I&M Group PLC has seen a robust performance in the first half of 2024. The group has seen a 24% rise in Profit Before Tax, reaching KES 8.7 billion, up from KES 7.0 billion in the same period last year. This growth was supported by strong operating revenues across all markets, with 26% of profits coming from regional businesses. The corporate and retail segments saw significant increases in operating income by 49% and 34%, respectively.
Financial Highlights:
- The Group’s total assets grew by 12% to KES 564 billion.
- The loan portfolio expanded by 5% to KES 284 billion, aligning with their strategy to boost retail lending.
- Customer deposits surged by 18% year-on-year to KES 419 billion, driven by innovation and digitization efforts.
- Net Non-Performing Loans decreased to KES 15 billion from KES 18.4 billion.
Income Statement Highlights:
- Profit After Tax rose by 21% to KES 6.1 billion.
- Operating income grew by 19%, bolstered by a 35% increase in Net Interest Income, with operating profitability up 21% to KES 11.9 billion.
- Loan loss provisions slightly increased to KES 3.5 billion, reflecting the Group’s cautious approach to asset quality.
I&M Bank Kenya reported a 21% increase in Profit Before Tax, driven by higher Net Interest and Fee Income and lower loan loss provisions. The bank’s operating income also grew by 17%, with operating profit up by 12%. The bank’s customer base expanded significantly. 113% increase in new customers, particularly among small businesses. In addition to a 33% rise in total customers due to the ‘Ni Sare’ banking initiative.
CEO Gul Khan highlighted the impressive growth and the bank’s ongoing commitment to customer-focused solutions. This included digital banking services and strategic partnerships, which have significantly boosted customer numbers and deposit balances. As I&M Bank celebrates its 50th anniversary, it continues to invest in enhancing the digital experience for its customers.
