I&M Bank Ltd PLC has reported a 24% increase in Profit Before Tax to Ksh 14.1 billion for the third Quarter Q3 of 2024, driven by a 20% growth in operating revenue and a 37% rise in Net Interest Income, despite increased loan loss provisions of KES 5.5 billion.
The Group's total assets grew by 4% to KES 568 billion, with customer deposits increasing by 3% to KES 414 billion, though the overall loan portfolio declined slightly by 2% to KES 281 billion.
I&M Group achieved strong operating revenues across all markets, with regional businesses contributing 28% of the Group’s Profit before Tax.
This growth was fueled by substantial gains in operating income, driven by a 49% increase in the corporate and institutional banking segment and a 28% increase in the retail banking segment.
At the same time, I&M Bank Kenya recorded a 21% increase in Profit Before Tax, driven by growth in Net Interest Income.
The Bank also achieved a growth of 19% year-on-year in revenue and a 17% increase in operating profit.
I&M Bank’s initiative to make banking more accessible through the ‘Ni Sare’ free bank to M-PESA and Airtel Money proposition has led to a 36% increase year-on-year in its customer base.
Additionally, SME customer acquisition in Kenya surged by 270% since December 2023, following the extension of the Ni Sare Kabisa proposition to small businesses (Solo Biz) in April 2024.
This growth positions I&M Bank as one of the fastest-growing banks by customer numbers in the region, with over 600,000 customers now being served.
Speaking during the release of the Q3 Financial Results, I&M Bank Kenya CEO, Gul Khan stated that they are delighted to report double-digit growth in both revenue and profits.
“Our commitment to providing relevant financial solutions for Kenyans and investing in a distinctly Kenyan brand has led to a 14% increase in brand awareness from 20% to 34%,” he said.
More importantly, our growth has been achieved while maintaining a strong focus on customer centricity, as reflected in our consistent NPS (Net Promoter Score) of over 70% throughout the year.”
Under CEO Kihara Maina's leadership, I&M Bank Ltd Kenya showed particularly strong performance with a 21% increase in Profit Before Tax and significant customer growth, including a 270% surge in SME customer acquisition since December 2023.
The bank's regional subsidiaries also demonstrated robust growth, with I&M Rwanda reporting a 55% increase in Profit Before Tax, Tanzania achieving a 73% increase in operating profit, and Uganda recording a 21% growth in operating income.
It's one Bank in Mauritius showed a 16% year-on-year increase in operating income, despite currency translation effects impacting some metrics when measured in Kenyan Shillings.