I&M holdings posted a 17 per cent increase in 2018 net earnings to reach KSh8.5 billion from KSh7.3 billion recorded in the previous financial year. The bank credited the good results on improved performance in the non-interest revenue stream. Income from non-interest sources increased by 32 percent to reach KSh7.6 billion while interest income only increased by 0.3 percent to amount to KSh15.6 billion.
The lender expanded its customer deposits by 21 percent to KSh213 billion from KSh169 billion recorded in 2017. In similar manner, its loans and advances went up 9 percent to KSh167 billion. I&M’s assets and liabilities rose by 20 percent and 23 percent to reach KSh288 billion and 238 billion respectively.
In the period under review, I&M holdings PLC finalized its 100 percent acquisition of YouJays Insurance Brokers limited, thereby expanding its bancassurance unit, I&M Insurance Agency limited.
Directors of the bank declared an interim dividend of KSh3.90 in the first half of 2018. The mid-year dividend was paid out in January 2019. For the final dividend, the board members recommend a bonus issue of one share for every ordinary share held to be paid on or shortly after the company’s AGM on 23rd May 2019. If successful, the bonus issue will see investors double their shares in I&M holdings PLC.
