Table of Contents
Key Points
- Andrew Ndegwa's 4.71% stake in NCBA Group has risen to $26 million, driven by a 16.8% stock rally over the past 20 weeks.
- NCBA Group shares have surged 16.8% since May 16, boosting the bank's market capitalization to over $550 million.
- Ndegwa’s stake in NCBA grew by Ksh492.9 million ($3.82 million) in 20 weeks, reflecting strong investor confidence in the lender.
Kenyan businessman and senior banking executive Andrew Ndegwa, who has held a board seat at NCBA Group since 1997, is enjoying substantial gains from his shares in the lender.
The market value of his 4.71 percent stake—equivalent to 77,621,471 shares—has surpassed $26 million, driven by a sustained rally on the Nairobi Securities Exchange (NSE).
According to data tracked by Billionaires.Africa, Andrew Ndegwa’s shares in NCBA Group have grown by Ksh492.9 million ($3.82 million) over the past 20 weeks.
This follows a $3.56 million gain between Feb. 16 and Mar. 18, when his stake increased from$20.67 million to $24.23 million, cementing his position as one of the richest banking executives in East Africa.
NCBA shares soar 16.8% amid investor confidence
NCBA Group, a financial conglomerate with a presence across East Africa, including operations in Kenya, Tanzania, Rwanda, Uganda, and Cote d’Ivoire, has seen its shares surge 16.8 percent in the last 20 weeks.
On May 16, shares traded at Ksh37.65 ($0.292), and by the time of drafting this report, the price had climbed to Ksh43.65 ($0.34), pushing the group's market capitalization above $550 million.
This rally has fueled a sharp increase in the value of Ndegwa's stake, which has risen from Ksh2.92 billion ($22.66 million) to Ksh3.41 billion ($26.48 million), adding Ksh492.9 million ($3.82 million) in value.
This reflects sustained investor confidence, which has propelled NCBA Group’s stock by double digits.
Your Money and Your Life: Strong year for NCBA shareholders
The shares of NCBA Group have returned a year-to-date gain of 14 percent, solidifying its position as one of the most valuable companies listed on the NSE.
Foreign investors have also seen a considerable return, benefiting from both the stock price rally and the strengthening of the Kenyan shilling against the U.S. dollar.
A $100,000 investment in NCBA Group shares at the start of 2024 would now be valued at $136,000, delivering a notable gain of $36,000.
