Kenyan businessman Suresh Bhagwanji Shah’s stake in I&M Group tops $90 million

Kenyan businessman Suresh Bhagwanji Shah has seen the value of his stake in I&M Group Plc rise above $90 million as shares of the Nairobi-based financial services group continue to gain on the Nairobi Securities Exchange (NSE). 

Shah, a founding member and non-executive director of I&M Group, owns a 10.58% stake in the lender, representing 174,947,573 shares. 

The rise in his holdings comes as I&M Group’s stock benefits from stronger earnings, regional expansion and increased investor interest, pushing the shares to record levels on the NSE.

Shah gains more than $20 million from I&M shares

The value of Shah’s investment has increased by KSh2.67 billion ($20.63 million) over the past 42 days, rising from KSh9.27 billion ($71.71 million) on June 9 to KSh11.94 billion ($92.34 million). 

The latest gain follows an earlier increase recorded on June 9, when Shah’s stake climbed by KSh1.84 billion ($14.26 million). His holdings had risen from KSh7.43 billion ($57.38 million) at the start of the year to KSh9.27 billion ($71.64 million). 

I&M Group shares have gained about 28.77% since June 9, increasing from KSh53 ($0.40) to KSh68.25 ($0.53). The rally has lifted the bank’s market capitalization to about KSh119 billion ($920.6 million). 

The stock’s performance has been supported by a strong start to the year, with the lender reporting record first-quarter earnings and continued growth across its regional operations.

I&M Group reports record quarterly profit 

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

It was the first time the banking group crossed the KSh5 billion profit mark in a single quarter, helped by growth in lending, higher investment income and improved performance across its markets. 

Total operating income rose to KSh16.14 billion ($124.7 million), from KSh12.97 billion ($100.2 million) in the same period last year. 

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

I&M Group operates across Kenya, Tanzania, Rwanda, Uganda and Mauritius, serving more than 1 million customers through 119 branches and offering banking, investment management, insurance, real estate and advisory services.

Shah’s four-decade banking legacy 

Shah founded I&M Bank Limited in 1974 and served as chairman until 2021, when he stepped down after more than four decades at the helm. 

Under his leadership, the institution grew from a small financial services provider into one of East Africa’s leading banking groups, expanding its presence beyond Kenya into regional markets across Tanzania, Rwanda and Mauritius. 

By the time he retired as chairman, I&M Bank’s asset base had grown to more than KSh305 billion ($2.36 billion). 

Shah currently serves as chairman of the I&M Bank Foundation and as a non-executive director of I&M Group Plc. 

The businessman remains one of the lender’s largest shareholders and a prominent figure in Kenya’s financial sector, with interests spanning banking and other corporate ventures. 

I&M Group’s recent share performance has strengthened Shah’s position among the biggest individual investors on the NSE, while reflecting investor confidence in the bank’s earnings growth, regional expansion and long-term business strategy.