I&M Group Plc has posted a 25.9 per cent growth in net profit after nine months to September with earnings at Ksh.6.8 billion up from Ksh.5.4 billion previously.
The rise in the bank’s profitability is largely attributable to higher income with non-funded income (NFI) providing the biggest lift to revenues after posting a 41.9 per cent rate of growth to Ksh.8.8 billion.
This as foreign exchange trading income tripled in the period to Ksh.3.8 billion from Ksh.1.2 billion.
Net interest income for the group has meanwhile improved by 15.7 per cent to Ksh.16.2 billion from Ksh.14 billion firming up total operating income at Ksh.25 billion.
The higher interest income was supported in part by an 11.4 per cent growth in net loans and advances to customers to Ksh.231.2 billion from Ksh.207.6 billion.
Customer deposits at I&M have meanwhile grown by 6.7 per cent to Ksh.308 billion.
I&M has increased its cover for bad loans by 28.6 per cent to Ksh.3.6 billion after a marginal increase in gross non-performing loans (NPLs) to Ksh.23.7 billion from Ksh.22.7 billion.
The bank has not recommended the payment of an interim dividend for the period.
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