Browsing: I&M Bank Kenya

I&M;Dutch lender have agreed to cover Sh1.7 billion in SME loans.

As part of its ongoing, I&M Bank intends to broaden its engagement with micro, small, and medium-sized enterprises (MSMEs); therefore, the risk-sharing facility will be used for the MSME portfolio.

More than one-third of Kenya’s gross domestic product is generated by micro, small, and medium-sized enterprises (MSMEs), most of which are held by women and young people. However, many business owners continue to have difficulty gaining access to various forms of financial assistance.

Traditional business customers have been the primary focus of the bank’s attention as of late. Following the plan laid out by the bank, I&M Bank will broaden the availability of financial services to micro, small, and medium-sized enterprises (MSMEs) all over the nation while simultaneously offering digital solutions, such as partnerships with fintech companies, to facilitate a seamless transition.…

Regional Financial Services Group, I&M Group PLC has announced an increase of 33 per cent after-tax profit for its 2021 half-year financial results up from UGX 102.5 billion to UGX 134.6 billion.  

In a statement, the Group says its Total Assets recorded a growth of 12 per cent to close at UGX 12.2 trillion up from UGX 10.9 trillion in June 2020, bolstered by expansion into Uganda and increased private and public sector lending.

The Group adds that the acquisition of Orient Bank Ltd (OBL) in Uganda has expanded the Group’s balance sheet by UGX 753 billion as of the reporting date.

Net interest income also recorded growth of 28 per cent to UGX 285.2 billion up from UGX 221.1 billion in June 2020 attributed to increased interest income from government securities.

The Group’s total Non-Funded Income reduced by 6 per cent to UGX 124.9 billion from UGX 134.6 billion.…