I&M Bank has recorded a pre-tax profit of Ksh 14.1 billion in Q3 2024, marking a 24% growth compared to Ksh 11.4 billion in the same period last year.

The Group’s operating revenue grew by 20%, with operating profit rising by 24% to Ksh 18.9 billion. Regional businesses contributed 28% of the Group’s profit before tax.

I&M Group Regional CEO Kihara Maina attributed the growth to substantial gains in operating income, driven by a 49% increase in the corporate and institutional banking segment and a 28% rise in retail banking.

“The 24% increase in profitability highlights a strong start to our iMara 3.0 strategy. In light of this performance, the Board has announced an interim dividend of Ksh 1.30 per share, payable in January 2025,” said Maina.

Net interest income grew by 37%, while loan loss provisions increased to Ksh 5.5 billion from Ksh 4.6 billion last year, reflecting a focus on maintaining asset quality.

“As we celebrate I&M Bank’s 50th anniversary, we remain committed to customer-centricity, operational efficiency, and digital transformation to sustain profitability,” added Maina.

The Q3 income statement revealed a 16% increase in operating expenses, excluding loan loss provisions, due to investments in technology, talent, and branch expansion in Kenya and Rwanda.

The Bank achieved a 19% year-on-year growth in revenue and a 17% increase in operating profit.

I&M Bank’s “Ni Sare” initiative to enhance banking accessibility via free transfers to M-PESA and Airtel Money boosted its customer base by 36% year-on-year. SME customer acquisition surged by 270% since December 2023, driven by the “Ni Sare Kabisa” proposition for small businesses.

I&M Bank Kenya CEO Gul Khan noted, “Our double-digit growth in revenue and profits reflects our commitment to providing relevant financial solutions. This has led to a 14% increase in brand awareness, rising from 20% to 34%.”

Khan also highlighted the Bank’s strong customer focus, evidenced by a consistent Net Promoter Score (NPS) of over 70% throughout the year.

With over 600,000 customers, I&M Bank is now considered one of the fastest-growing banks by customer numbers in the region.