Kenya’s I&M Group PLC, a leading financial institution with operations in Kenya, Rwanda, Tanzania, Uganda, and Mauritius, has reported remarkable growth in its revenue and profit for the full year ending December 2023.
The lender’s net profit surged by 15 percent to Sh13.3 billion compared to the same period in 2022, while its operating income grew by an impressive 20 percent to Sh43 billion.
The growth in operating income was mainly driven by a 25 percent increase in interest revenue and a 10 percent increase in non-interest revenue.
The high interest income was a result of rising interest rates, while the growth in non-interest revenue can be attributed to increased income from banking transactions and foreign exchange trading.
The success of the I&M Group can be attributed to its recently concluded iMara 2.0 strategy. Kihara Maina, the I&M Group Regional CEO, expressed his satisfaction with the achievements made in both profitability and growth in various business units.
He stated, “Building upon the success of our recently concluded iMara 2.0 strategy, we have witnessed remarkable achievements in both profitability and growth in our various business units.”
Looking forward, the I&M Group is focused on its iMara 3.0 strategy, aiming to sustain its growth by enhancing its digital solutions platforms and building an ecosystem to support its customers’ businesses.
The group aims to become Eastern Africa’s leading financial partner for growth. Maina added, “Our primary aim is to sustain the growth through continued focus on enhancing our digital solutions platforms and building an ecosystem to support our customers’ businesses.”
The I&M Group’s total assets also saw significant expansion, reaching Sh580 billion, compared to Sh142 billion in the previous period. This growth can be attributed to the strong performance of the group’s loan portfolio, which grew by 30 percent to Sh311 billion.
The expansion of retail lending through the bank’s digital platforms played a key role in fueling this growth.
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