, NAIROBI, Kenya, Mar 30- A one-time gain on disposal of properties worth Sh694 million in Kenya saw I&M Holdings Limited net profit for 2014 grow by 15 percent.
The company’s net profit hit Sh5.7 billion compared to Sh4.9 billion recorded in 2013.
“The growth was despite a challenging year in terms of maintenance of the quality of the lending book and substantial investment in new branches and technology,” Executive Director Sarit Raja Shah said.
I&M Holdings’ total assets registered a 25 percent growth to Sh176.5 billion with customer loans and advances increased by 22 percent to reach Sh112.5 billion.
“In 2014 we embarked on an aggressive branch expansion strategy which took our network size to 30 branches. This strategy will continue in 2015. We also made significant additions to our product suite, particularly in the alternate channels of mobile banking and internet banking. We will continue to innovate in these channels,” Shah said.
On the expenses front, staff costs were up 18.4 percent to Sh2.9 billion with operating costs going up by 9.5 percent.
The lender however managed to maintain a below industry average cost-to-income ratio at 37.4percent compared to 37.9percent in full year 2013.
A dividend of Sh2.90 was declared with book closure set on 30 April 2015 and payment on or around May 14, 2015.
The Annual General Meeting (AGM) will be held on May 12, 2015 in Nairobi.
The past year saw I&M Bank make significant forays into new lines of business including Bancassurance and Agency Banking.