.
In the first nine months of 2021, the financial services giant posted a profit of Ksh5.7 billion ($51 million), which represents a 25-percent increase from the Ksh4.6-billion ($4.1 million) profit that it reported during the same period a year ago.
Despite an exceptional nine-month financial performance and expectations for a stronger year-end result, shares in the major financial services holdings have fallen by more than 49.4 percent in the past year, while Shah’s position has lost more than $33 million in market value.
