I&M Holdings (Plc) has reported a 20.4 per cent increase in net profit for the year to September 30, with Kenya, Rwanda and Tanzania largely contributing to the Group’s operating income.
Profit for the period was Ksh5.9 billion, up from Ksh4.9 billion the lender had in a similar period last year.
This is despite a 4.6 per cent drop in net interest income which closed the period at Ksh10.3 billion from Ksh10.8 billion.
Fee and commission income however increased 29.1 per cent to Ksh3.1 billion from Ksh2.4 billion.
This came as operating income rose by 6.8 per cent to Ksh15.7 billion from Ksh14.7 billion with revenue closing at a higher Ksh13.2 billion from Ksh13.1 billion.
During the period, the Nairobi Securities Exchange (NSE) listed bank however recorded an increase on operating expenses which shot up by 7.0 per cent to Ksh6.1 billion, up from Ksh5.7 billion.
This was mainly as a result of staff costs which increased by 6.9 per cent to Ksh3.1 billion from Ksh2.9 billion.
General expenses and premises and equipment cost the lender Ksh1.99 billion and Ksh551.2 million, up from Ksh1.93 billion from Ksh505.1 million.
The regional lender’s loan book expanded 8.5 per cent during the period to close at Ksh163.3 billion. This is up from Ksh150.5 billion the bank extended to customers in terms of loans and advances.
Customer deposits equally increased to Ksh209.04 billion from Ksh163.85 billion last year, a 27.6 per cent increase.
The company with banking subsidiaries in Kenya, Tanzania, Rwanda and a joint venture in Mauritius, closed quarter three with an asset base of Ksh289.6 billion (in value) compared to Ksh236.6 billion it had in a similar period last year.I&M portfolio comprise entities in Kenya – I&M Bank Limited, I&M Capital Limited, I&M Realty Limited, Giro Limited, I&M Insurance Agency Limited.It also covers Youjays Insurance Brokers Limited, I&M Bank (T) Limited in Tanzania,I&M Bank (Rwanda) Limited, I&M Burbidge Capital Limited and a joint venture – Bank One Limited in Mauritius .Through I&M Bank Limited, the Company has 70.38 per cent shareholding in I&M Bank (T) Limited.The company directly owns 50 per cent interest in Bank One Limited, a joint venture in a bank licensed in Mauritius, 100 per cent I&M Bank Limited, and also wholly owns I&M Capital Limited.Others are I&M Realty Limited (100 per cent shareholding),I&M Burbidge Capital Limited, which owns 100 per cent of I&M Burbidge Capital Uganda Limited(65 per cent shareholding) and Giro […]
