The Kenyatta family pocketed Sh3.12 billion profit from their ownership of NCBA Group, which has defied the stock market crash to emerge as the best stock on the Nairobi Securities Exchange (NSE).
NCBA Group’s share price increased by 57.94 percent in 2022, making it the best performer on the Nairobi stock exchange, which lost Sh650.1 billion last year due to rate hikes in the developed world and Russia’s invasion of Ukraine.
The Kenyattas’ stake in the bank was worth Sh8.66 billion at the end of the year, up from Sh5.5 billion at the beginning of the year.
Investors reacted 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 increased at the fastest rate in the nine months to September, with the lender bypassing Absa Kenya to become the country’s fourth most profitable lender.
Owners of NCBA include tycoons and former powerful political families from the Jomo Kenyatta and Daniel Arap Moi eras, including ex-Central Bank Governor Philip Ndegwa and former Civil Service head Simeon Nyanchae.
