Home ECONOMY I&M Bank net earnings hit KSh 10.8 billion at the close of 2019.

I&M Bank net earnings hit KSh 10.8 billion at the close of 2019.

by biasharadigest

I&M Holdings increased its net earnings by 27 percent to KSh 10.8 billion at the close of financial year ended 31st December, 2019. This is compared to KSh 8.5 billion net profit posted in 2018.

According to its audited accounts, the lender’s balance sheet size grew from KSh 288.5 billion to KSh 315.3 billion, enabling it to increase loans to customers from KSh 166.7 billion to KSh 175.3 billion.

Customer deposits jumped to KSh 229.7 billion from KSh 213.1 billion while pre-tax profit increased from KSh 11.5 billion to KSh 14.6 billion in the period under review.

Net operating income increased to KSh 22.8 billion from KSh 19.1 billion the previous year.

Operating expenses increased from KSh 8.2 billion to KSh 9.1 billion with staff costs rising by KSh 600 million to KSh 4.7 billion.

I&M Holdings has operations in Kenya, Tanzania, Rwanda, Uganda and Mauritius through subsidiaries and joint venture firms.

The Kenyan business contributes the largest portion of the Group’s net earnings, given its wider network and huge balance sheet.

Net profits from the Kenyan operation was KSh 9 billion while Tanzania earned KSh 264.9 million, Rwanda KSh 678.9 million, Mauritius KSh 898.9 million and Uganda made KSh 6,000 only. Uganda’s subsidiary made a net loss of KSh 177,000 in 2018.

The Balance Sheet of the Kenyan business is worth KSh 287.2 billion compared to Tanzania KSh 22.5 billion. Rwanda KSh 34.1 billion, Mauritius KSh 4.9 billion and Uganda KSh 6 billion.

Total shareholders’ equity increased from KSh 50.9 billion to KSh 60.9 billion.

In its cashflow statements, the Group spent KSh 430.6 million as additional investment in its joint ventures in Mauritius and Uganda.

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