I&M Holdings has recorded a 2.5 percent increase in net profit to Ksh.8.62 billion for the full year ended December 31, 2021.
The increase in profit has been supported by interest income from loans and investment in Government securities.
The bank has recommended a 33.3 percent rise in dividend payout to Ksh.1.50 dividend per share or an aggregate of Ksh.2.48 billion compared to Ksh.1.125 per share and Ksh.1.86 billion in 2020.
“2021, being the second year of the pandemic, was not devoid of challenges. The Group made key investments during the period under review to help us position ourselves better for future growth through enhanced resilience initiatives and optimisation of our operations,” said I &M Group chairman Daniel Ndonye.
The lender’s total income went up by 15.3 percent to a record Ksh.12.8 billion as net interest income hit Ksh.8.9 billion from a lower Ksh.6.9 billion in June 2020.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 went up to Ksh.276.6 billion from Ksh.252.5 billion
“Our focus is now to build on our solid foundation through building resilience against emerging operational, credit and cyber risks, and enhancing our liquidity and capital position,” said Daniel