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HomeEconomyCorporateI&M half-year profit up 29% to Ksh.4 billion

I&M half-year profit up 29% to Ksh.4 billion

I&M half-year profit up 29% to Ksh.4 billion

I&M has seen its half-year profit rise by 29 percent to hit Ksh.4 billion from a lower Ksh.3.1 billion last year.

Growth in profits has been ancored on greater operating income for the lender that helped offset greater costs in the operating period.

The lender’s total income went up by 15.3 percent to record Ksh.12.8 billion as net interest income hit Ksh.8.9 billion from a lower Ksh.6.9 billion in June 2020.

The rise in interest income was enough to correct a 2.9 percent slide in non-interest funded income (NFI) which sat at Ksh.3.9 billion.

The bank’s non-interest based expenses rose to Ksh.7.2 billion from Ksh.6.1 billion last year as credit impairment charges remained largely unchanged at Ksh.1.1 billion.

I&M’s asset base has now expanded to Ksh.382.6 billion and comprises Ksh.204.5 billion in net loans and advances to customers.

Meanwhile, the bank’s customer deposits now stand at Ksh.276.6 billion from Ksh.252.5 billion.

The board of the bank has not recommended the payment of an interim dividend for the period.

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Lawrence Baraza is a prolific writer with competencies in Digital Media, Print, and Broadcast. Baraza is also a Communication Practitioner currently spearheading Digital content on Metropol TV's Digital Desk.

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