I&M Group Records 24% Growth In Profit Before Tax For Q3 2024
I&M Group Records 24% Growth In Profit Before Tax For Q3 2024
I&M Group achieved strong operating revenues across all markets, with regional businesses contributing 28% of the Group’s Profit before Tax.
This growth was fuelled by substantial gains in operating income, driven by a 49% increase in the corporate and institutional banking segment and a 28% increase in the retail banking segment.
Commenting on the results, I&M Group PLC’s Regional CEO, Mr. Kihara Maina, said, “The 24% increase in profitability are markers of a strong start of our iMara 3.0 strategy. Based on the strong performance, the Board of Directors announced an interim dividend of KES 1.30 per share which will be paid out in January 2025. As we celebrate I&M Bank’s 50th anniversary, we remain committed to customer centricity, operational efficiency and digital transformation to sustain profitability in the coming years.”
I&M Bank Kenya recorded a 21% increase in Profit Before Tax, driven by growth in Net Interest Income.
The Bank also achieved a growth of 19% year-on-year in revenue and a 17% increase in operating profit.
I&M Bank’s initiative to make banking more accessible through the ‘Ni Sare’ free bank to M-PESA and Airtel Money proposition has led to a 36% increase year-on-year in its customer base.
I&M Group Records 24% Growth In Profit Before Tax For Q3 2024
Additionally, SME customer acquisition in Kenya surged by 270% since December 2023, following the extension of the Ni Sare Kabisa proposition to small businesses (Solo Biz) in April 2024.
This growth positions I&M Bank as one of the fastest-growing banks by customer numbers in the region, with over 600,000 customers now being served.
By bridging the financing gap for SMEs and MSMEs, with innovative last-mile solutions, I&M Bank continues to play a leading role in the region’s financial sector.
These efforts, combined with a strategic focus on brand relevance, have resulted in a 14% improvement in the Brand Awareness score, marking the fastest growth in the banking sector.
Speaking during the release of the Q3 Financial Results, I&M Bank Kenya CEO, Mr. Gul Khan stated, “We are delighted to report double-digit growth in both revenue and profits. Our commitment to providing relevant financial solutions for Kenyans and investing in a distinctly Kenyan brand has led to a 14% increase in brand awareness from 20% to 34%. More importantly, our growth has been achieved while maintaining a strong focus on customer centricity, as reflected in our consistent NPS (Net Promoter Score) of over 70% throughout the year. As we celebrate our 50th anniversary, I extend my heartfelt gratitude to our customers for their trust and loyalty to I&M Bank. I would also like to thank my staff for their commitment and hard work.”
“Through collaborations with our ecosystem partners, the Bank has disbursed approximately over KES 20 billion ($160 million) and positively impacted over 2.5 million lives”, he added.
