The Kenyatta family has experienced a substantial increase in the market value of their stake in NCBA Group over the past three weeks.
During the period, the Kenyatta family gained an additional Sh1.37 billion ($9.87 million) in the market value of their stake from Sh6.67 billion ($48.1 million) on May 15 to Sh8.047 billion ($57.98 million) on June 5.
The impressive performance was primarily attributed to soaring NCBA shares on the Nairobi Securities Exchange (NSE).
The bank’s shares price jumped by a remarkable 20.5 percent from Sh30.7 ($0.221) to Sh37 ($0.226) as of June 5. Consequently, the group’s market capitalization has surpassed Sh60 billion ($430 million).
The Kenyatta family, who are ranked among the wealthiest family in Kenya, are among the biggest owners at the NCBA, with an impressive 13.2-percent stake equivalent to 217,497,023 ordinary shares.
NCBA Group, a prominent financial services conglomerate established in 2019 through the merger of NIC Bank Group and Commercial Bank of Africa Group, has also posted a strong performance in the past years.
In its Q1 results ending March 31st, 2023, the bank posted a profit after tax of Sh 5.1 billion, representing 49 percent growth from Sh 3.4 billion in Q1 2022.
Growth in profitability was attributed to an increase in operating income and a decline in loan impairment charges by 23 percent.