I&M Group PLC has reported a 3% growth in profit after tax to Ksh. 8.6 billion, this was as compared to Ksh. 8.4 billion for the same period in 2020.
The rise in profitability was on the back of a 34% rise net interest income to Ksh. 20.9 Billion up from Ksh. 15.6 Billion in December 2020. This was on account of improved earnings from government securities as well as a reduction in interest expense. The total non-funded income also recorded a marginal rise of 1% to close at Ksh. 8.7 Billion which was up from Kshs 8.6 Billion the previous year.
On the other hand total operating expenses rose by 41% to Ksh. 17.7 Billion up from Ksh. 12.6 Billion in 2020. This was largely due to a 70% increase in the loan loss provision to Ksh. 4.2 Billion up from Ksh. 2.5 Billion the previous year.
The total asset base rose to Kshs 415.2 billion, reflecting a 16% year on
year growth due to increases in the loan book and investments in government
securities.
Their loan portfolio grew by 12% to Kshs 210.6 billion as at 31 st December
2021, up from Kshs 187.4 billion for the same period the previous year. While customer deposits closed at Kshs 296.7 billion, or a 13% increase year on year.