
Absa Kenya, linked to Kenyan tycoon Baloobhai Patel, posts $229.3 million profit in 2024
The leading lender’s earnings soared past $220 million, fueled by strong growth in both net interest and non-interest income.
The leading lender’s earnings soared past $220 million, fueled by strong growth in both net interest and non-interest income.
This move reflects his confidence in the bank’s potential and his ongoing commitment to expanding his influence in Kenya's financial industry.
Among the investors who benefited significantly is Kenyan tycoon Baloobhai Patel, who earned $15.5 million in just six months through his stake in Bamburi.
His portfolio benefited from a rise in the bank's share price on the Nairobi bourse and the strengthening of the Kenyan shilling against the U.S. dollar.
This move aligns with the company’s broader strategy to improve its financial standing and long-term stability.
Savannah Clinker has proposed purchasing all 362.9 million shares of Bamburi at Ksh70 ($0.54) per share.
Customer deposits also climbed 14.47 percent to Ksh359.46 billion ($2.74 billion), reflecting the bank’s customer-centric approach.
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).