I&M Bank limited chief executive officer Arun Mathur (left) and African Guarantee Fund (AGF) chief executive officer Felix Bikpo (right) at a past event in March this year. I&M Bank has posted a 36.37 per cent growth in net income in the first nine months of this year buoyed by a drop in interest expense and an increase in interest income. Photo/FILE
What you need to know:
The bank has posted a 36.37 per cent growth in net income to Sh3.77 billion over the period ended September this year from Sh2.76 billion over the period ended September 2012
City Trust acquired the bank and listed the shares of a new company, I&M Holdings, at the NSE whose last price was Sh116 as at the close of trading on Monday
Combined profits from its subsidiaries rose by 46.20 per cent to Sh672.63 million in the first three quarters of this year from Sh460.09 million in the first three quarters of last year
I&M Bank has posted a 36.37 per cent growth in net income in the first nine months of this year buoyed by a drop in interest expense and an increase in interest income.
The bank, whose holding company listed its shares at the Nairobi Securities Exchange (NSE) at the end of June this year after City Trust acquired it, on Tuesday said that profit after tax rose to Sh3.77 billion over the period ended September this year from Sh2.76 billion over the period ended September 2012.
Interest income rose by 12.34 per cent to Sh10.53 billion in the first nine months of this year compared to Sh9.37 billion in the first nine months of last year while interest expenses dropped 21.21 per cent to Sh4.09 billion from Sh5.19 billion respectively.
I&M Bank Group, includes I&M Bank in Kenya, a majority stake in Banque Commerciale du Rwanda which was bought from private equity fund Actis in July 2012, I&M Bank Tanzania and Bank One Ltd, a joint venture investment in Mauritius.
City Trust acquired the bank and listed the shares of a new company, I&M Holdings, at the NSE whose last price was Sh116 as at the close of trading on Monday.
The shares have gained 24.73 per cent when compared to Sh100 the price of the first trade on June 25 this year.
I&M Banks’s loan book grew by 26.47 per cent to Sh87.69 billion in the first nine months of this year from Sh69.33 billion in the first nine months of last year while deposits grew by 11.55 per cent to Sh98.11 billion from Sh87.95 billion over the same time period.
Combined profits from its subsidiaries rose by 46.20 per cent to Sh672.63 million in the first three quarters of this year from Sh460.09 million in the first three quarters of last year.
