NAIROBI, Kenya, Nov 29 – I&M Group has reported a 25 percent jump in its 2021 Q3 profits which rose to Sh5.45bn, a growth which was attributed to increased investments in digital client solutions.
In a statement, Daniel Ndonye, I&M Group PLC Chairman Ndonye said the results showcase the positive outcome of the bank’s strategy to drive business growth, build resilience and optimize operational efficiency across the Group.
“The actions taken by the Group to improve its operating efficiencies and financial returns, as well as the gradual economic recovery, have placed it on a strong upward growth trajectory,” he said.
Meanwhile, the group’s net interest income rose by 34 percent from Shs 10 billion to Shs14 billion on account of improved earnings from government securities and a reduction in interest expenses.
Increased investment in digitization further pushed the total operating expenses by 28 percent to Shs 9.7 billion.
In terms of the balance sheet, the Group’s asset base rose by 16 percent to Shs 399 billion due to increases in the loan book and investments in government securities while the loan portfolio grew by 12 percent to Shs 208 billion.
“The Group’s Net Non-Performing loans stood at Shs7.5 billion reflecting an 11 percent reduction year on year, while the Shareholder’s Equity for the Group grew to Shs68 billion from Shs 60 billion,” the group added.
