I&M Group PLC has increased its Profit Before tax by 24% to KES 8.7 billion in first half of 2024, up from KES 7.0 billion in the same period in 2023. The Tier 1 Bank reported strong operating revenues across all its markets, with regional businesses accounting for 26% of the Profit Before Tax.
Operating income was driven by significant growth in the corporate and retail segments, which saw increases of 49% and 34% respectively.
Key Financial Performance Highlights
Balance sheet highlights
• The Group’s balance sheet grew steadily, with total assets increasing by 12% over the same period in 2023 to close at KES 564 billion.
• The loan portfolio grew by 5% during the period under review to reach KES 284 billion in line with the group’s growth strategy for retail lending and growth in the subsidiary balance sheets.
• Customer deposits closed at KES 419 billion, an 18% increase year on year as the Group continued focusing on product innovation and digitization.
• The Net Non-Performing Loans stood at KES 15 billion from KES 18.4 billion in the prior year.
Income statement highlights
•  The Group posted a Profit After Tax of KES 6.1billion up from KES 5.03 billion in the same period last year, a growth of 21%.
• Operating income recorded a growth of 19% for the period under review,  driven by a 35% increase in Net Interest Income while the Group’s operating profitability increased by 21% year on year to KES 11.9 billion.
• Loan loss provisions closed at KES 3.5 billion up from KES 3.2 billion in the same period last year as the Group maintained prudence in asset quality management.
• The Group’s operating expenses, exclusive of loan loss provisions, recorded an increase of 16% year on year to close at KES 10.8 billion driven by continued investment in technology and people across all markets.
