I&M Bank has released its financial results for the first quarter of 2023 posting a flat Profit After Tax of KES 2.7 billion.
During the quarter, the bank’s total assets grew by 9.7% to reach KES 472.6 billion loans and advances growing at 18% to KES 257.7 billion.
Total Interest Income hit KES 10.2 billion primarily on the back of the increased interest income from loans and advances. The bank’s gross Non-Performing Loans (NPLs) increased by 24.2% to KES 29.3 billion.
I&M Bank saw a 29.7% increase in operating income to KES 9.6 billion as operating expenses increase by 29.4% to reach KES 4.4 billion.
I&M Bank’s foreign exchange trading income hit KES 1.4 billion in Q1 2023. Furthermore, fees and commissions on loans and advances witnessed a 20% growth, amounting to KES 0.6 billion.
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