The I&M Group growing in the first half, driven by its Rwandan subsidiary


I &M Holdings PLC, a regional banking and financial services group, published its financial results for the half-year ended June 30, 2022 on Wednesday August 17. The structure underlined that it achieved a good performance during the first half, thanks mainly to its subsidiary Rwandan.

For example, I&M Bank Rwanda reported a 29% increase in after-tax profit in the first 6 months of the year, thanks to increased economic activity, resulting in loan portfolio growth of 21%. However, the group's Tanzanian subsidiary and joint venture, Bank One in Mauritius, recorded a drop in net profits to 117 million shillings (979 thousand USD) and 125 million shillings (1 million USD) respectively.

Regarding the group's net profit, it increased by 16%, or 4.9 billion shillings (41 million USD) in the first half of 2022, compared to 4.2 billion shillings (35 million USD) in the same period in 2021. This performance is due to improved interest income on loans and investments in government securities. During the period under review, net interest income on loans and commissions increased by 19% and 18% respectively. As for the loan portfolio, it increased by 13% to reach 231.1 billion shillings (2 billion USD).

Non-interest income rose 28% to 5 billion shillings (USD 42 million) thanks to a 44% increase in fees and commissions on transactions through digital channels. For its part, income from foreign exchange transactions rose sharply by 147%, i.e. 1.9 billion shillings (16 million USD) at the end of June 2022 against 770.3 million shillings (6 million USD) at the end of June. 2021.

This performance reflects positive underlying trends across the business resulting from the gains made in implementing our strategy,” said Mr. Daniel Ndonye, ​​President of I&M Group, adding that: “Our objective going forward is to accelerate the digital transformation journey by deploying more innovative solutions and integrating digital channels to ensure that we provide value-added financial solutions to our customers.”

Listed on the Nairobi Stock Exchange with a market capitalization of USD 350.5 million, &M Holdings PLC (I&M Holdings), formerly known as City Trust Limited (CTL), is regulated by the Securities and Markets Authority as well as by the Central Bank of Kenya as a non-operating holding company.