I&M Group PLC has recorded Ksh11.6 billion in profit after tax for the full year ending December 2022.
This is a 34% increase in profitability from Ksh8.6 billion reported during a similar period in 2021.
The Tier 1 Bank attributed this impressive growth to the continuing successful implementation of its iMara 2.0 strategy, which is now in its 3rd and final year, focusing on business growth, operational efficiencies, customer centricity and digital transformation.
As a result of the strong performance, the Board has proposed a total dividend of Ksh2.25 per share, a 50% increase from last year, bringing the total dividend payout to Ksh3.7 billion and a dividend yield of 13%.
Key Financial Performance
During the period under review, the I&M Group’s balance sheet and income metrics improved on the backdrop of strong liquidity and a solid capital base.
The balance sheet grew steadily with total assets growing to Ksh436.6 billion up from Ksh415.2 billion. This was supported by a 13% growth in the loan book which increased to KES 239 billion. The new retail lines showed promising growth.
Further, customer deposits closed at Ksh312.3 billion, a 5% increase year on year, largely driven by the growth in deposits from relaunched customer value propositions and enhanced usage of digital channels.
Commenting on the results, Daniel Ndonye, Chairman, I&M Group PLC, noted:
“The strong results posted in 2022 demonstrate that we are making good progress on our strategic plan to be Eastern Africa’s leading financial partner for growth. Looking ahead, we remain committed to driving sustainable growth, delivering value to our customers and ultimately creating long-term value for our stakeholders.”
I&M Bank Kenya
Meanwhile, I&M Bank Kenya posted a 39% increase in profit after tax for the period in review.
Additionally, the Bank saw significant growth in the adoption of its digital services, with 93% of customers initiating their transactions through digital channels.
As part of the Group’s strategic move into the MSME space in Kenya, the Bank has been leveraging on strategic partnerships with anchor clients to enhance their business efficiencies and improve access to working capital for their distributors.
The Bank made significant progress on its commitment to its Environmental, Social and Governance (ESG) initiatives.
The Bank saw a 42% uptake of its KES 6 billion Renewable Energy Funding Scheme dubbed “The I&M Green Energy Fund” set aside to finance clean energy projects for customers to move to more environmentally friendly energy solutions.
