I&M bank Q 1 profit up 44.4% to Ksh.2.6 billion

I&M Q 1 profit up 44.4% to Ksh.2.6 billion

I&M bank posted a 44.4 percent jump in its 2022 quarter one net profit of Ksh.2.6 billion from Ksh.1.8 billion.

The bank has attributed this to higher operating income which rose by 21.3 percent to Ksh.7.4 billion.

The higher operating income was supported by a 20.9 percent rise in net interest income to Ksh.5.2 billion from Ksh.4.3 billion.

At the same time, the bank’s non-interest-funded income has grown by 22.2 percent to Ksh.2.2 billion from Ksh.1.8 billion.

The lender has credited the improved performance to the continued rebound from the COVID-19 pandemic and the ongoing digitization of operations.

“We are recovering from the impacts of the pandemic, and this is a key factor in the positive sentiment being shown across the sector. Though the calendar year 2021 posed its own challenges, our investments in digital infrastructure and customer value propositions have continued to put us on a positive trajectory,” noted I&M Group PLC Chairman Daniel Ndonye.

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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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