The families of Jomo Kenyatta and former Central Bank of Kenya Governor Philip Ndegwa are top beneficiaries in the combined Ksh 63 billion dividends that Kenya’s banks are set to pay.
A report on Business Daily also showed that Equity Group CEO James Mwangi is among the top earners.
While NCBA Group has proposed a payout of Ksh 4.25 per share, the Kenyattas are set to receive Ksh 924.6 million from their 13.2 percent stake at the financial institution.
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The Kenyatta family includes Ngina Kenyatta, Muhoho Kenyatta and Uhuru Kenyatta.
At the same time, the Ndegwas are set to pocket Ksh 876 million on their 12.52 ownership at the NCBA Bank.
On the other hand, Mwangi who owns 3.4 percent direct stake in Equity Bank will bag Ksh 685.3 million in dividends.
The bank declared a dividend of Ksh 4 per share.
Mwangi’s shares in Equity have a market value of about Ksh 8.3 billion, while Kenyattas’ stake in NCBA is valued at Ksh 7.6 billion.
Ndegwas’ ownership at NCBA Bank is worth Ksh 7.22 billion.
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As reported on WoK in November 2022, the Kenyatta Family gained over Ksh1.4 billion from their stake in NCBA Group since the beginning of the year.
NCBA’s share increased from Ksh 25.2 on January 1 to Ksh 31.7 on November 11, a 25 percent jump bringing the market capitalization above Ksh 52 billion.
The rise was attributed to investors’ positive reaction to NCBA’s strong financial performance in the first half of its 2022 fiscal year.
Elsewhere, in June 2022, the family of late Kenyan banker Philip Ndegwa gained KSh 371.01 million in a month from their stake in NCBA Group.
The Ndegwa family owns a 12.52-percent stake in the financial services conglomerate through its investment vehicle, First Chartered Securities.
Following a stellar performance in 2021, shares in NCBA Group rose in value by more than seven percent in the past 33 days.
As a result, the Ndegwa family’s stake has increased from KSh 4.92 billion on May 4 to KSh 5.28 billion at the time of publishing, amounting to a KSh 37.01 million gain.
This also increased the bank’s shares from KSh 23.85 to KSh 25.6 in the same period.
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