I&M Group has registered a 15 per cent growth in its profit for the fiscal year ended December 2023 to Ksh13.3 billion.
This is a 15 per cent jump compared to Ksh11.58 billion recorded in a similar period a year prior.
The lender has attributed the growth to an increase in operating income which was aided by a 25 per cent and 10 per cent rise in interest and non-interest revenue streams for the trading period respectively.
“Building upon the success of our recently concluded iMara 2.0 strategy, we have witnessed remarkable achievements in both profitability and growth in our various business units,” said I&M Group Regional Chief Executive Officer (CEO) Kihara Maina.
“As we venture into the next chapter with our iMara 3.0 strategy, our primary aim is to sustain the growth through continued focus on enhancing our digital solutions platforms and building an ecosystem to support our customers’ businesses, as we seek to become Eastern Africa’s Leading Financial Partner for Growth,” he added.
Total assets for the period rose 32.8 per cent to Ksh579.7 billion from Ksh436.6 billion in a similar period a year earlier.
I&M’s net interest income grew 25 per cent to Ksh28.6 billion from Ksh22.9 billion for the fiscal year ended December 2022.
Customer deposits closed at Ksh416.6 billion, recording a 33 per cent jump year-on-year buoyed by a growth in Current Accounts and Savings Accounts (CASA) from Ksh312.3 billion in a similar period a year prior.
I&M Group’s loans and Advances for the period soared to Ksh311.3 billion from Ksh238.5 billion for the full-year period to December 2022.
I&M has declared a dividend of Ksh2.55 per share, giving a dividend payout ratio of 31.4 per cent.
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