Kenyan businessman Suresh Bhagwanji Shah has seen the value of his stake in I&M Group climb above $70 million as shares of the leading lender continue to rally on the Nairobi Securities Exchange (NSE).

Shah, a founding member and non-executive director of Nairobi-based financial services group I&M Group, owns 10.58 percent of the financial services company, equivalent to 174,947,573 shares.

The increase reflects growing investor confidence in the lender following stronger earnings, higher shareholder returns and continued expansion across East Africa.

Share rally boosts wealth

Since the start of the year, the value of Shah’s holding has increased by KSh1.84 billion ($14.26 million). His stake rose from KSh7.43 billion ($57.38 million) on Jan. 1 to KSh9.27 billion ($71.64 million), making it one of the stronger-performing banking investments on the NSE in 2026.

I&M Group shares have gained about 26.03 percent since Jan. 1, rising from KSh42.45 ($0.33) to KSh53 ($0.41). The advance has lifted the group’s market capitalization to KSh87.6 billion ($677.05 million).

The stock’s performance follows a strong start to the year, with the lender reporting record quarterly earnings and continued growth across its regional operations.

I&M Group record first-quarter earnings

For the three months ended March 31, 2026, I&M Group posted a profit of KSh5.04 billion ($38.9 million), up from KSh4.22 billion ($32.6 million) a year earlier.

The result marked the first time the group generated more than KSh5 billion in profit in a single quarter, supported by growth in its core banking business.

Total operating income rose to KSh16.14 billion ($124.7 million), compared with KSh12.97 billion ($100.2 million) in the corresponding period last year. The increase was driven by stronger lending activity and higher investment income across its regional markets.

The group’s balance sheet also expanded. Total assets increased to KSh688.88 billion ($5.3 billion) from KSh580.9 billion ($4.49 billion), while retained earnings rose to KSh75 billion ($579.62million) from KSh62.4 billion ($482.25 million).

I&M’s regional expansion supports growth

I&M Group operates in Kenya, Tanzania, Rwanda, Uganda and Mauritius, serving more than 965,000 customers through 119 branches and a range of financial services businesses that include investment management, insurance intermediation, real estate and corporate advisory.

In Kenya, I&M Bank recently opened a branch in Wote, the capital of Makueni County, extending its presence to 27 counties. The lender said the new branch will improve access to banking services for small businesses, agribusiness operators, institutions and retail customers in the region.

The expansion forms part of the group’s Imara 3.0 strategy, which combines branch growth with increased investment in digital banking platforms to broaden its reach across the country.

Shah’s longstanding presence in Kenya’s financial sector

Shah remains one of the most influential shareholders in I&M Group and a prominent figure in Kenya’s financial sector. In addition to his role at the lender, he serves on several corporate boards and has spent decades building interests across banking and other industries.

Recently, Suresh Bhagwanji Shah received Ksh394 million ($3.04 million) in dividends from his stake in I&M Group, reflecting the lender’s strong financial performance for the 2025 fiscal year.

The payout highlights the steady value created by his holding as I&M Group continues to strengthen earnings and expand its footprint across East Africa’s banking sector, supported by sustained growth in lending and regional operations.