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I&M Bank Q3 Profit Up By 25 Percent To 5.45 Million

BY Lynnet Okumu · November 30, 2021 11:11 am

KEY POINTS

Total operating expenses increased by 28 percent to 9.7 billion shillings as a result of Increased investment in digitization.

I&M Group has recorded a 25 percent increase in its 2021 Q3 profits which rose to 5.45 billion shillings. This growth was attributed to increased investments in digital client solutions, according to the group.

I&M Group PLC Chairman Daniel Ndonye stated that the results showcase the efforts of the bank to bring positive outcomes through strategic moves that drive business growth, build resilience and optimize operational efficiency across the Group.

“The actions taken by the Group to improve its operating efficiencies and financial returns, as well as the gradual economic recovery, have placed it on a strong upward growth trajectory,” he said.

The group’s net interest income, on the other hand, rose by 34 percent from 10 billion shillings to 14 billion shillings on account of improved earnings from government securities and a reduction in interest expenses.

Total operating expenses increased by 28 percent to 9.7 billion shillings as a result of Increased investment in digitization.

The Group’s asset base rose by 16 percent to 399 billion shillings due to increases in the loan book and investments in government securities.

The loan portfolio grew by 12 percent to 208 billion shillings while the Group’s Net Non-Performing loans stood at 7.5 billion shillings. This shows an 11 percent reduction year on year, while the Shareholder’s Equity for the Group grew to 68 billion from 60 billion shillings.

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