I&M Bank Q3 Earnings Decline 22% to Sh 3.9 Billion

Tier two lender I&M Bank Kenya has reported its financial results for the nine month period ended September 2017 with net earnings declining by 22% to Sh 3.9 Billion.

Highlights

  • Total interest income for the period fell by 4 to Sh 15.2 Billion as total interest expense also declined by 6.7% to Sh 5.9 Billion.
  • Total operating expenses increased by 11% to Sh 6.7 Billion
  • Non interest income grew 9.3% to Sh 3.3 Billion
  • Loans and advances to customers grew 9.6% to Sh 133 Billion while customer deposits grew by the same margin to Sh 141 Billion.
  • Loan loss provision was up by a massive 104% to Sh 1.9 Billion.
  • Pre Tax Profit declined 18% to Sh 6 Billion
  • Investment in securities was up 16% to Sh 48.7 Billion
  • Gross Non Performing loans increased by 59% to Sh 9.9 Billion.