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 billion from Ksh8.4 billion the previous year.
Profit before tax rose marginally to Ksh11.86 billion in 2021, compared to Ksh11.63 billion in 2020.
Directors recommended a dividend per share of Ksh1.50 totalling Ksh2.48 billion for the year ended December 31, 2021. The dividend will 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 billion in 2021 up from Ksh262.6 billion in 2020.
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Total assets rose from Ksh358 billion in 2020 to Ksh415.18 billion in 2021.
I&M’s operating expenses rose to Ksh17.4 billion up from Ksh12.6 billion the previous year.
Total interest income grew to Ksh33.08 billion from Ksh27.8 billion in 2020. Total non-interest income also increased to Ksh8.73 billion from Ksh8.63 billion the previous year.
Mr. Daniel Ndonye, Chairman, I&M Group PLC, stated; “2021, being the second year of the pandemic, was not devoid of challenges. The Group made key investments during 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 customers 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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