I&M bank recorded a 34 percent growth in net profits to Kshs 11.2 billion in year ended December 2022 from Kshs 8.4 billion recorded in the previous year.
The management increased dividend payout to shareholders by 50 percent to Kshs 2.25 per share from Kshs 1.50 in the period under review, subject to shareholders’ approval.
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I&M Group chairman Daniel Ndonye attributed the growth to the continued implementation of its iMara 2.0 strategy, focusing on business growth, operational efficiencies, customer centricity and digital transformation.
“Looking ahead, we remain committed to driving sustainable growth, on delivering value to our customers and ultimately creating long-term value for our stakeholders,” said Ndonye.
The Group’s total assets grew to Kshs 436.6 billion up from Kshs 415.2 billion recorded in the previous year. This was attributed by a 13 percent growth in the loan book which increased to Kshs 239 billion from Kshs 211.5 billion
The lender’s Net Interest Income for the period under review grew by 10 percent to close at Kshs 23 billion from Kshs 21 billion attributable to strong growth in the loan portfolio and earnings from Government Securities.
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Operating expenses stood at Kshs 16.1 billion, an increase of 19 percent year on year on account of completed and new capital investments supporting automation and the digital strategy.
Customer deposits closed at Kshs 312.3 billion, a five percent increase year on year, largely driven by the growth in deposits from relaunched customer value propositions and enhanced usage of digital channels.
Non-interest income was the largest contributor to the growth, improving by 46 percent to Kshs 12.7 billion from Kshs 8.7 billion in 2021. This was driven by growth in fees and commissions and foreign exchange income.
Loan loss provisions increased by 25 percent compared to the previous year reflecting the continued pressure in performance for some sectors as well as loan book growth.
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