I&M Group PLC's profit after tax increased by 15 percent to Kes 13.3 billion in the full year ending December last year, compared to a similar period in 2022.

The lender has attributed the growth in operating income by 20 percent to Kes 43 billion.

With operations in Kenya, Rwanda, Tanzania, Uganda, and Mauritius, the lender’s improved operating income was boosted by 25 percent and 10 percent in interest and non-interest revenues, respectively.

While high-interest income came on the back of rising rates, non-interest revenue is attributed to growth in income from banking transactions and foreign exchange trading.

I&M Group Regional Chief Executive Officer(CEO) Kihara Maina stated that the lender has seen remarkable achievements in profitability and growth in various business units from the concluded iMara 2.0 strategy.

Did you read this?

  1. Absa Bank Posts 20% Net Profit Increase To Kes 14.7B
  2. Co-operative Bank Records 8.5% Net Profit Increase To Kes 26.8B
  3. Absa Pumps Kes500M Into Newly Launched Absa Kenya Foundation

“As we venture into the next chapter with our iMara 3.0 strategy, our primary aim is to sustain the growth through continued focus on enhancing our digital solutions platforms and building an ecosystem to support our customers’ businesses, as we seek to become Eastern Africa’s Leading Financial Partner for Growth.”

In the review period, the group’s total assets expanded to Kes 580 billion, up from Kes 142 billion.

Likewise, its loan portfolio grew by 30 percent to Kes 311 billion, buoyed by the extension of retail lending through the bank’s digital platforms.

“Customer deposits closed at Kes 417 billion, recording a 33% increase year-on-year, largely attributed to growth in CASA (Current Accounts and Savings Accounts).”