I&M Bank Tanzania recorded profits of TZS 5.1 billion in the first half of 2024, representing an impressive increase of 982% from TZS 0.5 billion at the beginning of 2024. The bank’s pre-tax profits saw a rise of 981%, reaching TZS 7.3 billion (Ksh 356 million). The Kenyan banking subsidiary further recorded an increase in revenue, reaching TZS 32.5 billion (Ksh 1.58 billion) from TZS 26 billion at the start of the year.
I&M Bank Tanzania’s customer loan portfolio also experienced a 12 percent growth, rising to TZS 447 billion from TZS 399 billion. Total assets increased by 15 percent to TZS 759.6 billion (Ksh 37 billion), up from TZS 660 billion at the beginning of the year. Customer deposits improved significantly, jumping from TZS 485 billion at the start of 2024 to TZS 592.8 billion, marking a 22 percent increase.
I&M Bank Tanzania’s net interest income also witnessed an increment of 32 percent to TZS 26.3 billion (Ksh 1.28 billion), while the non-interest income surprisingly remained constant at TZS 6.2 billion. Total operating expenses for the first half of the year were reduced by 1 percent, decreasing to TZS 25.2 billion. The shareholders’ funds rose by 9 percent to TZS 109.7 billion, from TZS 100 billion at the beginning of the year.
For the first half of the year, I&M Bank Tanzania’s NPL (Non-Performing Loans) ratio was at 11%, while the return on average equity was at 9.5 percent. This notable performance highlights the bank’s strong financial health and strategic growth initiatives, positioning it favorably in the competitive banking sector.
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Kenyan banks’ subsidiaries in Tanzania performed extremely well during the first half of the year 2024, with DTB Tanzania’s profit before tax jumping by an impressive 226 percent to TZS 25.2 billion, equivalent to Ksh 1.22 billion. Additionally, KCB Bank Tanzania recorded a TZS 38.7 billion profit before tax, a 51 percent improvement from the TZS 25 billion it posted at the beginning of the year (Q1 2024). NCBA Tanzania also recorded a profit before tax of TZS 6.15 billion, representing an impressive 13 percent increase.