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I&M Bank 2017 profit down to Sh9.9Bn

I&M Bank Chief Executive Kihara Maina

NAIROBI, Kenya, Mar 28 – I&M Holdings has posted a 6 percent decline in its Profit after Tax for the year ended 31st December 2017 closing in at Sh9.9 billion down from Sh10.6 billion realized during the same period in the previous year. 

The Group attributes its performance on the economic headwinds experienced last year in Kenya and the unintended interest rate capping consequences.

I&M Holdings Chairman, Danie Ndonye says the prolonged electoral process in Kenya, had largely constrained economic growth, with the manufacturing sector especially taking a hit.

He added that the Bank’s customers who include local manufacturers in the plastic carry bags space, real estate developers, building and construction, and suppliers to the retail sector, had suffered heavily due to unforeseen political, regulatory and market challenges.

The Group posted a 13 percent growth on its loans and advances to customers to close at Sh153 billion up from Sh 135 billion reported the previous year while customer closed at Sh169 billion up from Sh147 billion recorded the previous year.

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