This archive report was first published on 30 August 2021.
Published on August 30, 2021, I&M Group PLC has announced a 33% profit after tax for its 2021 half-year financial results, marking a significant improvement from the previous year.
The Group's total assets recorded a growth of 12% from Kshs 338 billion reported in June 2020, with the acquisition of Orient Bank Ltd (OBL) in Uganda contributing to the expansion of the Group's balance sheet by UGX 753 billion.
According to Daniel Ndonye, I&M Group Chairman, the improved performance was attributed to the bank's increased lending to both the private and public sectors, as well as the firm's expansion into Uganda and increased private and public sector lending.
"This is on the back of strong capital and liquidity base at group and country levels reported all well above regulatory minimums. At Group level, capital adequacy ratios closed at 21% at the same level as the previous year, while liquidity ratio was 48 percent well above the statutory minimum of 20%," Ndonye said.
Increased interest income from government securities contributed to the growth of the firm's net interest income, which rose by 28%, while customer deposits rose by 10% from Kshs 251 billion reported in June 2020.
