I&M Group PLC has announced an impressive 25 percent growth in Profit Before Tax (PBT), reaching Sh20.8 billion for the year ending 31st December 2024.
This performance is attributed to increased operating income, a strategic focus on Micro, Small, and Medium Enterprises (MSMEs), and digital transformation.
Commenting on the results, I&M Group PLC Regional CEO Kihara Maina underscored the company’s total assets growth revealing that it has grown by 0.3 percent to an impressive Sh581 billion from its initial Sh579.7 billion which has greatly been contributed by the company’s increased net interest income, expansion of customer deposits and growth in retail lending.
Maina also showed how the company has demonstrated a strong commitment in supporting MSMEs through various strategic initiatives.
“Our iMara Strategy has led to remarkable gains in MSME growth, digital banking, and customer expansion. We are committed to financial inclusion and sustainability, focusing on last- mile financial solutions, improving quality of life, and building sustainable businesses,” highlighted the Regional CEO, adding that MSMEs contribute to around 40 percent of Kenya’s Gross Domestic Product (GDP).
He stated that an increased access to financing enabled these businesses to expand, invest in technology and improve productivity and described it as a great lead into the country’s overall economic growth.
Further, the Regional CEO cited the bank’s action on direct initiatives and ecosystem partnerships which has driven 6.3 million lives not only in innovative banking solutions but also through financial inclusion and support of businesses through its MSMEs initiative, providing employment and supporting career growth and its Corporate Social Responsibility.
Maina also stated that the bank’s economic growth which totaled to an income rise by 20 percent to Sh51 billion is supported by a 31 percent growth in net interest income and a 16 percent increase in fees and commission income.
Also speaking at the event was CEO of I&M Bank Kenya Gul Khan, who mentioned that Kenya remains the bank group’s flagship entity, contributing 71 percent of the overall Profit Before Tax (PBT).
He further explained that the bank has achieved 16 percent growth in revenue and 17 percent increase in PBT.
Additionally, the CEO highlighted the bank’s doubling if it’s customer base in two years with 50 percent of new customers on boarded digitally.
Khan also highlighted the company’s 132 percent increase in digital transactions, reinforcing a tech-driven banking model.
“Our digital strategy, including features like Ni Sare Kabisa free transfers to M-PESA and Airtel Money, goal-based savings, and the largest unsecured personal loan in Kenya of up to Sh10 million, has driven customer adoption. Our mobile and online banking enhancements have positioned us as a leader in customer sentiment on social media,” Khan emphasized.
Meanwhile, I&M Group Chairman Mr. Oliver Fowler, announced a final dividend of Sh1.70 per share, bringing the total for the year to Sh3.00 per share, a 17 percent increase from the previous year.
He reiterated the company’s commitment to sustainable growth, focusing on financial inclusion through MSME investment, digital banking and customer centric solutions.
Looking ahead, I&M group remains optimistic about future growth, citing improved economic conditions in its markets and with a 135 percent total shareholder return in 2024, the group is well positioned for continued success.
By Jesee Otieno
