I&M posts 29.5pc drop in net profit in the first six months of the year
I&M Holdings Plc has reported a 29.5 percent year on year drop in Profit after tax to Sh3.2 billion in the first six months of the year.
The performance was attributed primarily to 4.1 percent year on year drop in total operating income to Sh11 billion as the bank went conservative in provisioning against the sector trend.
Non-interest Revenue fell 8.3 percent to Sh4 billion, while Net Interest Income declined a marginal 1.4 percent to Sh6.9 billion.
Operating expenses before provisions rose 7.8 percent to Sh4.9 billion.
Total assets grew 7.4 percent driven by customer deposits that edged up 6.4 percent to Sh252.5 billion, while the loan book rose 7.2 percent to Sh184.6 billion and investment in government securities increased 30.1 percent to Sh72.2 billion