EARNINGS

I&M bank net profit grows to Sh10.7 billion

Its Kenya operations contributed the lion share.

In Summary

Interest income, mainly from loans grew to Sh27.1 billion from Sh25.9 billion the previous year.

•I&M has operations in Kenya, Mauritius, Rwanda,Tanzania and Uganda.

I&M building in Nairobi/
I&M building in Nairobi/
Image: FILE

Listed bank I&M Holdings has reported a 25.9 per cent growth in net profit for the year ended December 2019, driven by operating income mainly in Kenya.

The group's profit after tax rose to Sh10.7billion in the period under review, up from Sh8.5 billion the previous year.

Its Kenya operations contributed the lions share, accounting for Sh9 billion of the total earnings after tax.

 
 
 

The lender made Sh898.9 million in Mauritius, Rwanda(Sh678.8 million) and Tanzania (Sh264.9 million). It's Uganda's operations remained low with a paltry Sh6,000 after tax earnings.

During the year, the lender's loan book grew five per cent as it extended Sh175.3 billion to customers as loans, compared to Sh166.7 billion in 2018.

Interest income, mainly from loans grew to Sh27.1 billion from Sh25.9 billion the previous year.

Net interest income however remained flat at Sh15.5billion as expenses increased to Sh11.6 billion from Sh10.4 billion a year earlier.

Customer deposits in the year grew 7.8 per cent to Sh229.7 billion compared to Sh213.1 billion the previous year, its audited condensed financial statement shows.

Directors have proposed a dividend of Sh2.55 per share.

I&M which has operations in Kenya, Mauritius, Rwanda,Tanzania and Uganda pegs its growth in profits to "good returns on investment from new diversified products."