I&M Bank Profits Shrink by 31% to Sh4.6bn

Listed lender I&M Bank on Monday reported a 31% reduction in profits after tax for the nine months ended September 30, 2020, to Sh4.6bn compared to Ksh6.6 billion the previous year.

At the close of September 2020, the group’s balance sheet expanded to Ksh344.7 billion, a 6.2% uptick year on year.

Customer deposits ticked up to Ksh252.8 billion compared to Ksh236.2 billion banked the previous year.

The group’s net interest income fell marginally to Ksh10.4 billion compared to Ksh10.58 during the comparable periods under review.

Non-interest income fell to Ksh2.8 billion from Ksh3 billion.

Operating income also fell into the shrinking bracket falling to Ksh14.4 billion from Ksh15.4 billion.

Operating expenses increased to Ksh7.3 billion from Ksh6.7 billion as the group’s operating profit fell to Ksh7 billion from Ksh8.7 billion.

At the close of September 2020, total shareholders’  equity stood at Ksh63.8 billion from Ksh57.6 billion.

The profit dip, therefore, cut the group’s Earnings Per Share (EPS) to Ksh5.27 down from Ksh7.62 announced at a similar period last year.

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