Table of Contents
Kenyan investor Baloobhai Patel has increased his stake in Absa Bank Kenya buying additional shares worth $4.8 million. The move strengthens his position in the Nairobi-based lender and adds to a portfolio that spans major Nairobi Securities Exchange-listed companies.
Baloobhai Patel’s Absa Bank Kenya stake hits 1.72 percent
Patel, recognized as one of Kenya’s wealthiest individuals, purchased 28.4 million additional shares in Absa Bank Kenya, valued at Ksh626.22 million ($4.84 million).
The acquisition makes him the bank’s largest individual shareholder and follows an earlier purchase of 9.17 million shares worth $1.22 million, which was reported in the bank’s 2024 annual report.
With his recent purchase, Patel’s total holding in Absa Bank Kenya has grown from 65.03 million shares, or 1.2 percent as of Dec. 31, 2024, to 93.43 million shares, representing 1.72 percent as of Aug. 30, 2025.
His portfolio also includes stakes in Bamburi Cement, Carbacid Investments, Safaricom, Sanlam Kenya, and CIC Insurance Group. Despite his expanded holding, he remains the third-largest shareholder in Absa Kenya, behind Absa Group’s 68.5 percent stake and Standard Chartered Kenya Nominees Ltd, which owns 2.04 percent.
Absa Bank Kenya’s market cap nears $1 billion mark
Absa Bank Kenya shares closed at Ksh22.05 ($0.17) on Friday, Oct. 3, giving the lender a market cap of Ksh120 billion ($929 million), making it Kenya’s sixth most valuable listed company. Year-to-date, shares are up by 22 percent, lifting Patel’s stake to Ksh2.06 billion ($15.9 million).
Patel’s growing stake reflects confidence in Kenya’s banking sector and his ability to identify investments with long-term potential. The increase in his stake signals trust in Absa Bank Kenya’s ability to generate value for shareholders as the bank strengthens its balance sheet.
Profit after tax rises by 9 percent in H1
The bank’s latest financial results support this view. In the first half of 2025, Absa Bank Kenya saw its profit increase by 9 percent to Ksh11.7 billion ($90.6 million), even as the bank navigated a complex macroeconomic environment.
Net interest income fell 2.9 percent due to narrower interest margins, but non-interest income, supported by payments services, grew 3.3 percent. Revenue for the period totaled Ksh31.5 billion ($244 million), a slight decline from last year.
Customer assets declined by 3.6 percent to Ksh305 billion ($2.36 billion), while total assets rose 10.4 percent to Ksh532 billion ($4.1 billion), reflecting the lender’s resilient financial position.
