The Kenyatta family has gained Sh3.12 billion in one year from their ownership of NCBA Group after the top tier lender defied the stock market crash to emerge the best stock at the Nairobi Securities Exchange (NSE).
NCBA Group share jumped 57.94 percent in 2022, making it the top performer at the Nairobi bourse that shed Sh650.1 billion last year following rate hikes in the developed world and the Russian invasion of Ukraine. The Kenyattas, who control 13.2 percent of the bank, saw the worth of their stake close the year at Sh8.66 billion from Sh5.5 billion on the first trading day of January.
The Kenyattas, who control 13.2 percent of the bank, saw the worth of their stake close the year at Sh8.66 billion from Sh5.5 billion on the first trading day of January.
The increase has been attributed to investors reacting positively to NCBA’s market beating half-year financial performance, which lifted the bank’s shares 66.74 percent over the past six months to close the year at Sh39.35 a piece — valuing the bank at Sh64.8 billion.
The bank’s net profits for the nine months to September grew fastest at 96.2 percent, with the lender overtaking Absa Kenya as the country’s fourth most profitable lender.
Equity, Kenya’s most profitable lender, posted a 27.9 percent profit growth in the period while KCB Group was up 21.4 percent.
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