I&M Bank group declares a 24pc growth in profit

March 29, 2016
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The group has also registered a dividend of Sh3.50 per share to mark a 24 percent increase from 2014’s Sh2.90/FILE
The group has also registered a dividend of Sh3.50 per share to mark a 24 percent increase from 2014’s Sh2.90/FILE

, NAIROBI, Kenya, Mar 29 – I&M Bank Group has declared a 24 percent growth in profit before tax at Sh10.2 billion from Sh8.2 billion in its 2015 full year financial results.

The group has also registered a dividend of Sh3.50 per share to mark a 24 percent increase from 2014’s Sh2.90.

The company’s total assets grew to Sh191.7 billion marking an 8 percent growth.

Also to record growth was customer loans and advances which increased by 14 percent to hit Sh127.8 billion and customer deposits which increased by 16 percent to Sh132.9 billion.

I&M Bank Limited, the Group’s Kenyan business, has also recorded an 8 percent growth in its profit before tax at Sh8.4 billion.

In a statement, the Chairman of I&M Holdings Limited Daniel Ndonye stated that the company had done well and it had perfected its regional expansion model.

The results come at a time when the Group is in the process of acquiring Giro Bank and Burbidge Capital Limited. Executive Director of I&M Bank Limited Sarit Raja Shah, commenting on the acquisition said that they were awaiting approvals from regulators in order to complete the acquisitions.

“We are hopeful that the processes shall be concluded in the near future, to allow us to consolidate and benefit from synergies of these acquisitions,” he said.

The company also announced that it is putting up an ultra-modern facility at Limuru Road to cater for both its local and regional office space.

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