Absa Bank, linked to Kenyan tycoon Baloobhai Patel, posts $42 million profit in Q1 2024
Customer deposits also climbed 14.47 percent to Ksh359.46 billion ($2.74 billion), reflecting the bank’s customer-centric approach.
Kenya
Bank with Kenya’s wealthiest backing launches trustee services to enhance investment options
This move allows NCBA to enter the trustee services market, providing clients with more investment options and reinforcing its commitment to comprehensive financial services.
Equity Group led by Kenyan banker James Mwangi cuts debt by $191 million amid high interest rates
James Mwangi, a prominent figure in Kenyan finance, holds a 3.38-percent stake in Equity Group, representing 127,809,180 ordinary shares.
Backed by Kenya’s richest families, NCBA posts $40.1-million profit in Q1 2024
John Gachora, the managing director of NCBA Group, attributed the lender’s strong financial results in the first quarter of 2024 to the growth and resilience of its diversified business model.
CIC Group, linked to Kenyan tycoon Gideon Muriuki, reports $10.9 million profit in 2023
Gideon Muriuki, a leading Kenyan tycoon, and the CEO of Co-op Bank, holds the largest individual stake in CIC Group at 5.27 percent, representing 137,824,304 shares,
Kenya’s richest banker James Mwangi’s stake in Equity Group soars past $45 million
This surge cements James Mwangi’s position as a top investor on the NSE and underscores his status as one of Kenya’s wealthiest individuals.
Kenyan tycoon Gideon Muriuki’s Co-op Bank eyes expansion after robust Q1 2024 performance
The bank aims to open 15 new branches this year, reaching 210 outlets. Recent openings include Imaara Mall on Mombasa Road and Ugunja in Siaya.
Kenyan tycoon Suresh Bhagwanji Shah loses $1.6 million from I&M stake
Renowned Kenyan businessman Suresh Bhagwanji Shah has encountered a significant downturn in the market value of his stake in I&M, mirroring a…
Equity Group led by Kenyan banker James Mwangi reports $122.2-million profit in Q1 2024
Equity Group’s total assets rose to Ksh1.69 trillion ($12.91 billion) by the end of the quarter, a 10.46-percent rise from Ksh1.53 trillion ($11.69 billion) a year ago
Kenyan tycoon Suresh Bhagwanji Shah’s I&M Bank extends deal with Matercard
The collaboration, which has been instrumental in driving Kenya’s digital payments landscape, will provide enhanced value propositions for cardholders across the country.
Cemtech eyes 5,500 clinker plant as Narendra Raval tightens grip on Kenyan market
Under Raval’s leadership, Cemtech has submitted an environmental impact assessment (EIA) report to the National Environment Management Authority (NEMA) for review.
Kenyan tycoon James Ndegwa loses $3.2 million from NCBA stake
Ndegwa remains one of Kenya’s wealthiest investors and continues to hold a significant position among the country’s richest individuals.
Co-op Bank led by Gideon Muriuki secures $25.2 million to support women-owned businesses in Kenya
Muriuki, Co-op Bank’s CEO and managing director, welcomed the financing, emphasizing the critical need to bolster support for women-owned businesses.
Aga Khan IV takes $3.5-million hit from stake in Nairobi-based insurer Jubilee
The follows a notable surge of Ksh481.15 million ($3.63 million) recorded between March 19 and 29.
Backed by Kenya’s richest, NCBA Bank hikes loan rates: What it means for your wallet
NCBA Bank Kenya justified the increase, citing the need to align with prevailing market conditions.
Kenyan billionaire Baloobhai Patel buys big, now owns more than 1 percent of Absa Bank
Patel’s latest acquisition reflects a significant year-on-year increase in his Absa holdings. In December 2022, he held 47.57 million shares (0.88-percent stake).