Wealthy Rajabali brothers’ NMB Bank stake climbs to $126.4 million on stock rally

Tanzanian multimillionaire brothers Aunali and Sajjad Rajabali, among the top investors on the Dar es Salaam Stock Exchange, have seen the value of their stake in NMB Bank Plc surge to $126.4 million, buoyed by a sustained rally in the lender’s shares on the Dar es Salaam Stock Exchange (DSE). 

The gain follows a sharp rise in NMB’s share price, reinforcing the bank’s position as one of Tanzania’s most valuable and profitable listed financial institutions.

Stock rally boosts Rajabali brothers’ fortune 

The Rajabali brothers, namely Aunali Fidahussein Rajabali and Sajjad Fidahussein Rajabali, who are shareholders and directors of Megapipes Solutions in Kenya as well as of Plasco in Tanzania, hold a beneficial 2.6% stake each in the Dar es Salaam-based lender. Their joint interest, which amounts to a total of 22.2 million ordinary shares in the bank, places them among the bank’s notable shareholders. 

Over the past 159 days, their stake in NMB has increased in value by Tsh144.74 billion ($51.8 million). These joint holdings rose from Tsh186.48 billion ($74.59 million) on Jan. 1 to Tsh331.22 billion ($126.4 million), marking one of the strongest equity gains on the local bourse this year. 

The rally follows strong first-quarter results that underscored the bank’s earnings momentum. Dar es Salaam-headquartered financial institution reported net profit of Tsh193 billion ($73.76 million) for the three months ended March 2026, up 5% from the previous year. This was primarily driven by a robust increase in net interest income, which reached Tsh318.6 billion ($121.73 million), complemented by strong non-interest income of Tsh165.8 billion ($63.35 million). The performance highlights strong business momentum and robust growth, while also reflecting renewed investor confidence in its long-term fundamentals.

Earnings momentum supports valuation

NMB’s recent share price performance has been underpinned by solid financial results. The bank reported net profit of Tsh193 billion ($73.76 million) for the first quarter of 2026, representing a 5% increase compared to the same period last year.

Growth was largely fueled by higher net interest income, which rose to Tsh318.6 billion ($121.73 million), alongside strong non-interest income of Tsh165.8 billion ($63.35 million). The results highlight the lender’s resilient earnings base and diversified revenue streams, boosting investor confidence in its long-term outlook.

Market cap approaches $3 billion

Shares of NMB have advanced sharply, rising about 77.6% in local currency terms and roughly 69.5% in U.S. dollar terms, climbing from Tsh8,400 ($3.2) to Tsh14,920 ($5.7). The rally has pushed the bank’s market capitalization to Tsh7.46 trillion ($2.85 billion).

Founded in 1997 following the breakup of the state-owned National Bank of Commerce, NMB has evolved into one of Tanzania’s leading financial institutions, serving individuals, SMEs, corporates, and government entities. Headquartered in Dar es Salaam, the bank operates more than 200 branches nationwide and manages millions of customer accounts, reflecting its strong footprint across both urban and rural markets.

While it trails CRDB Bank Plc in total assets, NMB has distinguished itself through strong profitability and operational efficiency. In 2025, it became the first Tanzanian bank to surpass Tsh1 trillion in pre-tax profit. With total assets nearing Tsh18 trillion (approximately $6.9 billion) as of the first quarter of 2026, the lender continues to strengthen its position within the country’s banking sector, supported by digital innovation and a growing contribution from non-interest income.

Sustained growth outlook

The recent rally has rewarded long-term shareholders, including the Rajabali brothers, while reinforcing NMB’s standing as a bellwether stock on the Tanzanian exchange.

As the bank advances its “Agenda 2030” strategy, focused on regional expansion and digital transformation, investor interest is expected to remain closely tied to its ability to sustain earnings growth and capitalize on Tanzania’s evolving financial landscape.