The I&M Group has announced a robust financial performance for the first half of 2024. The regional banking conglomerate reported a 21% surge in profit after tax, reaching Sh6.1 billion, as compared to the same period last year.
The key driver behind the group’s success was its ability to capitalize on high operating income and the improved performances of its regional subsidiaries. The lender’s operating income grew by 19%, driven by a 35% rise in net interest income, leading to a 21% expansion in the group’s operating profitability, which reached Sh11.9 billion.
The group’s regional subsidiaries demonstrated strong growth, with the Rwandan unit posting a 59% increase in profit before tax and the Tanzanian unit recording a 25% jump in operating income to Sh1.8 billion. The Ugandan operation also saw a 22% growth in operating income, while the Mauritian venture reported a 23% hike in operating profit.
Gul Khan, the CEO of I&M Bank, attributed the group’s success to its strategic focus on offering relevant financial solutions for Kenyans, including free bank-to-mobile money transactions for individuals and sole proprietors, as well as its emphasis on branch expansion and ecosystem partnerships.
The group’s loan portfolio grew by 5% to reach Sh284 billion during the review period, while customer deposits closed at Sh419 billion, an 18% increase year-on-year, as the group continued to prioritize product innovation and digitization.
The impressive performance underscores I&M Group’s ability to navigate the evolving financial landscape and solidify its position as a leading player in the regional banking industry. The group’s commitment to innovation and customer-centric strategies has positioned it for continued growth and success in the years to come.
ALSO READ; https://financialday.co.ke/2848/im-group-plc-posts-ksh13-3-billion-profit/
