NAIROBI, Kenya, Dec 22 – South African rating agency Fitch has assigned I&M Group Plc and its banking subsidiary, I&M Bank Kenya, stable outlooks due to business resilience and creditworthiness.
GCR yesterday gave the lender a national long-term rating of ‘A+(ken)’ with stable outlooks relative to those of other Kenyan issuers.
Both entities have also been assigned Long-Term Issuer Default Ratings (IDRs) of ‘B’ with a negative outlook. This mirrors the outlook on the sovereign rating.
“I&M Group’s business profile is underpinned by its established banking franchise in Kenya and growing regional businesses, which provide some competitive advantages and revenue diversification’’, Fitch Ratings said in a statement.
“I&M Bank is a Tier 1 bank in Kenya with a moderate domestic market franchise of around 6% of sector loans and 5% of sector deposits at end-1H23.”
I&M Group Regional Chief Executive Officer Kihara Maina said that the group is embarking on its 3rd iMara Strategy (2024–2026) through expansion into new horizons.
“As a group we are pleased with this rating by Fitch which indicates strong profitability and reasonable capital buffers amidst challenging operating conditions,” Maina said.
“We remain focused on implementation of the refreshed strategy to deliver on our short- and medium-term objectives,” he added.
