I&M bank 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 dynamic journalist currently overseeing content at Metropol TV Digital. With a keen focus on business news and analytics, Lawrence guides the platform in delivering insightful, data-driven content that empowers its audience to make informed decisions. Lawrence’s commitment to quality and his ability to anticipate market trends make him a key figure in the digital media landscape. His work continues to shape the way business news is consumed, making a significant impact in the field.
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