I&M Bank has posted a Ksh. 7.2 Billion for the financial year ending 31st December 2017. The group’s net profit dropped 6.3% from Ksh. 7.7 Billion recorded in the previous year.
I&M operates in Kenya, Tanzania, Rwanda and Mauritius but it attributed its reduced profits to a tough year in the Kenyan economy.
Deposits in the group grew 16% to Ksh. 169 Billion up from Ksh. 147 Billion recorded the previous year. Their loan book also grew by 14% to Ksh. 153 Billion. Total assets also grew 14% to Kshs 240 Billion
up from Kshs 211 Billion. Additionally, operating expenses went by 6% partly because of the recent acquisition of the former Giro Bank by I&M.
I&M Bank was set up in 1974 and is headquartered in Kenya. It has operations in Kenya, Tanzania and Rwanda.