Nairobi — I&M Group profit after tax grew by 21 percent to Sh6.1 billion in the half year ended June 30, 2024, compared to a similar period last year, buoyed by high operating income and improved performances by regional subsidiaries.
In the review period, the lender's operating income grew by 19 percent, driven by a 35 percent rise in net interest income. Subsequently, the group's operating profitability expanded by 21 percent to Sh11.9 billion.
While Rwanda's profit before tax increased by 59 percent, the Tanzanian unit posted a 25 percent jump in operating income to Sh1.8 billion.
Likewise, I&M Uganda grew its operating income by 22 percent, with the group's Mauritius venture posting a 23 percent hike in operating profit.
"Our focus on offering relevant financial solutions for Kenyans like free bank to M-PESA & Airtel Money transactions to individuals and Solo Biz owners (sole proprietors), strategic branch expansion and ecosystem partnerships has resulted in significant growth in our customer numbers and increase in deposit balances," Gul Khan, I&M Bank CEO, said.
The group's loan portfolio also grew by 5 percent to reach Sh284 billion in the review period.
"Customer deposits closed at KES 419 billion, an 18% increase year on year as the Group continued focusing on product innovation and digitization."
"The Net Non-Performing Loans stood at KES 15 billion from KES 18.4 billion in the prior year."
