I&M Group Plc recorded an increase in Net profit of KSh 2.7 billion in Q1 2022 compared to KSh 1.9 billion over a similar period in 2021, an increase of 26.7%.
The lender’s balance sheet size grew to KSh 430.8 billion in Q1 2022 compared to KSh 364.4 billion at the end of the first three months of 2021.
Customer deposits grew to KSh 309.4 billion in Q1 2022 from KSh 263.1 billion in Q1 2021.
Total interest income, derived from loans, government securities and deposits from other banking institutions, and other income, grew from KSh 7.1 billion to KSh 8.6 billion during the period under review.
The lender’s Non-interest income derived from fees and commissions, forex trading, dividend income, and other grew from KSh 1.8 billion in Q1 2021 to KSh 2.2 billion in Q1 2022.
I&M profitability improves in Q1 2022
I&M Group profitability, measured by Earnings per Share(EPS), improved from KSh 1.08 to KSh 1.55 at the end of March this year.
The lender’s pre-tax profit grew to KSh 3.6 billion in Q1 2022 from KSh 2.6 billion in Q1 2021, while loan loss provisions declined significantly from KSh 758.9 million to KSh 480.7 million during the period under consideration.
Total Shareholders’ Equity, what owners of the bank will receive if the institution was to be liquidated, increased from KSh 65.6 billion in Q1 2021 to KSh 70.5 billion in Q1 2022.
The listed lender, previously known as City Trust Limited (CTL), was incorporated on 16th August 1950 and is considered one of the oldest listed firms in Kenya.
I&M Holdings was licensed and approved as a non-operating holding company following a reverse takeover of CTL by I&M Bank Limited in June 2013.
Prior to that, CTL was an investment holding company listed on the Alternative Investment Market Segment (AIMS) of the NSE.
Following the reverse takeover, CTL changed its name to I&M Holdings and went on for listing at the NSE.
I&M Group PLC operates in five countries – Kenya, Tanzania, Rwanda, Uganda, and Mauritius- through its subsidiaries, affiliates, and joint venture investments.