Sharp Daily
No Result
View All Result
Sunday, June 1, 2025
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
Sharp Daily
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
No Result
View All Result
Sharp Daily
No Result
View All Result
Home Business

I&M Group reports KES 8.7 billion profit in H1 2024

Huldah Matara by Huldah Matara
September 15, 2024
in Business
Reading Time: 2 mins read

I&M Group PLC has recorded a robust financial performance for the first half of 2024, posting a 24% increase in Profit Before Tax (PBT) to KES 8.7 billion, up from KES 7.0 billion in the same period last year. The group’s performance was bolstered by significant growth across its corporate and retail segments, which saw respective increases of 49% and 34%.

The group’s operating income, which grew by 19% year on year, was a key driver of this profitability. Net Interest Income surged by 35%, while the group’s operating profitability increased by 21% to KES 11.9 billion. The growth was partly offset by a 9% rise in loan loss provisions, which closed at KES 3.5 billion, reflecting the group’s continued prudence in asset quality management.

I&M Group’s balance sheet also saw steady growth, with total assets increasing by 12% to KES 564 billion. The loan portfolio expanded by 5% to reach KES 284 billion, in line with the group’s strategic focus on retail lending and subsidiary growth. Customer deposits grew significantly, rising 18% year on year to KES 419 billion, driven by ongoing product innovation and digitization efforts.

The group’s flagship subsidiary, I&M Bank Kenya, reported a 21% increase in PBT, fueled by growth in Net Interest Income and Fee Income, alongside a decline in loan loss provisions. The bank also achieved a 113% increase in new customer numbers, with its small business (MSME) customer base more than doubling during this period.

RELATEDPOSTS

I&M Group appoints David Thuoi Ngata as Group CFO as Dr. Nyambura Koigi retires

November 5, 2024

I&M Group to raise KES 4.2 billion in share deal with EAGH

October 16, 2024

Regionally, the group’s subsidiaries delivered strong results. I&M Rwanda posted a 59% increase in PBT, while I&M Tanzania and I&M Uganda recorded 50% and 54% increases in operating profit, respectively. The group’s joint venture in Mauritius, Bank One, also performed well, with a 23% rise in operating income.

I&M Group’s Regional CEO, Mr. Kihara Maina, attributed the growth to the group’s strategic focus on innovation, customer-centric solutions, and market expansion, underscoring the group’s commitment to fostering economic empowerment across its markets.

Previous Post

Farah Maalim calls for dissolution of NCIC, citing bias and ineffectiveness

Next Post

Role of Insurance Guarantee Schemes in expanding Africa’s insurance market

Huldah Matara

Huldah Matara

Versatile multimedia journalist with a keen interest in compelling stories that resonate with my audience. Reach out on huldahmatara12@gmail.com

Related Posts

Business

Kenya’s coffee sector revitalization

May 19, 2025
Business

How digital tools are transforming youth agribusiness in Kenya

May 19, 2025
Business

Privatization of sugar millers sparks debate

May 15, 2025
Business

Safaricom forecasts earnings boost as Ethiopian losses shrink

May 14, 2025
Business

Kenya’s new digital tax: Impact on businesses and consumers

May 6, 2025
Business

Safaricom to deactivate unverified M-Pesa pay bills

May 2, 2025

LATEST STORIES

Best investments for Kenyan seniors: Secure, predictable & low-risk

May 30, 2025

Why June is the Secret Sweet Spot for Travel

May 30, 2025

Strategies to elevate more women to corporate leadership

May 30, 2025

Tap on Kenya’s 2025 tech revolution

May 30, 2025

How CURBS supports employers and employees

May 30, 2025

NSE deserves more attention from young investors

May 29, 2025

The silent strain of remote work on Kenya’s urban workforce

May 29, 2025

How Kenya’s crypto bill could reshape the digital economy

May 29, 2025
  • About Us
  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions
Email us: editor@thesharpdaily.com

Sharp Daily © 2024

No Result
View All Result
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team

Sharp Daily © 2024