Andrew Ndegwa is a Kenyan businessman and the executive director of First Chartered Securities Limited, a private investment holding company.
Ndegwa is also an investor at NCBA group, which is among the companies listed on the Nairobi Securities Exchange (NSE).
He owns 4.3 percent of NCBA Group or 70.6 ordinary shares, making him one of the company’s largest shareholders. Ndegwa, who is son of the former Central Bank of Kenya (CBK) governor, the late Philip Ndegwa, is also one of the wealthiest businessmen in Kenya.
According to reports, the value of Ndegwa’s shares in NCBA Group rose by more than $3 million in a span of 26 days (between March 23 and April 19, 2023).
His valuation rose by Sh 414.82 million ($3.07 million), from Sh2.27 billion ($16.86 million) on March 23 to Sh 2.69 billion ($19.93 million) on April 19.
Meet the first Kenyan to bank sh 1 billion
Billionaires Africa reported that the significant growth was backed by an 18.2 percent increase in NCBA’s share price on the Nairobi Securities Exchange during the period under review.
The bank’s share price jumped from N32.1 ($0.073) to N37.95 ($0.281) in the 26 days period. Renewed buying interest among investors further surged NCBA’s market value to over $460 million, boasting as the eighth most valuable company on the NSE.
NCBA’s strong performance in the past years is also a key contributor to the surge of its shares at NSE. The company’s recent biggest growth was realized in 2021, with its full-year profits rising to Sh 10.22 billion, a 124 percent increase from the Sh 4.57 billion reported in 2020.
NCBA’s total assets grew by Sh 63.1 billion to close at Sh591.1 billion. During the period under review, customer deposits grew by 11 percent to sh 469.9 billion.
The Group disbursed 584 billion shillings in digital loans, a 35 percent increase year on year according to its digitization agenda.
Ndegwa’s brothers who own sh 3.2 billion NCBA stake
The bank paid dividends of sh2.25 per share, which, when combined with the interim dividend of sh0.75 per share paid on October 2021, brings the total dividend to sh3 per share.
The bank, which operates in five countries, including Kenya, Uganda, Tanzania, Rwanda, and Ivory Coast, recently opened two branches in Kenya, bringing its branch network in the country to 88.
It is planning to open an additional 10 branches this year as it eyes more customers in Kenyan counties.
