I&M Bank Group on Wednesday, March 30 announced its full year results for 2021. Profit after tax grew by 3.0% to reach Ksh8.6 bi*lion from Ksh8.4 bi*lion the previous year.
Profit before tax rose marginally to Ksh11.86 bi*lion in 2021, compared to Ksh11.63 bi*lion in 2020.
Directors recommended a dividend per share of Ksh1.50 totalling Ksh2.48 bi*lion for the year ended December 31, 2021. The dividend wi*l be paid on or around May 26, 2022.
“The performance was driven mainly by growth in customer deposits and loans as well as continued investment in the digital banking infrastructure,” the bank observed.
I&M saw customer deposits increase to hit Ksh296.74 bi*lion in 2021 up from Ksh262.6 bi*lion in 2020.
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Total a*sets rose from Ksh358 bi*lion in 2020 to Ksh415.18 bi*lion in 2021.
I&M’s operating expenses rose to Ksh17.4 bi*lion up from Ksh12.6 bi*lion the previous year.
Total interest income grew to Ksh33.08 bi*lion from Ksh27.8 bi*lion in 2020. Total non-interest income also increased to Ksh8.73 bi*lion from Ksh8.63 bi*lion the previous year.
Mr. Daniel Ndonye, Chairman, I&M Group PLC, stated; “2021, being the second year of the p******c, was not devoid of challenges. The Group made key investments du**ng the period under review to help us position ourselves better for future growth through enhanced resilience initiatives and optimisation of our operations.”
“Specifically, we accelerated our digital transformation activities across the Group in a bid to deliver value to our custom**s through provision of innovative financial solutions.”
Among other products, I&M in 2021 rolled out wealth management services and a new digital banking platform dubbed I&M On the Go.
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