I&M Group’s net profit after nine months to September has increased by 25.9 per cent with its earnings growing to Sh6.8 billion from Sh5.4 billion for a similar period last year.
I&M attributed the profit rise mainly to higher income with non-funded income (NFI), which provided the biggest revenues boost after posting a 41.9 per cent growth to Sh8.8 billion.
In the same period, the bank’s income from foreign exchange more than tripled to Sh3.8 billion from Sh1.2 billion for the same period last year.
The Group’s net interest income also witnessed a 15.7 per cent growth to post Sh16.2 billion from Sh14 billion which saw the company’s total operating income grow to Sh25 billion.
The interest income growth was on the back of an 11.4 per cent increase in net loans and advances to customers from Sh207.6 billion to Sh231.2 billion.
Deposits by customer also went up by 6.7 per cent to settle at Sh308 billion, even as I&M increased its bad loans cover by 28.6 per cent to Sh3.6 billion following a slight rise in gross non-performing loans from Sh22.7 billion to Sh23.7 billion.
Following the quarter three financial results, I&M Group did not recommend the payment of an interim dividend for the period.