I&M Holdings Limited is a Nairobi Securities Exchange listed conglomerate comprising financial service providers including banking, insurance and real estate. The company’s units operate in Kenya, Tanzania, Rwanda and Mauritius.
In the Half year period ended June 30th, I&M Holdings reported a group profit before tax of Sh4.18 billion versus Sh 3.4billion reported a year ago. The jump was mainly driven by an increase in the net interest income from the Banking side which rose to Sh7.2 billion from Sh5.9 billion a year ago.
In the period under review, customer deposits for the whole group increased to Sh 146.4 Billion from Sh 129.5 Billion. Loans and advances grew to Ksh 132.5 Billion from Ksh 123 Billion of 2015. Group total assets are now at Ksh 210 Billion versus Ksh 189Billion reported in the same period last year.
In Q3 last year, the I&M acquired Kenya based lender, Giro Commercial Bank and merged the business with that of I&M Bank Kenya. In 2012, the group also acquired a controlling interest in Commercial Bank of Rwanda (BCR), the second-largest commercial bank in Rwanda. In 2013 BCR rebranded to I&M Bank (Rwanda), to reflect its current shareholding. Later in 2013, the board of City Trust and that of I&M Bank announced a reverse takeover of the latter.