I&M wins Governance Award as Q1 pre-tax profit up by 13.26pc

May 26, 2016
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The bank, which has been undertaking a strategic corporate transformation programme, was named the best East African Bank in the Corporate Governance category for its role in maintaining sound practices/FILE
The bank, which has been undertaking a strategic corporate transformation programme, was named the best East African Bank in the Corporate Governance category for its role in maintaining sound practices/FILE

, NAIROBI, Kenya, May 26 – I&M Bank Kenya won the Corporate Governance award at the 3rd Banker Africa East African Banking Awards held on Tuesday night.

The bank, which has been undertaking a strategic corporate transformation programme, was named the best East African Bank in the Corporate Governance category for its role in maintaining sound practices.

The annual Banker Africa Awards are continent-wide programmes open to all banks and financial institutions in Africa. The aim of the Banker Africa Awards, broken down by four individual regions, is to recognise outstanding performance and excellence in the financial services industry.

Speaking soon after receiving the award and while releasing the bank’s first quarter results, I&M Bank Kenya, Executive Director, Sarit Raja-Shah, confirmed that the bank’s Corporate Governance framework mirrors its Group Holding Company policy on corporate governance.

The group’s corporate governance framework, Shah said, takes into consideration the Capital Markets Authority (CMA) Guidelines on Corporate Governance as well as global best practices. The group’s corporate governance framework, he added, ensures that the Group maintains and promotes high standards of integrity, transparency and accountability across all levels.

In the first quarter 2016 trading results, I&M Group posted a 13.26 percent pre tax profit closing the period at Sh2.5 billion up from Sh2.2 billion posted within the same period last year.

The firm’s Kenya Banking business I&M Bank Kenya headed by newly appointed CEO Kihara Maina, posted a 6.53 percent pre tax profit growth at Sh2.2 billion up from Sh2.1 billion fuelled by interest income growth which stood at Sh4.7 billion up from Sh4.030 billion posted within the same period last year and reflecting a 16.84 percent growth.

Within the same period, I&M Bank Kenya enjoyed a healthy customer deposits growth closing at Sh110.1 billion up from Sh93.6 billion and representing a 17.65 percent rise.

Speaking further on the prestigious Banker Africa Corporate Governance award, Shah pointed out, that the firm’s Board of Directors, chaired by an independent Chairperson Daniel Ndonye constitutes of at least one third of Non-Executive, Independent Directors charged with the responsibility of providing management oversight.

Notably, Ndonye, a Certified Public Secretary, was the first Kenyan to be awarded a Bachelor of Commerce degree with First Class Honours by the University of Nairobi.

He is also a fellow of the Institute of Chartered Accountants in England and Wales, a fellow of the Institute of Certified Public Accountants of Kenya and also a Fellow of the Institute of Certified Public Secretaries of Kenya.

“At I&M Bank Kenya, we are excited to receive the Banker Africa Award which recognizes our existing corporate governance framework,” Mr. Shah said and added, “The Board wishes to dedicate this award to our customers, staff and stakeholders for their continued support that has allowed us to maintain exceptional corporate governance standards.”

The I&M Group Board, Shah further disclosed, has consistently placed great importance on good corporate governance practices as it believes that this is vital for the group’s strong business performance on a sustainable basis.

In Kenya, I&M Holdings flagship banking subsidiary, I&M Bank Kenya has just announced the appointment of seasoned banker Kihara Maina as the Chief Executive Officer, with a strategic brief to guide the bank’s growth plans to a tier one status.

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