Paul Arithi 
I&M Group PLC increased its profit after tax by 14% to KES 8.2 billion for the 9-month period ending 30 September 2023, up from KES 7.2 billion in the same period in 2022.The operating income was supported by growth in both corporate and retail segments as the Group saw its revenue diversification strategy yield fruit.
The Tier 1 banking Group recorded strong operating revenues across its markets, with regional businesses contributing 29% of its operating income.
The Group continues to successfully execute its iMara strategy, which is now in its 3rd and final year, focusing on business growth, operational efficiencies, customer centricity and digital transformation.
Key Financial Performance Highlights:
Balance sheet highlights;
The Group’s balance sheet grew steadily, with total assets increasing by 27% over the same period in 2022 to close at KES 544 billion.
The loan portfolio grew by 24% to reach KES 287 billion despite the challenging macro-economic conditions across most of its markets. I&M’s targeted approach towards retail lending through its digital platforms was one of the key drivers contributing to this loan book growth.
Customer deposits closed at KES 402 billion, reflecting a 31% increase year on year,with both Current and Savings Accounts (CASA) as well as Term Deposits showing strong growth during the period as the Group continued to focus on product innovation and digitalization.
Income statement highlights;
Operating income recorded a growth of 19% to close at 29.9billion up from 25 billion in Q3 2022 while loan loss provision closed at KES 4.6 billion up from KES 3.6 billion as the Group maintained prudence in asset quality management.The growth in total operating income was driven by a 18% and 21% growth in Net Interest Income and Non-Interest Income respectively for the period under review.
The Group’s operating expenses, exclusive of loan loss provisions recorded an increase of 29% year on year to close at KES 14.6 billion driven by continued investment in technology and people across all jurisdictions.
Commenting on the results,Mr.Sarit Raja-Shah, Group Executive Director, I&M Group PLC, noted: “I am pleased to report that the business responded resiliently to the challenges in the operating environment. There is an overall positive growth across all our businesses and geographies and underlines our commitment as a bank to finance the recovery of all our countries of presence. “
