I&M Group PLC has kicked off 2025 on a strong note, reporting a 16 percent rise in Profit Before Tax (PBT) for the first quarter, reaching KES 5.9 billion, up from KES 5.1 billion in the same period last year. This performance follows a robust full-year showing in 2024 and highlights the Group’s continued momentum and strategic focus across regional markets.
According to the Group’s Regional CEO, Mr Kihara Maina, the growth reflects “effective strategic execution, harnessing cross-market synergies, and reinforcing long-term value creation.” Subsidiaries across East Africa contributed 26 percent of the Group’s PBT, up from 24 percent in Q1 2024 — a testament to the success of I&M’s regional diversification efforts.
Key Group Highlights – Q1 2025:
- Total Assets: Up 7% year-on-year to KES 568 billion.
- Loan Book: Increased slightly by 1% to KES 294 billion.
- Customer Deposits: Grew 6% to KES 407 billion, driven by both current and term deposits.
- Net Non-Performing Loans: Declined by 11% to KES 13 billion.
- Operating Income: Rose by 12%, buoyed by a matching 12% increase in Net Interest Income.
- Operating Expenses: Also grew 12% as the Group continued investing in technology, talent, and branch networks.
- Loan Loss Provisions: Increased slightly to KES 1.6 billion from KES 1.5 billion in Q1 2024.
Strong Performance by I&M Bank Kenya
I&M Bank Kenya, the Group’s flagship subsidiary, reported an 8 percent growth in PBT, backed by a 10 percent increase in operating income. Customer deposits stood at KES 292 billion, while net non-performing loans fell by 9 percent to KES 11 billion.
Customer acquisition soared by 134 percent year-on-year in Q1, supported by digital innovation and expanded outreach. The bank now operates 64 branches across 24 counties. Its Net Promoter Score remained above 80 percent, reflecting high levels of customer satisfaction.
I&M Bank Kenya was honoured in 10 of 14 categories at the 2025 Think Business Banking Awards, including “Best Retail Bank”, “Best in Product Innovation”, and runner-up for “Best Corporate Bank”. Founder and Chairman Emeritus Mr S.B.R. Shah was awarded the 2025 Lifetime Achievement in Banking Award.
“Our strong performance continues to demonstrate that our products and services are relevant for our customers. We more than doubled our customer base in just two years,” said Mr Gul Khan, CEO of I&M Bank Kenya.
Regional Subsidiary Highlights:
- I&M Bank Uganda: Led regional growth with a 138% rise in PBT; assets surpassed UGX 1.1 trillion.
- I&M Bank Tanzania: PBT more than doubled to KES 324 million.
- I&M Bank Rwanda: Recorded 14% PBT growth in local currency, driven by rising economic activity.
- Bank One (Mauritius): Achieved a 13% increase in PBT, supported by strong non-funded income and disciplined cost management.
Outlook for 2025
I&M Group remains optimistic for the remainder of 2025, citing ongoing investments in digital transformation, product innovation, and regional integration as core pillars for inclusive growth across East Africa.
