Kenya's Richest Banker James Mwangi Gains 5.3 Million From Stake In Equity Group

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kenyas richest banker james mwangi gains 53 million from stake in equity group
Key Points
  • Equity Groups stock has surged 13.9 since August 8, boosting James Mwangis stake by Ksh683.78 million 5.3 million.
  • Year-to-date, Equity Group shares have rallied 30.31, making it the second most valuable company on the Nairobi Securities Exchange.
  • Equity Group reported a profit of 229 million for H1 2024, a 12 increase from the previous year, driven by strategic diversification.

Kenya's richest banker, James Mwangi, the Managing Director and CEO of Equity Group, has recorded a substantial increase in the value of his stake in the leading financial services conglomerate, thanks to a recent rally on the Nairobi Securities Exchange NSE.

Mwangi, who holds a 3.38 percent stake, equivalent to 127,809,180 ordinary shares, has seen his investment rebound by Ksh683.78 million 5.3 million over the past seven weeks.

This is a welcome recovery following a notable decline of 5.5 million between July 9 and August 8, when the value of his shares fell from Ksh5.62 billion 43.56 million to Ksh4.91 billion 38.06 million.

Equity Groups stock up 13.9, boosting James Mwangis stake

Equity Group has emerged as a powerhouse in East and Central Africa under James Mwangis leadership, marked by a strong strategic vision that has enabled the bank's expansion across multiple countries, including Uganda, Tanzania, South Sudan, Rwanda, and the Democratic Republic of Congo.

In its latest financial results, Equity Group reported a profit of 229 million for the first half of 2024 , a 12 percent increase from the Ksh26.3 billion 203 million reported during the same period in 2023, thanks to strategic diversification across the region.