I&M Group PLC has reported impressive financial results, underscoring its robust growth and strategic progress across the East African region. The Group achieved a 28% contribution to its profit before tax from its regional businesses, fueled by strong gains in both corporate and retail banking segments.
Corporate and institutional banking saw a 49% growth, while retail banking surged by 28%, reflecting the Group’s focus on customer-centric financial solutions. Commenting on these results, Regional CEO Mr. Kihara Maina attributed the Group’s 24% rise in profitability to the successful execution of the iMara 3.0 strategy. In light of this performance, the Board announced an interim dividend of KES 1.30 per share, scheduled for payment in January 2025.
“As we celebrate I&M Bank’s 50th anniversary, we remain committed to operational efficiency, customer focus, and digital transformation to sustain profitability,” said Mr. Maina.
Kenya Operations Shine with Customer-Centric Innovations
I&M Bank Kenya recorded a 21% increase in profit before tax, attributed to a notable rise in Net Interest Income. Revenues grew by 19%, with operating profit increasing by 17% year-on-year.
The Bank’s ‘Ni Sare’ initiative, which offers free transactions to mobile money platforms like M-PESA and Airtel Money, drove a 36% increase in customer numbers. Small and medium-sized enterprise (SME) acquisitions soared by 270% after extending the Ni Sare Kabisa proposition to small businesses through its Solo Biz platform.
Currently serving over 600,000 customers, I&M Bank Kenya has solidified its position as one of the region’s fastest-growing banks. Its initiatives to bridge financing gaps for SMEs and micro-businesses have also led to significant brand visibility, reflected in a 14% increase in brand awareness.
“We’re proud to report double-digit growth in revenue and profits, achieved alongside high customer satisfaction levels,” said CEO Mr. Gul Khan. He also highlighted the Bank’s Net Promoter Score (NPS) of over 70% as a testament to its focus on customer-centricity.
Regional Subsidiaries Drive Growth
I&M Group’s regional subsidiaries contributed significantly, with 30% of operating income coming from markets outside Kenya. The Group’s digital initiatives have been pivotal, with 83% of customers now digitally active.
I&M Rwanda
I&M Rwanda achieved a 55% increase in profit before tax, driven by a 32% growth in operating income. Loans and deposits grew impressively by 27% and 52%, respectively, in local currency terms.
I&M Tanzania
The Tanzanian arm reported a 73% growth in operating profit, with loans and advances rising by 11% in local currency. Total deposits also grew by 19%, despite currency translation effects impacting results in KES terms.
I&M Uganda
In Uganda, the Bank’s operating profit surged by 37%, with total assets crossing the UGX 1 trillion mark. Loans grew by 24%, while deposits increased by 7%, highlighting strong market penetration.
Bank One, Mauritius
Bank One recorded a 16% increase in operating income, with local currency growth of 10% in assets and 11% in deposits, despite a decline in KES terms due to exchange rate fluctuations.
Looking Ahead
As I&M Bank celebrates 50 years of service excellence, its focus remains on sustainable growth, innovation, and delivering value to its stakeholders. Through strategic partnerships and innovative financial solutions, the Group has positively impacted over 2.5 million lives, disbursing over KES 20 billion ($160 million).
The strong financial performance across markets highlights the Group’s commitment to regional economic growth and its ability to adapt to evolving customer needs.
