Table of Contents
Key Points
- Kenyan tycoon Baloobhai Patel’s stake in Absa Kenya surged by $3.25 million in 2024, driven by a 66.37% rise in share price on NSE.
- Absa Kenya shares appreciated 101.45% in dollar terms, aided by the Kenyan shilling’s 18.85% gain against the U.S. dollar in 2024.
- Patel’s 1.03% stake in Absa Kenya is now worth $8.14 million, reflecting robust returns from the bank’s strong market performance and growing market capitalization.
Kenyan businessman Baloobhai Patel saw significant gains in 2024, driven by the strong performance of his Absa Bank Kenya Plc (Absa Kenya) investment. His portfolio benefited from a rise in the bank's share price on the Nairobi Securities Exchange (NSE) and the strengthening of the Kenyan shilling against the U.S. dollar.
Patel, who owns 55,862,120 shares in Absa Kenya, saw the value of his holdings increase by Ksh420.08 million ($3.25 million) in 2024. This marked a recovery from 2023, when his stake dropped by $1.08 million due to currency devaluation and falling share prices.
The strengthening of the Kenyan shilling against the U.S. dollar helped boost the dollar-denominated value of investors' stakes on the NSE, benefiting Patel and solidifying his position among Kenya's wealthiest businessmen.
Absa Kenya market cap hits $780 million
Absa Kenya, formerly Barclays Bank Kenya Limited, operates as a subsidiary of South Africa-based Absa Group, with core operations in retail, corporate, treasury, and card services.
The bank’s share price surged by 66.37 percent on the NSE in 2024, rising from Ksh11.33 on Jan. 1 to Ksh18.85 on Dec. 31. In dollar terms, the share price climbed by 101.45 percent, from $0.088 to $0.146, thanks to the strengthening of the Kenyan shilling against the U.S. dollar.
This increase pushed Absa Kenya’s market capitalization above $780 million, highlighting its growing appeal to investors and solidifying its standing in Kenya’s financial sector.
Patel’s stake in Absa climbs $3.25 million
For Patel, this strong performance translated into a significant increase in the market value of his stake, which rose from Ksh632.92 million on Jan. 1, 2024, to Ksh1.05 billion by Dec. 31, 2024, reflecting a Ksh420.08 million gain.
In dollar terms, his stake increased from $4.89 million to $8.14 million by year-end, resulting in a $3.25 million gain. This performance underscores the resilience of Absa Kenya and the Kenyan banking sector, offering substantial returns for investors like Patel.
