Suresh Bhagwanji Shah’s stake in I&M Group gains $23 million year-to-date

Omokolade Ajayi -
Key Points
  • Suresh Bhagwanji Shah's wealth grows by Ksh2.47 billion ($23.27 million) due to I&M Group's strong market performance in 2024.
  • I&M Group's stock price has surged 80.57% this year, boosting Shah’s stake value to Ksh5.53 billion ($42.81 million).
  • Foreign investors in I&M Group have seen 119.04% returns, doubling their investments amid favorable macroeconomic conditions.

Kenyan businessman Suresh Bhagwanji Shah has solidified his position as one of the country's richest bankers, thanks to a surge in the market value of his stake in I&M Group. The lender's shares have increased on the Nairobi Securities Exchange (NSE) throughout 2024, boosting Shah's fortune.

Shah, credited with transforming I&M Group into one of East Africa's leading banks, holds a 10.58 percent stake, or 174,947,573 shares. Since the start of the year, the value of his stake has risen by Ksh2.47 billion ($23.27 million), boosting his wealth.

Despite broader market volatility, I&M Group has proven resilient, consistently delivering impressive returns for investors. Notably, Shah gained $9.49 million between Aug. 8 and Oct. 24, as the value of his stake rose from Ksh3.45 billion ($26.72 million) to Ksh4.67 billion ($36.21 million).

I&M Group’s strong rally fuels wealth

I&M Group’s impressive performance is key to Shah's growing fortune. The company, which operates as a non-operating holding entity, leads financial operations across Kenya, Tanzania, and Rwanda, with a joint venture in Mauritius.

The group’s stock price has surged 80.57 percent year-to-date, climbing from Ksh17.5 ($0.112) at the beginning of 2024 to Ksh31.6 ($0.245) per share. This rally has driven the company’s market cap above $404 million, underpinned by robust investor demand and strong market sentiment.

This has significantly boosted the market value of Shah’s stake in the company. His holdings increased by Ksh2.47 billion ($23.27 million), growing from Ksh3.06 billion ($19.55 million) on Jan. 1 to Ksh5.53 billion ($42.81 million). 

I&M Group delivers strong investor returns

I&M Group's share price has surged 80.57 percent this year, making it one of the top performers on the NSE. Foreign investors have seen even greater gains, with returns of 119.04 percent, boosted by the strengthening Kenyan shilling.

A $100,000 investment in the company’s shares at the start of the year has more than doubled, now worth $219,040, driven by favorable macroeconomic conditions and strong institutional demand.