I&M holdings net profit in the nine months to September 2020 slipped to KSh4.6 billion, a 30.8% decline from KSh6.6 billion posted in the same period in 2019. The company operates several subsidiaries in Kenya, Tanzania, Rwanda, Uganda, and Mauritius.
Kenya is I&M’s largest market and it brought in KSh13.18 billion net income in the nine months period, equivalent to 82% of the firm’s net revenue. Rwanda came in second with KSh2.31 billion net income, Tanzania, KSh1.13 billion net income, Uganda contributed KSh3.9 million and while Mauritius had a net negative income of KSh 575 million.
The bank’s loan loss provisions increased by 65% at the end of September 2020 to KSh2.15 billion from KSh1.3 billion in the same period last year.
I&M’s customer deposits grew to KSh252.8 billion in the third quarter of 2020, a 7% increase from KSh236.2 billion in the third quarter of 2019. Similarly, loans and advances to customers rose 6.7% to KSh185.7 billion from KSh174.1 billion in September 2019.
The company’s assets expanded by 6.3% to reach KSh344.7 billion, from KSh324.3 billion booked in the same period in 2019. Liabilities increased by 5.3% to KSh280.8 billion at the end of September 2020.
I&M holdings is in the process of acquiring 90% ownership in Uganda’s Orient Bank Limited at a cost of KSh3.6 billion.
