I&M Group PLC (I&M) reported a 15% increase in net profit to Sh13.3 billion for the year ending December 2023, compared to the same period in 2022.
The growth was driven by a 20% rise in operating income to Sh43 billion.
During the year, I&M’s operating income benefited from a 25% increase in interest revenue, likely due to rising interest rates.
Additionally, non-interest revenue grew by 10%, reflecting growth in income from banking transactions and foreign exchange trading.
I&M Group is proud to announce a robust FY2023 financial performance, showcasing our regional business growth, excellence in service delivery and driving cross-border trade.
Some of our key highlights from our financial results include:
– Impressive revenue growth
– Increased… pic.twitter.com/iTBwPXTKm3— I&M Bank Kenya (@imbankke) March 25, 2024
“Our iMara 2.0 strategy has delivered remarkable results,” said Kihara Maina, I&M Group Regional CEO. “We aim to sustain this momentum with iMara 3.0 by focusing on enhancing digital solutions and building an ecosystem to support customer businesses.”
The bank’s total assets expanded to Sh580 billion, up from Sh142 billion. Its loan portfolio also grew by 30% to Sh311 billion, driven by increased retail lending through digital platforms.
Customer deposits reached Sh417 billion, reflecting a 33% year-on-year increase, primarily due to growth in current and savings accounts (CASA).
