Kenyan-based I&M Bank Group posted net earnings of KSh 6.6 billion at the end of nine months of 2019. This is compared to KSh 5.9 billion made at the end of Q3, 2018.
The Group is incorporated in Kenya and operates in five countries – Kenya, Tanzania, Rwanda, Uganda and Mauritius through its subsidiaries, affiliates and joint venture investments in each of these countries.
Its Total assets increased to KSh 324.3 billion in Q3 2019 compared to KSh 289.6 billion over a similar period last year.
Customer deposits increased from KSh 209 billion to KSh 236.2 billion while Net Interest Income rose to KSh 10.6 billion compared to KSh 10.1 billion in the third quarter of 2018.
The Group consists of entities in Kenya – I&M Bank Limited, I&M Capital Limited, I&M Realty Limited, Giro Limited, I&M Insurance Agency Limited, Youjays Insurance Brokers Limited, I&M Bank (T) Limited in Tanzania, I&M Bank (Rwanda) Limited in Rwanda, I&M Burbidge Capital Limited in Kenya and Uganda and a joint venture – Bank One Limited in Mauritius.
Out of the 5 segments, Net earnings from the Kenyan operation was KSh 5.3 billion, Tanzania KSh 162.3 million, Rwanda KSh 479.2 million, Mauritius KSh 604.1 million and Uganda a net loss of KSh 1 million.
I &M Holdings Plc, formerly known as City Trust Limited (CTL), was incorporated on 16th August 1950 and is one of the oldest companies to list on the Nairobi Securities Exchange (NSE).
I&M Holdings was licensed and approved under the Banking Act following a reverse takeover of CTL by I&M Bank Limited in June 2013.
The shareholders of I&M Holdings Plc includes CDC Group Plc, a development finance institution wholly owned by the UK Government as well as local and foreign institutional and individual investors.
Following a reverse acquisition between City Trust Limited (CTL) and I&M Bank Limited, CTL changed its name to I&M Holdings Limited. This new entity was listed at the NSE on June 25, 2013, with 392,362,039 ordinary shares with a par value of KSh 1/-. I&M Holdings is the holding company for the I&M Bank Group.
