I&M Group PLC has reported a 44% growth in Profit after tax to Kes 2.7 billion as compared to Kes 1.9 billion in the same period in 2021.

The rise in profitability was on the back of a 21% rise in the net interest income to close at Kes. 5.2 billion, an increase from Kes. 4.3 billion in March 2021 on account of improved earnings on loans and advances as well as from government securities. Growth in non-interest income was driven by a 20% increase in fees and
commissions and a 76% jump in foreign exchange trading income from Kes 348.5 million in Q1 2021 to Kes 612.8 million in Q1-2022.

During the period, loan loss provisions reduced by 37% compared to the previous year on the back of
provision releases and recoveries.

The lender’s balance sheet size grew to KSh 430.8 billion in Q1 2022 compared to KSh 364.4 billion at the end of the first three months of 2021. Customer deposits grew to KSh 309.4 billion in Q1 2022 from KSh 263.1 billion in Q1 2021.

I&M Group profitability, measured by Earnings per Share improved from KSh 1.08 to KSh 1.55 at the end of March this year.