KENYA-Financial Services provider, I&M bank has posted a 17 percent increase in its profits after tax for the first half of 2019.
The banks’ profits increased to $43.45 million from $37.66 million recorded during the same period last year.
During the announcement of results, Daniel Ndonye, the I&M Holdings Chairman attributed the impressive performance to the Bank’s sustained efforts towards achieving its sustainable growth anchored corporate strategy.
“The Group continued to deliver market-driven financial solutions for its customers, sustained efforts in raising customer service delivery standards, improved internal controls and ramped up efforts in its digital transformation journey to achieve this set of results,” he said.
I&M’s net interest income during the first six months of 2019 was $69.52 million, a 2 percent increase compared to the same period in 2018.
The bank also recorded a steady growth in its non-interest income which stood at $43.45 million compared to the $35.72 million recorded last.
The improvement in non-net income has been attributed to increased fees and commissions from card products, online banking, transactional accounts as well as Trade finance.
The Bank’s lending book during the half year results for 2019 stood at $1.66 billion up from $1.56 billion recorded during a similar period in 2018.
The lenders customer deposits also increased by 12 percent and reached $2.37 million, from $2.1 million.
On increased allowances for loan losses, the net Non-Performing Assets (NPAs) recorded a decline of 28 percent to $92 million.
Customer deposits were also on the rise, reaching an impressive $2.29 billion. This was a 12 percent rise when compared to the $2.04 billion recorded during the first half of 2018.
Overall, the group’s total assets rose to $3.06 billion, a 12 percent increase when compared to the same period last year.
The growth was brought about by increased focus on growing quality interest earning assets. This is according to the bank.