Following a strong full-year performance in 2024, I&M Group PLC posted a 16% growth in Profit Before Tax (PBT) for the first quarter of 2025, reaching KES 5.9 billion, up from KES 5.1 billion in Q1 2024. This sustained growth reflects the Group’s effective strategic execution, harnessing cross-market synergies and reinforcing its commitment to creating long-term value across the region.
Regional subsidiaries maintained a solid performance, contributing 26% of the Group’s total PBT, up from 24% in Q1 2024. “We are seeing strong momentum across our subsidiary markets, with each business delivering improved performance and contributing more meaningfully to the Group’s Profit Before Tax, a clear indication that our regional diversification strategy is bearing fruit,” said Kihara Maina, the Group’s Regional CEO. I&M’s group results showed that revenues from cross-border business have grown markedly, underscoring the power of regional collaboration and shared innovation.
“By harmonising our digital platforms and accelerating automation, we are unlocking value across all our markets,” Kihara added.
Group Key Financial Performance Highlights – Q1 2025
Balance Sheet Performance
• Total assets grew by 7% year-on-year to close at KES 568 billion.
• Loan book rose modestly by 1%, closing at KES 294 billion.
• Customer deposits increased by 6% to KES 407 billion, driven by growth in
both CASA (Current Accounts and Savings Accounts) and term deposits.
• Net Non-Performing Loans declined by 11% to KES 13 billion, reflecting
improved credit risk management.
Income Statement Performance
• Operating income grew by 12%, driven primarily by a 12% rise in Net Interest
Income.
• Operating expenses (excluding provisions) rose by 12%, attributed to ongoing
investment in technology, people and branch expansion in Kenya and Rwanda. • Loan loss provisions stood at KES 1.6 billion, up from KES 1.5 billion in Q1
2024, underscoring continued prudence in asset quality.
I&M Bank Kenya Financial Performance Highlights
• Profit Before Tax: 8% growth supported by higher Net Interest Income.
• Operating Income: Grew by 10% year-on-year.
• Customer Deposits closed at KES 292 billion, a 2% increase year on year.
• Net Non-Performing Loans declined by 9% to KES 11 billion, reflecting
improved credit risk management.
• Customer Growth & Satisfaction: New-to-Bank Customer acquisition
increased 134% year-on-year and customer experience measured by Net
Promoter Score (NPS) remained high at over 80% since the start of the year.
• Branch Network Expansion: The Bank embarked on an ambitious branch expansion plan with 23 new outlets opened in the past two years spread over
24 counties.
Adding to this success, the Bank celebrates their Founder and Chairman Emeritus Mr. S.B.R. Shah, MBS who has been honoured with the 2025 Lifetime Achievement in Banking Award by Think Business Africa in recognition of his visionary leadership and enduring contribution to East Africa’s financial sector.
I&M Bank Kenya was a standout at the 2025 Think Business Banking Awards, being recognised in 10 out of 14 categories, including Best Retail Bank, Best Bank in Product Innovation, and being Runner-Up for Best Corporate Bank. The Bank has broadened its focus beyond corporate banking while continuing to demonstrate clear leadership in its legacy segments.
“Our strong performance continues to demonstrate that our products and services are relevant for our customers. In just two years, we more than doubled our customer base. In Q1 our new-to-bank customer acquisition increased 134% year-on-year with significant growth in personal and MSME’s. Customer transactions have more than doubled, a clear indicator that more Kenyan consumers are choosing I&M Bank as their primary banking partner. In Q1 we also continued to invest in our digital App, eco-system partnerships and branch expansion to be closer to our customers” said Mr. Gul Khan, CEO, I&M Bank Kenya.
Strong Regional Performance
• I&M Bank Rwanda: Profit Before Tax grew by 14% in local currency, driven
by increased economic activity.
• I&M Bank Tanzania: Reported Profit Before Tax of KES 324 million, more
than doubling from KES 142 million in Q1 2024.
• I&M Bank Uganda: Achieved a 138% increase in Profit Before Tax, with
assets growing from UGX 988 billion to UGX 1.1 trillion.
• Bank One (Mauritius): Posted a 13% increase in Profit Before Tax, driven by
strong Non-Funded Income (NFI) growth, cost containment and prudence in
credit management.
I&M Group PLC Outlook
The Group remains optimistic about its performance trajectory for the remainder of the year. Strategic investments in technology, product innovation and regional expansion will continue to position I&M Group as a leading driver of inclusive financial growth in East Africa.
