Following a strong full-year performance in 2024, I&M Group PLC posted a 16% growth in Profit Before Tax (PBT) for the first quarter of 2025, reaching KES 5.9 billion, up from KES 5.1 billion in Q1 2024. This sustained growth reflects the Group’s effective strategic execution, harnessing cross-market synergies and reinforcing its commitment to creating long-term value across the region.
Regional subsidiaries maintained a solid performance, contributing 26% of the Group’s total PBT, up from 24% in Q1 2024. “We are seeing strong momentum across our subsidiary markets, with each business delivering improved performance and contributing more meaningfully to the Group’s Profit Before Tax, a clear indication that our regional diversification strategy is bearing fruit,” said Kihara Maina, the Group’s Regional CEO.
I&M’s group results showed that revenues from cross-border business have grown markedly, underscoring the power of regional collaboration and shared innovation. “By harmonising our digital platforms and accelerating automation, we are unlocking value across all our markets,” Kihara added.
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Group Key Financial Performance Highlights – Q1 2025 Balance Sheet Performance
- Total assets grew by 7% year-on-year to close at KES 568
- Loan book rose modestly by 1%, closing at KES 294
- Customer deposits increased by 6% to KES 407 billion, driven by growth in both CASA (Current Accounts and Savings Accounts) and term deposits.
- Net Non-Performing Loans declined by 11% to KES 13 billion, reflecting improved credit risk management.
Income Statement Performance
- Operating income grew by 12%, driven primarily by a 12% rise in Net Interest
- Operating expenses (excluding provisions) rose by 12%, attributed to ongoing investment in technology, people, and branch expansion in Kenya, and
- Loan loss provisions stood at KES 6 billion, up from KES 1.5 billion in Q1 2024, underscoring continued prudence in asset quality.
I&M Bank Kenya Financial Performance Highlights
- Profit Before Tax: 8% growth supported by higher Net Interest
- Operating Income: Grew by 10% year-on-year
- Customer Deposits closed at KES 292 billion, a 2% increase year on year
- Net Non-Performing Loans declined by 9% to KES 11 billion, reflecting improved credit risk management.
- Customer Growth & Satisfaction: New-to-Bank Customer acquisition increased 134% year-on-year, and customer experience measured by Net Promoter Score (NPS) remained high at over 80% since the start of the
- Branch Network Expansion: The Bank embarked on an ambitious branch expansion plan with 23 new outlets opened in the past two years, spread over 24 counties.
Adding to this success, the Bank celebrates its Founder and Chairman Emeritus, Mr.
S.B.R. Shah, MBS who has been honored with the 2025 Lifetime Achievement in Banking Award by Think Business Africa in recognition of his visionary leadership and enduring contribution to East Africa’s financial sector.
I&M Bank Kenya was a standout at the 2025 Think Business Banking Awards, being recognized in 10 out of 14 categories, including Best Retail Bank, Best Bank in Product Innovation, and being Runner-Up for Best Corporate Bank. The Bank has broadened its focus beyond corporate banking while continuing to demonstrate clear leadership in its legacy segments.
“Our strong performance continues to demonstrate that our products and services are relevant to our customers. In just two years, we more than doubled our customer base. In Q1, our new-to-bank customer acquisition increased 134% year-on-year, with significant growth in personal and MSMEs. Customer transactions have more than doubled, a clear indicator that more Kenyan consumers are choosing I&M Bank as their primary banking partner. In Q1, we also continued to invest in our digital App, ecosystem partnerships, and branch expansion to be closer to our customers,” said Mr. Gul Khan, CEO, I&M Bank Kenya.
Strong Regional Performance
- I&M Bank Rwanda: Profit Before Tax grew by 14% in local currency, driven by increased economic activity.
- I&M Bank Tanzania: Reported Profit Before Tax of KES 324 million, more than doubling from KES 142 million in Q1 2024.
- I&M Bank Uganda: Achieved a 138% increase in Profit Before Tax, with assets growing from UGX 988 billion to UGX 1.1 trillion.
- Bank One (Mauritius): Posted a 13% increase in Profit Before Tax, driven by strong Non-Funded Income (NFI) growth, cost containment, and prudence in credit management.
I&M Group PLC Outlook
The Group remains optimistic about its performance trajectory for the remainder of the year. Strategic investments in technology, product innovation, and regional expansion will continue to position I&M Group as a leading driver of inclusive financial growth in East Africa.
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