I&M Group has reported a Profit Before Tax of KES 20.8 billion for the period ended 31 December 2024, this represents a 25% growth in profits from what was reported the previous year .
The rise in profitability was on the back of a 20% rise in total income to Ksh. 51 billion. Net Interest Income grew by 31%. Fees and commission income increased by 16% year-on-year from KES 6.9 billion to KES 7.9 billion, although the overall non-interest income was reduced marginally by 3% year-on-year.
The Group’s operating expenses, exclusive of loan loss provisions, rose by 16% year-on-year to close at KES 23 billion on account of branch expansion and increased investment in staff and technology.
Mr. Kihara Maina, I&M Group PLC Regional CEO, stated: “Our focus on delivering the iMara Strategy has led to remarkable gains in MSME growth, digital banking, and customer expansion. We remain committed to driving financial inclusion and building an ecosystem that supports our customers’ businesses sustainably. We also reengineered the Strategy to focus on sustainability, which led to the adoption of a group-wide sustainability action plan.
I&M Bank Kenya remains the Group’s key business, contributing 71% of overall profit before tax. The Bank posted a 16% year-on-year growth in revenue and a 17% increase in Profit Before Tax.
The lender’s customer base doubled in two years, 50% of whom were onboarded digitally, reinforcing the Bank’s commitment to a tech-driven model and increasing digital transactions by 132%.
The Bank embarked on an ambitious branch expansion plan, with 21 new outlets opened in the past two years. Additionally, through relevant product innovation and brand building, brand awareness grew from 20% to 34%.
The regional financial services provider with operations in Kenya, Mauritius, Rwanda, Tanzania, and Uganda continued to strengthen its market position through its iMara strategy.
This strategy has significantly expanded the Group’s MSME portfolio, with MSME customers growing sixfold since 2023 and the related balance sheet more than doubling. Additionally, through its direct efforts and ecosystem partnerships, I&M Group has impacted over 6.3 million lives.