I&M Group Holding’s Profit After Tax (PAT) increased by 21.1% to KShs 6.1 billion in the first half of 2024, from KShs 5.0 billion in the same period last year.
This growth was driven by a 35.2% increase in Net Interest Income to KShs 16.5 billion but was partially offset by a 10.9% decrease in Non-Interest Income to KShs 6.2 billion.
As a result, the group’s Total Operating Income rose to KShs 22.7 billion, from KShs 19.1 billion in H1’2023.
The group also reported a 24% increase in Profit Before Tax to KES 8.7 billion.
Regional businesses contributed 26% of this profit across all markets. Kenya reported a 21% increase in Profit Before Tax, driven by growth in Net Interest Income, Fee Income, and a decline in loan loss provisions. Rwanda’s profit before tax surged by 59%, while Tanzania’s operating income increased by 25% to Sh1.8 billion. In Uganda, operating income grew by 22%.
I&M Group’s joint venture in Mauritius, Bank One, experienced a 23% increase in operating income. Despite a slight decline in total assets and net loans & advances, customer deposits grew by 4%. The decline in assets and loans was less pronounced when measured in local currency.
Operating income was boosted by significant growth in the corporate and retail segments, which saw increases of 49% and 34% respectively.
“Our strategic focus on innovation, customer-centric solutions and market expansion is driving tangible results, allowing us to better meet the diverse needs of our customers while fostering economic empowerment in the markets we operate in,” I&M Group Regional CEO Mr. Kihara Maina said.
“This growth is about building a resilient and inclusive future, where our customers and the communities we serve, experience a positive impact.”
Key Financial Performance Highlights
Balance Sheet
-
- Total assets increased by 12% to KES 564 billion.
- The loan portfolio grew by 5% to KES 284 billion.
- Customer deposits increased by 18% to KES 419 billion.
- Net Non-Performing Loans decreased from KES 18.4 billion to KES 15 billion.
Income Statement
-
- Operating income grew by 19%, driven by a 35% increase in Net Interest Income.
- Operating profitability increased by 21% to KES 11.9 billion.
- Loan loss provisions rose by 8.2% to KES 3.5 billion.
- Operating expenses (excluding loan loss provisions) increased by 16% to KES 10.8 billion.
I&M Group Secures New Investor: AfricInvest Takes Stake from BII
