In the first half of 2024, I&M Group PLC reported a notable 24% increase in profit before tax, reaching KES 8.7 billion. This growth was supported by strong performances across all its markets, with the regional businesses contributing 26% to the group’s profit before tax.
I&M Bank Kenya was a standout performer Driven by significant growth in net interest income and fee income, alongside a decrease in loan loss provisions.
The bank saw a 17% rise in operating income and a 12% increase in operating profit, reflecting a well-executed strategy to expand its retail and corporate banking segments.
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A key highlight for I&M Bank Kenya was its impressive customer growth. The bank experienced a whopping 113% increase in customers compared to the same period last year. Remarkably, its small business (MSME) customer base more than doubled, thanks in part to the successful “Ni Sare” proposition.
With this “Ni Sare Kabisa” initiative, which offers free bank-to-mobile money transfers for personal accounts and solo business owners, I&M Bank Kenya took convenience to a whole new level.
This initiative has alleviated the financial burden of transfer fees, allowing customers to move money instantly from their bank accounts to platforms like M-Pesa or Airtel Money without any extra cost.
This significant financial relief has undoubtedly contributed to the remarkable growth in customer numbers. Overall, I&M Bank Kenya now serves over 600,000 customers, establishing itself as one of the fastest-growing banks in the region.
On the regional front, I & M Group’s subsidiaries also performed well, contributing to the group’s overall growth. I&M Rwanda reported a 59% increase in profit before tax, driven by a 37% rise in operating income, while I&M Uganda saw a 54% growth in operating profit.
Meanwhile, I&M Tanzania’s strategic focus on asset quality management resulted in a 25% increase in operating income and a 50% rise in operating profit.
These results highlight the group’s successful expansion strategy and its commitment to meeting diverse customer needs across different markets.
As I&M Group celebrates its 50th anniversary, the bank continues to prioritize customer-centric solutions and market expansion. Its outstanding performance in H1 2024 is a testament to its strategic focus on innovation and customer satisfaction.
With a solid growth trend and a commitment to making banking more accessible and convenient, I&M Group is positioned to continue its upward trajectory and deliver even greater value to its customers in the future.
Key Highlights from I&M Bank Kenya’s H1 2024 Performance:
☑ I&M Bank Kenya reported a 21% increase in Profit Before Tax, driven by growth in Net Interest Income, Fee Income and a decline in loan loss provisions. The Bank also posted a 17% year-on-year increase in operating income, alongside a 12% rise in operating profit during the period under review.
☑ The Bank achieved a remarkable 113% growth in new to bank customer numbers compared to the same period last year, with the small businesses (MSME) customer base more than doubling during this time. Additionally, I&M Bank has strengthened its leadership in Trade Finance, advancing from sixth place in 2020 to the second place in the first half of 2024.
☑ 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 33% increase year on year in its total customer base. 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.
☑ The bank, in collaboration with its ecosystem partners, has impacted over 2.3 million lives. Many of these are small businesses led by women and youth. This effort has been instrumental in bridging the financing gap for these groups.
