I&M Group PLC reported a strong financial performance for the first half of 2024, with a 24 per cent increase in Profit Before Tax (PBT) to Sh8.7 billion, compared to Sh7.0 billion in the same period last year.

This growth was driven by significant gains across corporate and retail segments, which saw increases of 49 per cent and 34 per cent, respectively.

The Group’s total assets rose by 12 per cent year-on-year to Sh564 billion.

The loan portfolio expanded by 5 per cent to Sh284 billion, in line with the Group’s strategy to enhance retail lending.

Customer deposits saw an 18 per cent surge, reaching Sh419 billion, while Net Non-Performing Loans (NPLs) decreased to Sh15 billion from Sh18.4 billion the previous year.

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Operating income grew by 19 per cent, bolstered by a 35 per cent rise in Net Interest Income. The Group’s Profit After Tax (PAT) increased by 21 per cent to Sh6.1 billion, with operating profitability also up by 21 per cent to Sh11.9 billion.

However, loan loss provisions edged up slightly to Sh3.5 billion, compared to Sh3.2 billion last year.

Operating expenses, excluding loan loss provisions, rose by 16 per cent to Sh10.8 billion, reflecting continued investments in technology and personnel.

I&M Bank Kenya, a key subsidiary, achieved a 21 per cent growth in PBT, supported by a 17 per cent increase in operating income and a 12 per cent rise in operating profit.

The bank also reported a 113 per cent growth in new customer numbers, particularly within the MSME segment, and a 33 per cent year-on-year increase in its total customer base, which now exceeds 600,000.

Regionally, I&M Rwanda posted a 59 per cent increase in PBT and a 37 per cent growth in operating income.

I&M Tanzania reported a 50 per cent rise in operating profit, while I&M Uganda saw a 54 per cent increase in operating profit.

Bank One in Mauritius recorded a 23 per cent growth in operating income.

"Our strategic focus on innovation, customer-centric solutions, and market expansion is paying off," said Kihara Maina, I&M Group Regional CEO.

"We're not just meeting the needs of our customers; we're empowering them and fostering economic growth in the regions we serve. This is about building a future where everyone benefits, a future that's both resilient and inclusive."

As I&M Group marks its 50th anniversary, it continues to solidify its position as a regional financial leader, driven by strong financial metrics and strategic investments across its markets.