June 14, 2024

I&M Group Q1 2024 Profits Climb to Ksh 3.6 Billion

I&M Group Q1 2024 Profits Climb to Ksh 3.6 Billion

I&M Group profits surged by an impressive 35.44%, reaching Ksh 3.60 billion in Q1 2024 compared to Ksh 2.66 billion in Q1 2023. This strong performance continues a positive trend that began in 2020, where the bank made a profit of Ksh 1.66 billion, growing to Ksh 1.89 billion in 2021. The momentum continued in 2022 with profits reaching Ksh 2.7 billion.

A key driver of I&M Group’s success was the substantial increase in customer loans. The loan portfolio expanded by 13.10% to Ksh 291.48 billion, up from Ksh 257.71 billion in the same period last year. This growth indicates a growing demand for credit from both retail and corporate clients, reflecting confidence in the Group’s lending capabilities.

The positive momentum extended to customer deposits, which grew by a remarkable 18.23% to Ksh 383.88 billion compared to Ksh 324.67 billion in Q1 2023. This growth can be attributed, in part, to I&M Group’s focus on product innovation and digitization. By creating user-friendly platforms and offering a wider range of financial products, the Group is making banking services more convenient and accessible for a broader audience.

Overall asset growth also accelerated, with total assets reaching Ksh 532.96 billion, a 12.77% increase from Ksh 472.61 billion in the previous year’s first quarter.

I&M Group’s revenue also experienced healthy growth, rising by 20.6% to KES 11.55 billion from Ksh 9.58 billion in Q1 2023. Gross non-performing loans increased slightly to KES 33.71 billion from Ksh 29.31 billion, with the cost-to-income ratio improving to 44.18% compared to 45.84% in the previous year’s first quarter.

Notably, the number of issued shares has remained steady at 1.65 billion for the past three years. The share price has also seen a positive increase, closing at Ksh 22.05 billion in Q1 2024 compared to Ksh 20.85 billion in the same period last year. This reflects a growing investor confidence in the Group’s future prospects. The price-to-book ratio, a metric used to assess a company’s value relative to its book value, has also improved slightly from 0.44 in Q1 2023 to 0.42 in Q1 2024.

For inquiries and assistance on I&M Bank’s services, you can reach out to the i&m bank customer care through the i&m bank contacts at +254 719 088 000, +254 20 322 1000, +254 732 100 000, or toll-free number 0800721088. You can also reach them via email at customercare@imbank.co.ke. You can also utilize the i&m bank paybill number 542542 or the i&m bank USSD code *458# for quick transactions. The i&m bank swift code is IMBLKENA for international transactions.