I&M Group PLC made Ksh 13.3 billion in 2023 full year net profit, representing a 14pc year on year growth driven by increased lending.
However, the lender’s gross non performing loans increased 41.7pc to Ksh 35.4 billion.
Last year, I&M Bank says net loans and advances increased by 30pc to Ksh 311 billion, which the lender attributes to the extension of retail lending through the bank’s digital platforms.
However, this came at a cost. The stock of non performing loans steadily increased from Ksh 24.97 billion.
This pushed the lender to increase the loan loss provision by 31pc to Ksh 6.9 billion.
Operating expenses increased by 27.3pc on account of higher loan loss provision and staff costs.
Operating income hit Ksh 42.7 billion on account of a 38.9pc increase in interest income on loans and advances to Ksh 36.5 billion. T
his in addition to forex trading income of Ksh 5.5 billion drove the lender’s full year net profit up 14 percent to hit Ksh 13.3 billion.
The lender has proposed a first and final dividend payout of Ksh 2.55 that shareholders will be paid in May this year.
