I&M Group posted KSh 9.95 billion in net profits in the 9 months to September, a 21.3% uptick from KSh 8.2 billion recorded in the same period in 2023.
- The jump in profits saw the listed lender declare an interim dividend of KSh 1.30 per share, amounting to KSh 2.1 billion – payable on 15th January to shareholders in the company register as of 16th December 2024.
- The profit growth was fueled by a 19.8% surge in revenues to KSh 35.8 billion underpinned by a double digit increase in interest income as interest earning assets yielded higher returns.
- Despite a 1.3% reduction in the gross non-performing loans, the lender increased the loan loss provisions by 18.9% to KSh 5.5 billion reflecting a prudent strategy.
“The increase in profitability are markers of a strong start of our iMara 3.0 strategy. Based on the strong performance, the board of directors announced an interim dividend of Sh1.30 per share,” I&M’s regional Chief Executive Kihara Maina said in a statement.
Customer loans ended the quarter 2.1% lower at KSh 281.3 billion while customer deposits edged higher 2.8% to KSh 413.8 billion as the lender continued to adopt a conservative lending approach. The lender expanded its investments in government securities by 31% to KSh 96.2 billion.
Earnings per share grew by 17.9% to KSh 5.54, from KSh 4.70 in Q3 2023, driven by robust growth in total operating income.
The banking multinational set to receive KSh 4.2 billion from the 86.5 million new shares announced in October, awaiting approval from shareholders.
AfricInvest, Norwegian Investment Fund and Nederlandse Financierings – private equity funds all affiliated to East Africa Growth Holdings, agreed to subscribe to the shares at KSh 48.42 per ordinary share of KSh 1.00 per share.
I&M Group is publicly listed at the Nairobi Securities Exchange (NSE) with subsidiaries in Rwanda, Mauritius, Tanzania and Uganda.
“The company intends to deploy the subscription proceeds to grow the group’s business activities, with the aim of achieving its strategic ambitions set out under the iMara 3.0 strategy, including the aspiration to increase its market share in the region and grow shareholder value,” I&M said in a circular to shareholders.
https://kenyanwallstreet.com/east-africa-growth-to-acquire-an-extra-5-of-im-bank/
