I&M Group posted a 2.2% increase in Profit After Tax to KSh 5.033 Billion at the end of the six-month period ended 30th June 2023 compared to KSh 4.9 Billion over a similar period in 2022.
I&M posted an increase in net income by 22% to KSh 21.3 Billion while its operating income was up 22.8% to KSh 19 Billion. The lender increased its loan loss provisions by 144.5% to KSh 3.2 Billion while its Gross Non-performing loans were up 57.5% to KSh 36.7 Billion.
The lender’s Balance Sheet size grew by 14.5% to reach KSh 503.5 Billion from KSh 439.7 Billion in the first half of 2022. Net loans and advances to customers grew from KSh 231.1 Billion in HY 2022 to KSh 269.7 Billion at the end of the first six months of this year.
Customer deposits rose from KSh 313 Billion to KSh 355.8 Billion during the period under consideration.
I&M Group Equity owned by Shareholders
Total Shareholders’ equity, what owners of the group would be paid if the business is liquidated, increased from KSh 66.5 Billion in HY 2022 to KSh78.2 Billion in HY 2023.
I&M loan book grew 16.74% to KSh 269.74Billion faster than customer deposits which grew by 13.92% to KSh 356.76Bn leading to a 183bps increase in loan to deposit ratio to 75.61% from 73.78% in HY’22.
Analysts at AIB-AXYS anticipate continuing expansion in I&M client base and digital footprint after waiving its bank-to-mobile fees.
I&M Holdings closed its trading on Thursday, August 24, 2023 at KSh 18.10 per share on the Nairobi Securities Exchange (NSE), recording a 0.3% drop from its previous closing price of KSh 18.15.
The counter began the year with a share price of KSh 17.00 and has since gained 6.47% on that price valuation, ranking it 19th on the NSE in terms of year-to-date performance.
I&M Group Plc operates in five countries – Kenya, Tanzania, Rwanda, Uganda and Mauritius through its subsidiaries, affiliates and joint venture investments in each of these countries.
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