I&M upholds profit and assets growth in 2014 results

I &M bank entrance in Nairobi along Kenyatta Avenue. PHOTO/COURTESY

By Abel Muhatia

I&M Holdings limited has recorded has 13%growth in profit before tax in the year ending 2014/15

This is despite a challenging year for the company interms of maintenance of the lending book and considerable investments in new branches and technology.

“In 2014 we embarked on an aggressive branch expansion strategy which took our network size to 30 branches, we also improve in mobile and internet banking as the bank made a very promising debut into social media in 2014 and this has emerged as a key channel for addressing customer services issues” said Sarit S Raja Shah the banks executive director.

In a press statement sent to Biashara News, the holdings total assets registered a 25% growth to Ksh.176.5 billion as the profit before tax increased to Ksh 8.2 billion in 2014 from Ksh 7.3 billion in 2013.

Loans to customers and advances registered a 22% increase to reach 112.5 billion as customer deposits increased by 18% to stand at 114.2 billion.

Kenyan branch ,I&M Bank Limited, has also recorded a profit before tax of Ksh 7.7 billion reflecting a 28% growth over 2014.

Its total assets grew by 24% to Ksh 137.3 billion as customer loans and deposits increased to 22% and i6% respectively.

Early this month, the bank announced a partnership with Mobicash to offer agency banking services across selected countrywide Mobicash outlets.

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See Also: I&M Bank services made easier

About the Author

Muhatia
Muhatia is the Managing Editor of Biz News Media Reach him via editor@biznews.co.ke