Home Banking I&M Group Reports Strong Q1 Performance With 29% Profit Growth

I&M Group Reports Strong Q1 Performance With 29% Profit Growth

by Brian Yatich
I&M Group Reports Strong Q1 Performance With 29% Profit Growth

I&M Group PLC has announced a strong performance in the first quarter (Q1) of 2023, with a 29% growth in operating income to KES 9.6 billion from KES 7.4 billion during the same period in 2022.

The Tier 1 Bank’s steady balance sheet and income metrics improvement were boosted by successful execution of its iMara 2.0 strategy, which focuses on customer centricity, business growth, operational efficiencies, and digital transformation.

For the Q1 2023 period, total assets surged by KES 41.4 billion to KES 472.6 billion, with a year-on-year increase of 18% in the loan portfolio to KES 257.7 billion. I&M Bank Kenya posted a 16% increase in profit before tax for the period under review, driven by a 28% growth in the operating income.

Sarit Raja Shah, Group Executive Director, I&M Group PLC, commented on the results saying, the first quarter posed its own challenges amidst rising inflation and the high cost of doing business.

“Our continued investments in the group-wide iMara 2.0 strategy that focuses on customer centricity and digital transformation as well as the ongoing strategic partnerships, have continued to give value to our customers and stakeholders.”

The CEO of I&M Bank Kenya, Gul Khan, highlighted the bank’s commitment to customer-centricity, stating that during the first quarter we enhanced our retail proposition by launching ‘Ni Sare Kabisa’ and ‘The Largest Unsecured Personal Loan of up to KES 10 million’ campaigns as a testament to our continued commitment to solving customer problems.

In addition, Khan noted that I&M Bank Kenya’s Net Promoter Score (NPS) closed at 54%, against the banking sector average of 38% in Kenya.

I&M Bank Kenya is also seeing significant growth in adopting digital services as part of its iMara strategy. The bank has seen 93% of customers initiating their transactions through digital channels.

To support millions of mobile money users in Kenya, the bank recently waived bank-to-mobile wallet charges amidst the challenging economic environment.

The Group’s regional subsidiaries played a significant role in the strong Q1 performance, contributing 17% to the Group’s overall profitability. I&M Bank Rwanda reported an 18% increase in profit before tax

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