Growth in the financial year 2023.The regional financial services provider boasts operations in Kenya, Rwanda, Tanzania,Uganda and Mauritius, attributed the 15% growth in its profits is attributed to an increase in its operating income.
Speaking during the release of the results I&M Bank Kenya’s performance, I&M Bank’s CEO Mr. Gul Khan said: "Throughout the year, our primary focus was on delivering new and relevant financial solutions designed to solve problems for Kenyans which resulted in a 27percent increase
in our total customers and over 100percent increase in digital transactions.significant growth was driven by innovative solutions such as the ongoing Ni Sare Kabisa free transfers to M-PESA and Airtel Money and the largest unsecured person.
The iMara2.0 strategy over the past three years has seen Return on Equity grow from 10percent in 2020 to 15 percent in 2023. Operating income grew by 20 percent from KES 36 billion in the previous year to KES 43 billion with 20percent of this revenue coming from new strategic initiatives during the phase.
The Group’s balance sheet grew steadily with Total Assets increasing by KES 142 billion to KES 580 billion.The loan portfolio grew by 30percent to KES 311 billion partly attributed to the
extension of retail lending through the Bank’s digital platforms with a net nonperforming loan ratio at 5percent as of 31st December 2023.Customer deposits closed at KES 417 billion, recording a 33percent increase yearon-year, largely attributed to growth in CASA (Current Accounts and Savings Income statement highlights.
The Group’s share of profit from its joint venture in Mauritius, Bank One Limited recorded a year-on-year growth of 82percent to close at KES 1.2 billion. I&M Bank Kenya posted an operating income growth of 14percent year on year, 7percent increase in operating profit and a 1percent drop in Profit Before Tax, due to higher loan loss provisions.
The Bank has seen a significant growth in the adoption of its digital services, with 93percent of customers being digitally active with brand awareness growing from 5percent to 20percent
as part of the strategy.
