Home » Wealthy Tanzanian Rajabali brothers gain $4.31 million from CRDB Bank stake

Wealthy Tanzanian Rajabali brothers gain $4.31 million from CRDB Bank stake

by Omokolade Ajayi
Aunali Rajabali

CRDB Bank Plc, a Dar es Salaam-based financial services group, has returned impressive gains to shareholders since the beginning of the year, in contrast to its Kenyan peers, Equity Group and KCB Group, which have recorded astounding losses in the millions of dollars.

Tanzanian multimillionaire brothers Aunali and Sajjad Rajabali, who own a significant stake in the leading lender, have seen the market value of their equity position rise by Tsh10.04 billion ($4.31 million) since the year began thanks to a recent double-digit percent increase in CRDB Bank’s market price on the Dar es Salaam Stock Exchange.

In terms of assets, CRDB Bank is the largest commercial bank in Tanzania, ahead of NMB Bank Plc. The lender has a significant operational footprint in Burundi due to its robust asset portfolio.

The Rajabali brothers own 2.6 percent of the Dar es Salaam-based lender. With 66,921,350 ordinary shares, they rank as one of the top shareholders on the exchange.

The recent increase in the market value of their shareholding was fueled by a surge in CRDB Bank shares, as market participants increased buying interest following a stellar performance in the first quarter of 2022, with profit exceeding Tsh90 billion ($38 million).

Shares in the tier-one lender were trading at Tsh430 ($0.185) as of press time on May 24, unchanged from their closing price on Monday, as bearish and bullish pressures were evenly cleared out.

Since the beginning of the year, the bank’s shares have risen by 53.6 percent, from a price of Tsh280 ($0.121) per share on Dec. 31 to a price of Tsh430 ($0.185) at the time of writing this report.

As a result of the uptick in CRDB Bank’s performance, the market value of the Rajabali brother’s joint stake has increased from Tsh18.7 billion ($8.05 million) at the start of the year to Tsh28.78 billion ($12.37 million).

This amounts to a total gain of Tsh10.04 billion ($4.31 million) for the multimillionaire brothers.

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