Kenyan-based I&M Holdings, with a presence in 4 other regional countries, has posted a decline in Net Profit to KSh 3.2 Billion for the six months ended 30th June 2020. This is against a Net Profit of KSh 4.5 Billion over a similar period last year.
With subsidiaries in Kenya, Tanzania, Rwanda, Uganda and Mauritius, the Group’s pre-tax profit declined from KSh 6.2 Billion to KSh 4.5 Billion.
The Group’s unaudited financial statements for the six months period ended 30th June 2020, shows that its net interest income declined to KSh 6.9 Billion from KSh 7 Billion while Net fees and commissions dropped from KSh 1.99 Billion to KSh 1.89 billion.
The lender’s revenue decreased slightly from KSh 9 Billion to KSh 8.8 Billion, pushing down Net operating income from KSh 10.3 Billion to KSh 9.9 Billion.
The Group’s Total Comprehensive Income declined from KSh 4.7 Billion to KSh 3.3 Billion with what equity holders of the firm possess decreasing to KSh 3 Billion from KSh 4.5 Billion.
I&M balance sheet grew from KSh 317.1 Billion to KSh 340.6 Billion, driven by growth in loans to customers from KSh 172.2 Billion to KSh 184.6 Billion.
Customer deposits increased to KSh 252.5 Billion from KSh 237.2 Billion with Total Shareholders Equity increasing from KSh 55.4 Billion to KSh 62.1 Billion.
Earnings per share, which measures the profitability of a firm, declined from KSh 10.38 to KSh 3.69. The lender’s operating profit declined to KSh 5.1 Billion from KSh 5.8 Billion.
The Kenyan subsidiary accounted for the largest portion of the Group’s Net earnings at KSh 3.4 Billion.
This is compared to Tanzania( KSh 116.2 Million), Rwanda( KSh 238.3 Million), Uganda( KSh 1.4 Million) with the business in Mauritius suffering a net loss of KSh 584.3 Million.
Kenya’s business also has the largest balance sheet size, at KSh 306.3 Billion. This is compared to Tanzania( KSh 24 Billion), Rwanda( KSh 39.8 Billion), Mauritius( KSh 4.6 Billion) and Uganda(KSh 7.9 Billion).
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https://www.imbank.com/storage/uploads/2020/08/27/5f47468615a9a2020-HOLDINGS-FINANCIALS-DN-4.pdf
