I&M Holdings net profit drop by 29.7pc to Sh1.7bn in Q1

By: MARGARET NJUGUNAH 1 min read
I&M Holdings net profit drop by 29.7pc to Sh1.7bn in Q1
The I&M Bank Foundation will also provide funding for 13 community-based organizations to provide food packages for 1,300 vulnerable households in informal settlements in 10 counties across the country/FILE

NAIROBI, Kenya, May 31 – I&M Holdings has reported a 29.7 percent drop in profit after tax to Sh1.7 billion in the first quarter of the 2020 financial year.

The drop has been attributed primarily to a 178.4 percent year on year increase in Loan Loss Provisions to Sh0.6 Billion.

Non-interest revenue grew 3.3 percent to Sh2.1 Billion, while Net Interest Income grew 4.6 percent to Sh3.5 Billion.

Consequently, operating income grew marginally to Sh5.6 billion as operating expenses before provisions rose 6.9 percent to Sh2.4 Billion.

During the quarter, total assets grew 12.1 percent primarily driven by customer deposits that edged up 8.8 percent to Sh240.7 billion, while the loan book rose 8.3 percent to Sh182.9 billion.

MARGARET NJUGUNAH

MARGARET NJUGUNAH

Margaret Njugunah is Capital FM’s Business Editor responsible for radio and website business content. A Mass Communications Graduate of St. Paul’s University, Njugunah joined Capital FM in 2015 as a business reporter. Her specialist areas are financial news, economic reporting, technology, corporate and development news.