• Home
  • Business
  • I&M Group Records 16% Rise in H1 to Ksh 4.9 Billion
Image

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.

Related Posts

George Elombi takes Afreximbank helm, vows to transform African trade

In a historic moment for African economic sovereignty, Dr. George Elombi was officially invested as President and Chairman…

AfDB inks $73.31m loan to boost Kenya’s Science, Technology Education

The African Development Fund (ADF), part of the African Development Bank Group (AfDB), has approved a $73.31 million…

Sahara Group expands talent pipeline with Graduate Business Analyst Program

Sahara Group has introduced the Sahara Graduate Business Analyst (GBA) Program to equip emerging talent with analytical, data-driven,…

Equity Group launches 2024 Sustainability Report on Africa’s transformation

Equity Group Holdings Plc marked a significant milestone with the launch of its fourth annual Sustainability Report for…