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.
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.