I&M half-year profit up 29 per cent at Ksh.4 billion

Lender I&M has seen its half-year profit rise by 29 per cent to hit Ksh.4 billion from a lower Ksh.3.1 billion last year.

The improved performance for the bank is largely attributable to greater operating income in the six months which helped offset greater costs in the operating period.

I&M total operating income was up 15.3 per cent at Ksh.12.8 billion as net interest income hit Ksh.8.9 billion from a lower Ksh.6.9 billion in June 2020.

The rise in interest income was enough to correct a 2.9 per cent slide in non-interest funded income (NFI) which sat at Ksh.3.9 billion.

The bank’s non-interest based expenses rose to Ksh.7.2 billion from Ksh.6.1 billion last year as credit impairment charges remained largely unchanged at Ksh.1.1 billion.

I&M’s asset base has now expanded to Ksh.382.6 billion and comprise of Ksh.204.5 billion in net loans and advances to customers.

Meanwhile, the bank’s customer deposits now stand at Ksh.276.6 billion from Ksh.252.5 billion.

The board of the bank has not recommended the payment of an interim dividend for the period.