This archive report was first published on 30 August 2021.
On August 30, 2021, I&M Bank announced a 29% increase in its half-year profit to Ksh.4 billion, surpassing the Ksh.3.1 billion recorded in the previous year.
The bank's improved performance was largely attributed to a significant rise in operating income, which helped offset increased costs during the six-month period.
Notably, I&M Bank's total operating income increased by 15.3% to Ksh.12.8 billion, with net interest income rising to Ksh.8.9 billion from Ksh.6.9 billion in June 2020.
However, the bank's non-interest funded income (NFI) experienced a 2.9% decline, settling at Ksh.3.9 billion.
Despite this, the bank's non-interest based expenses rose to Ksh.7.2 billion from Ksh.6.1 billion in the previous year, with credit impairment charges remaining largely unchanged at Ksh.1.1 billion.
As of the half-year mark, I&M Bank's asset base expanded to Ksh.382.6 billion, comprising Ksh.204.5 billion in net loans and advances to customers.
Customer deposits also increased to Ksh.276.6 billion from Ksh.252.5 billion.
The bank's board has opted not to recommend the payment of an interim dividend for the period.
