Home » Wealthy Kenyatta family gains $11.6 million from stake in NCBA since start of 2022

Wealthy Kenyatta family gains $11.6 million from stake in NCBA since start of 2022

by Feyisayo Ajayi
Uhuru Kenyatta

The market value of the Kenyatta family’s equity stake in one of the country’s financial services groups, NCBA Group, has risen by more than $11 million since the start of the year, as investors take up stakes in companies that have delivered impressive financial results so far in 2022.

NCBA Group is a financial services conglomerate headquartered in Nairobi with subsidiaries in Tanzania, Rwanda, Uganda, and Cote d’Ivoire.

In 2019, the group was formed by the merger of NIC Bank Group and Commercial Bank of Africa Group, led by the wealthy Kenyatta, Merali, and Ndegwa families, to form Kenya’s third-largest bank.

Since the beginning of the year, the group’s shares have increased by more than 25 percent from Ksh25.2 ($0.207) on Jan. 1 to Ksh31.7 ($0.261) on Nov. 11, bringing the group’s market capitalization above Ksh52 billion ($426.7 million).

The Kenyatta family, which includes Ngina Kenyatta, Muhoho Kenyatta, and Uhuru Kenyatta, Kenya’s fourth president from 2013 to 2022, owns a 13.2-percent stake in NCBA Group, totaling 217,497,023 ordinary shares, through the estate of their late father, Jomo Kenyatta, who served as Kenya’s first prime minister and president from 1963 to 1978.

The market value of the family’s stake in NCBA has increased by more than Ksh1.41 billion ($11.6 million) since the beginning of the year, from Ksh5.48 billion ($44.97 million) on Jan. 1 to Ksh6.89 billion ($56.57 million) at the time of writing this report.

The group’s share price has risen sharply since the beginning of the year, owing to investors’ positive reaction to its strong financial performance in the first half of its 2022 fiscal year.

Profit in the first six months of 2022 rose by 67 percent, from Ksh4.7 billion ($39.2 million) in the first half of 2021 to Ksh7.8 billion ($65 million), according to figures contained in the group’s recently published half-year financial reports.

Earnings increased by double digits due to a significant increase in interest and non-interest income as the group benefited from retail expansion strategies, resulting in a 20-percent increase in operating income from Ksh24 billion ($199.94 million) to Ksh29 billion ($241.6 million).

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