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Wednesday, August 10, 2022
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I&M Holdings has announced a 17 per cent after tax profit growth for its 2019 half year financial results bouyed by a strong non-interest income.The lender's net profit for the year to June 30 closed at Ksh4.5 billion compared to Ksh3.9 billion recorded in a coresponding period last year.Durng the period, the Group’s loan book expanded six per cent to close at Ksh172.1 billion up from Ksh162.8 billion for the similar period last year. I&M is a leading commercial bank headquartered in Kenya, with a growing regional presence currently extending to Mauritius, Tanzania and Rwanda.

I&M Bank.

I&M quarter three profit jumps 20.4% on higher income

During the period, the Nairobi Securities Exchange (NSE) listed bank however recorded an increase on operating expenses which shot up by 7.0 per cent to Ksh6.1 billion, up from Ksh5.7 billion.

by Chacha Mwita
November 27, 2018
in East Africa
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NAIROBI, KENYA, NOVEMBER 27 — I&M Holdings (Plc) has reported a 20.4 per cent increase in net profit for the year to September 30, with Kenya, Rwanda and Tanzania largely contributing to the Group’s operating income.

Profit for the period was Ksh5.9 billion, up from Ksh4.9 billion the lender had in a similar period last year.

This is despite a 4.6 per cent drop in net interest income which closed the period at Ksh10.3 billion from Ksh10.8 billion.

Fee and commission income however increased 29.1 per cent to Ksh3.1 billion from Ksh2.4 billion.

This came as operating income rose by 6.8 per cent to Ksh15.7 billion from Ksh14.7 billion with revenue closing at a higher Ksh13.2 billion from Ksh13.1 billion.

During the period, the Nairobi Securities Exchange (NSE) listed bank however recorded an increase on operating expenses which shot up by 7.0 per cent to Ksh6.1 billion, up from Ksh5.7 billion.

This was mainly as a result of staff costs which increased by 6.9 per cent to Ksh3.1 billion from Ksh2.9 billion.

General expenses and premises and equipment cost the lender Ksh1.99 billion and Ksh551.2 million, up from Ksh1.93 billion from Ksh505.1 million.

The regional lender’s loan book expanded 8.5 per cent during the period to close at Ksh163.3 billion. This is up from Ksh150.5 billion the bank extended to customers in terms of loans and advances.

Customer deposits equally increased to Ksh209.04 billion from Ksh163.85 billion last year, a 27.6 per cent increase.

The company with banking subsidiaries in Kenya, Tanzania, Rwanda and a joint venture in Mauritius, closed quarter three with an asset base of Ksh289.6 billion (in value) compared to Ksh236.6 billion it had in a similar period last year.

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.

On October 25, 2017,  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.

 

Tags: Giro LimitedI&M Bank (Rwanda) LimitedI&M Bank (T) Limited in TanzaniaI&M Bank LimitedI&M Burbidge Capital LimitedI&M Burbidge Capital Uganda LimitedI&M Capital LimitedI&M Holdings (Plc)I&M Insurance Agency LimitedI&M Insurance Agency Limited (IMIAL)I&M Realty LimitedKenyaMauritiusNairobi Securities Exchange (NSE)RwandaTanzaniaYoujays Insurance Brokers Limited

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Chacha Mwita

Chacha Mwita is a business reporter based in Kenya. He covers equities, capital markets, trade and the East Africa economic developments.

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