NAIROBI, AUGUST 28 ― I&M Holdings (PLC) has posted a 14.7 per cent rise in half-year earnings as the company gained mainly from net fee and commission income.
The lender’s profit-after-tax for the year to June netted Ksh3.9 billion up from Ksh3.4 billion in a similar period last year.
This came as net fee and commissions grew 35.7 per cent to close the period at Ksh1.9 billion up from Ksh1.4 billion.
Total operating income was Ksh10.5 billion, a 9.4 per cent increase from Ksh9.6 billion in June last year.
The Nairobi Securities Exchange listed lender also saw a growth in its loan book which expanded 12.7 per cent to Ksh162.8 billion compared to Ksh144.5 billion it advanced to customers last year.
During the period, customer deposits also grew to Ksh210.9 billion from Ksh161.5 billion, a 30.6 per cent growth.
Operating expenses on the other hand equally increased by 7.7 per cent to close the six months at Ksh4.2 billion. This is up from Ksh3.9 billion in June last year. This was mainly on increased staff cost and expenses on its business premises.
The company with banking subsidiaries in Kenya, Tanzania, Rwanda and a joint venture in Mauritius grew its assets by 23.5 per cent to Ksh283.1 billion, up from Ksh229.2 billion.
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 Limited (formerly Giro Commercial Bank Limited) where it has 100 per cent shareholding.
October 2017, 25 I&M Insurance Agency Limited (IMIAL), a wholly owned subsidiary of I&M Holdings Limited, entered into a Share Purchase Agreement with the shareholders of Youjays Insurance Brokers Limited (YIB) to acquire 100 per cent shareholding in YIB.
“Following the receipt of all regulatory approvals and the satisfactory completion of all conditions precedent outlined in the Sale and Purchase Agreement, IMIAL successfully completed this acquisition on 31 March 2018. The results of YIB are consolidated in these financials,” the firm stated in its financial results statement.