I&M Group PLC has recorded a Profit Before Tax of KES 20.8 billion for the period ending 31 December 2024, representing 25% growth driven by increased operating income and strategic focus on MSME lending and digital transformation.
The MSME loan book more than doubled, reinforcing the Group’s commitment to catalysing economic growth and job creation amidst macroeconomic challenges.
Customer deposits stood at KES 412 billion with strong growth in CASA (Current Accounts and Savings Accounts).
Group synergies contributed to a 57% increase in cross-border revenue year-on-year, with total income rising by 20% to KES 51 billion. Net Interest Income grew by 31%. Fees and commission income increased by 16% year-on-year from KES 6.9 billion to KES 7.9 billion, although the overall non-interest income was reduced marginally by 3% year-on-year.
The Group’s operating expenses, exclusive of loan loss provisions, rose by 16% year-on-year to close at KES 23 billion on account of branch expansion and increased investment in staff and technology.
Commenting on the results, Mr. Kihara Maina, I&M Group PLC Regional CEO, stated: “Our focus on delivering the iMara Strategy has led to remarkable gains in MSME growth, digital banking, and customer expansion. We remain committed to driving financial inclusion and building an ecosystem that supports our customers’ businesses sustainably. We also reengineered the Strategy to focus on sustainability, which led to the adoption of a group-wide sustainability action plan.
The regional financial services provider with operations in Kenya, Mauritius, Rwanda, Tanzania, and Uganda continued to strengthen its market position through its iMara strategy.
This strategy has significantly expanded the Group’s MSME portfolio, with MSME customers growing sixfold since 2023 and the related balance sheet more than doubling. Additionally, through its direct efforts and ecosystem partnerships, I&M Group has impacted over 6.3 million lives.
