NAIROBI, Kenya, Nov 24 – I&M Group net profit increased by 14 percent to Sh8.2 billion in the nine months to September this year, buoyed by growth in corporate and retail segments.
This was an improvement from Sh8.2 billion during the same period last year.
“I am pleased to report that the business responded resiliently to the challenges in the operating environment,” Sarit Raja-Shah, Group Executive Director, I&M Group PLC, said.
“There is an overall positive growth across all our businesses and geographies and underlines our commitment as a bank to finance the recovery of all our countries of presence,“ he added.
Its balance of total assets rose by 27 percent to Sh544 billion in the review period.
Moreover, its loan portfolio increased by 24 percent to Sh287 billion despite tough macro-economic conditions across most of its markets.
Customer deposits stood at Sh402 billion as of September 2023, reflecting a 31 percent jump year on year, with current and savings accounts (CASA) as well as term deposits showing growth.
While I&M Rwanda reported an 18 percent growth in operating income, the Tanzanian unit posted a 51 percent increase to Sh2.2 billion.
“We are now almost at the end of our iMara 2.0 strategy, and despite the macroeconomic challenges we have faced in 2023, we have remained on track to achieving our strategic ambition as Eastern Africa’s leading financial partner for growth,” I&M Group Regional CEO Kihara Maina said.
“This is evidenced by the strong performance of all our subsidiaries. For the next phase of our iMara 3.0 strategy, the focus will be to shore up growth by leveraging the capacity built over the last few years.”
“We shall continue this journey through relevant, efficient, and seamless financial solutions that meet our customers’ needs across all our markets.”
