NAIROBI, Kenya, Mar 25 – I&M Group PLC net profit grew 15 percent to Sh13.3 billion in the full year ending December last year, compared to a similar period in 2022, when operating income grew by 20 percent to Sh43 billion.
With operations in Kenya, Rwanda, Tanzania, Uganda, and Mauritius, the lender’s improved operating income was boosted by 25 percent and 10 percent growths in interest and non-interest revenues, respectively.
While high interest income came on the back of rising rates, non-interest revenue is attributed to growth in income from banking transactions and foreign exchange trading.
“Building upon the success of our recently concluded iMara 2.0 strategy, we have witnessed remarkable achievements in both profitability and growth in our various business units,” Kihara Maina, I&M Group Regional CEO, said.
“As we venture into the next chapter with our iMara 3.0 strategy, our primary aim is to sustain the growth through continued focus on enhancing our digital solutions platforms and building an ecosystem to support our customers’ businesses, as we seek to become Eastern Africa’s Leading Financial Partner for Growth,” he added.
In the review period, the group’s total assets expanded to Sh580 billion, up from Sh142 billion.
Likewise, its loan portfolio grew by 30 percent to Sh311 billion, buoyed by the extension of retail lending through the bank’s digital platforms.
“Customer deposits closed at KES 417 billion, recording a 33% increase year-on-year, largely attributed to growth in CASA (Current Accounts and Savings Accounts).”
