I&M Group PLC recorded a Profit Before Tax of KES 20.8 billion for the financial year ending 31 December 2024, a 25% increase from the previous year. The growth was driven by higher operating income and an intensified focus on lending to micro, small, and medium enterprises (MSMEs) alongside digital banking expansion.
The regional financial services provider, with operations in Kenya, Mauritius, Rwanda, Tanzania, and Uganda, continued to implement its iMara strategy, which has significantly increased its MSME portfolio. Since 2023, the number of MSME customers has grown sixfold, and the corresponding balance sheet has more than doubled.
Total Group assets rose marginally by 0.3% to KES 581 billion, while customer deposits stood at KES 412 billion, with a notable rise in Current and Savings Accounts (CASA). The MSME loan book more than doubled, underscoring I&M’s commitment to supporting economic growth and job creation.
The Group’s total income increased by 20% to KES 51 billion, with net interest income rising by 31%. Revenue from cross-border transactions grew by 57% year-on-year. However, non-interest income declined slightly by 3%. Operating expenses, excluding loan loss provisions, rose by 16% to KES 23 billion due to branch expansion and increased investment in staff and technology.
I&M Bank Kenya remained the Group’s primary business, contributing 71% of overall profit before tax. The bank’s revenue grew by 16%, while profit before tax increased by 17%. Its customer base has doubled over two years, with half of new customers being onboarded digitally. Digital transactions rose by 132% during this period, while 95% of customers are now digitally active.
I&M Group’s regional subsidiaries accounted for 29% of overall profitability, up from 24% in the previous year. I&M Bank Rwanda posted a 57% increase in profit before tax, I&M Bank Tanzania saw profits rise to KES 1.06 billion from KES 309 million, and I&M Bank Uganda reported a 78% profit growth. Bank One in Mauritius, a joint venture with Ciel Group, recorded a 5% increase in operating income, though profit before tax declined by 27% due to higher loan loss provisions.
The Group’s Board of Directors has proposed a final dividend of KES 1.70 per share, bringing the total payout for the year to KES 3.00 per share, a 17% increase from the previous year.
I&M Group continues to expand its presence in digital and MSME banking, reinforcing its commitment to financial inclusion and sustainable growth across its markets.
