- I&M Group PLC has appointed East African Breweries Limited Group Chief Financial officer Risper Genga Ohaga as an Independent Non-Executive Director of the Company.
- Ohaga is a seasoned finance professional with over 23 years’ experience in Financial Management, Strategy, Audit and Risk Management spanning multiple countries.
- She holds a Bachelor of Commerce (BCom) from University of Nairobi, is a Certified Public Accountant of Kenya (CPA-K) and a Certified Internal Auditor (CIA).
I&M Group PLC has appointed East African Breweries Limited Group Chief Financial officer Risper Genga Ohaga as an Independent Non-Executive Director of the Company.
Ohaga is a seasoned finance professional with over 23 years’ experience in Financial Management, Strategy, Audit and Risk Management spanning multiple countries. She holds a Bachelor of Commerce (BCom) from University of Nairobi, is a Certified Public Accountant of Kenya (CPA-K) and a Certified Internal Auditor (CIA).
“The Board is pleased to welcome Ms. Ohaga to the I&M Group PLC Board. Her in-depth business and financial expertise will bring added value to our board,” the firm says in a statement.
The move comes as the company continues to implement its digital strategy in the region.
The Group including its Eastern Africa subsidiaries, rolled out new digital solutions aligned to its business growth strategy. In Kenya, I&M Bank launched its unsecured automated lending solution targeting small businesses and Retail clients through its mobile and internet banking platform – I&M On-The-Go (OTG).
This solution enables a customer to conveniently apply for a loan from an amount of Ksh50,000 up to a maximum of Ksh3 million for a period of 4 years. In Tanzania, the partnership launch with Airtel of its mobile lending solution, Kamalisha, is showing good early uptake.
The Kenyan subsidiary has continued to invest in financial support programmes geared towards financing small businesses (MSMEs) through partnering with IFC and FMO to provide access to financing for working capital, expansion, and to weather the effects of COVID-19. The move is part of the Group’s strategy to diversify its revenue streams for business growth through deeper penetration in the MSME space.
I&M Bank Kenya also launched an enhanced set of financial solutions tailor-made to support the Bank’s strategy of growing its Retail and MSME segments. These include simplified transactional accounts such as the Pay-Go and Club Accounts, targeting the young professionals and High Networth Individuals, and the Business Premier Account and Business Account, catering for the Corporate and Business clients. Also the offerings come with a set of world-class debit cards extended in partnership with Mastercard.
In Rwanda, I&M Bank via its partnership with SPENN launched a loan product for micro borrowers, allowing its clients to borrow up to Rwf 500,000, (Kes 58000), supporting deeper financial inclusion in Rwanda.
To support its Regional customers, the Group launched a single transactional account and real-time payments platform known as I&M BRISK, which allows I&M Bank customers to access real-time withdrawals, deposits and funds transfers at any I&M Bank branch in Kenya, Rwanda, and Tanzania using their existing account.
Group Performance
In the first half of 2022, the Group reported a 16 percent growth in profit after tax to $49Mn compared to $42Mn in the same period in 2021.
During the period under review, the Group’s balance sheet and income improved while strong liquidity and a solid capital base were maintained. The Group’s total assets grew by 15 percent to $4.4Bn, up from $3.82Bn in June 2021 while the loan portfolio increased by 13 percent to $2.31Bn, while investments in government securities were up by 17 percent.
Customer deposits closed at $3.13 Bn, a 13 percent increase year on year, with 85 percent of its customers now initiating transactions through digital channels.
Regional Performance
The Group’s Flagship subsidiary, I&M Bank, Kenya recorded a profit after tax of $38Mn, compared to $30Mn in June 2021 reflecting a 27 percent year on year growth. The performance was driven by growth in net interest income and non-funded income by 11 percent and 20 percent respectively and a reduction in loan loss provisions. Total assets grew by 13 percent to close at $3.19Bn driven by a 12 percent growth in the loan book.
I&M Bank Rwanda reported a 29 percent increase in profit after tax for the half year to June 2022. The Bank’s strong performance was driven by increased economic activity, with loans and deposits growing by 21 percent and 27 percent respectively, which in turn led to strong growth in net interest income and net fee income.
In Tanzania I&M recorded a marginal drop in profit after tax due to an increase of 14 percent in operating expenses due to investment in technology while I&M Bank Uganda reported its first year-on-year results as a member of the Group, posting a profit after tax of #250, 000. I&M Group completed the acquisition of a 90 percent stake in Uganda’s Orient Bank Limited on 30 April 2021.
The Group’s joint venture, Bank One in Mauritius recorded a profit after tax of Mur 160 million (Kes 411 million) for the 6 months to June 2022 compared to Mur 198 million (Kes 536 million) for the same period last year. The half year results for 2021 included one off exceptional gains of Mur 78 million (Kes 29 million) on sale of financial assets.
