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The latest results, released on November 19, 2024, highlight a substantial 20% growth in operating revenue, alongside an operating profit surge of 24% to KES 18.9 billion.
Kenya’s I&M Group PLC has announced a spike in its financial performance, reporting a 24% increase in Profit Before Tax for the third quarter of 2024, reaching KES 14.1 billion—up from KES 11.4 billion the previous year.
The latest results, released on November 19, 2024, highlight a substantial 20% growth in operating revenue, alongside an operating profit surge of 24% to KES 18.9 billion.
Key drivers of this success include a remarkable 37% rise in Net Interest Income, signifying the Group’s effective management of its lending portfolio and customer relationships.
Despite the challenges posed by macroeconomic factors, including a slight increase in loan loss provisions from KES 4.6 billion to KES 5.5 billion—a move that underscores the group’s commitment to maintaining high-quality earnings assets—the bank demonstrated resilience. Its operating expenses grew by 16%, driven by investments in technology and branch expansion across Kenya and Rwanda.
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The Group’s total assets experienced moderate growth, marking a 4% increase year-on-year to KES 568 billion, with customer deposits climbing 3% to KES 414 billion, bolstered by digital innovations and improved product offerings. Interestingly, while retail lending showed growth, the overall loan portfolio dipped by 2% to KES 281 billion amidst ongoing economic fluctuations.
