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Kenyan investor Baloobhai Patel has increased his holding in Absa Bank Kenya, buying shares worth about Ksh169.9 million ($1.32 million) over four months to December 2025 and reinforcing his position as the lender’s top individual shareholder.
Patel reaches 100 million shares
Regulatory filings show Patel bought an additional 6.59 million shares, raising his total holdings to 100 million by December. That gives him a 1.84 percent stake, up from 93.48 million shares, or 1.72 percent, in August 2025.
The purchases cap a year of steady accumulation. Patel held 65 million shares, equivalent to 1.2 percent, in December 2024. The gradual build-up points to a long-term view rather than short-term trading, at a time when banking stocks have been among the Nairobi Securities Exchange’s stronger performers.
Top investors deepen confidence in banks
Patel’s buying mirrors a pattern of increased exposure to lenders among senior executives and large investors. At Co-operative Bank, Chief Executive Officer Gideon Muriuki bought 5.5 million shares worth Ksh148.2 million ($1.2 million) in the seven months to December 2025. That raised his stake to 2.3 percent from about 2 percent, where it had sat for years.
Muriuki remains Co-op Bank’s largest individual shareholder. Patel is second, with about 100 million shares, or roughly 1.7 percent. The moves show continued confidence in banks as earnings improve and dividend outlooks remain attractive.
Absa profit up, dividends steady
At Absa Kenya, Patel’s timing has coincided with stronger financial results. The lender’s share price reached a record Ksh26.5 ($0.2) on Jan. 6. For the nine months to September 2025, net profit rose 14.7 percent to Ksh16.9 billion (131 million), helped by a sharp drop in bad-loan provisions and lower interest paid to depositors, which offset weaker interest income.
Absa paid a dividend of Ksh1.75 ($0.01) per share for the year ended December 2024 and maintained an interim dividend of Ksh0.20 ($0.0078) when it released half-year results to June 2025. If the full-year payout holds at Ksh1.75 ($0.01), Patel’s December stake would earn him about Ksh166 million ($1.3 million) a year.
Patel deepens Absa, blue-chip focus
Absa Kenya, part of South Africa’s Absa Group, operates 86 branches nationwide. Despite his expanded holding, Patel remains the third-largest shareholder, behind Absa Group, which owns 68.5 percent, and Standard Chartered Kenya Nominees Ltd at 2.04 percent.
Patel, one of Kenya’s wealthiest investors, also holds stakes in Bamburi Cement, Carbacid Investments, Safaricom, Sanlam Kenya and CIC Insurance Group. His increased exposure to Absa adds to a portfolio that has long favored established companies with consistent earnings and shareholder returns.
