I&M Group Records 16% Rise in H1 to Ksh 4.9 Billion

I&M Group,a financial services institution, has announced a Sh4.9billion half-year net profit, a 16 per cent rise from Sh4.2 billion posted in the same period last year.

The rise in the lender’s earnings was attributed to a 21.9 per cent jump in total operating income to Sh15.6 billion from Sh12.8 billion.

I&M’s total assets, on the other hand, grew to Sh347.6billion. The lender’s loan-loss provisioning costs rose by 18.2 per cent to Sh1.3 billion, pushing the bank’s non-interest operating expenses up by 19.4 per cent to Sh8.6 billion.

The higher provisions for bad loans come as the bank’s gross non-performing loans (NPLs) rose slightly to Sh23.3 billion from Sh22.9 billion.

I&M’s net loans and advances to customers have grown by 13 per cent to Sh231.1 billion from Sh204.5 billion.

The bank’s customer deposits were up by a similar margin in the period to Sh313.2 billion from Sh276.8 billion.

The lender did not recommend the payment of an interim dividend for the period.