I&M Group PLC Sustains Growth Momentum with 16% Increase in Profit Before Tax for Q1 2025.
Nairobi, 27th May 2025 - Following a strong full-year performance in 2024, I&M Group PLC posted a 16% growth in Profit Before Tax (PBT) for the first quarter of 2025, reaching KES 5.9 billion, up from KES 5.1 billion in Q1 2024. This sustained growth reflects the Group’s effective strategic execution, harnessing cross-market synergies and reinforcing its commitment to creating long-term value across the region.
Regional subsidiaries maintained a solid performance, contributing 26% of the Group’s total PBT, up from 24% in Q1 2024. “We are seeing strong momentum across our subsidiary markets, with each business delivering improved performance and contributing more meaningfully to the Group’s Profit Before Tax, a clear indication that our regional diversification strategy is bearing fruit,” said Kihara Maina, the Group’s Regional CEO.
I&M’s group results showed that revenues from cross-border business have grown markedly, underscoring the power of regional collaboration and shared innovation. “By harmonising our digital platforms and accelerating automation, we are unlocking value across all our markets,” Kihara added.
Group Key Financial Performance Highlights – Q1 2025
Balance Sheet Performance
- Total assets grew by 7% year-on-year to close at KES 568 billion.
- Loan book rose modestly by 1%, closing at KES 294 billion.
- Customer deposits increased by 6% to KES 407 billion, driven by growth in both CASA (Current Accounts and Savings Accounts) and term deposits.
- Net Non-Performing Loans declined by 11% to KES 13 billion, reflecting improved credit risk management.
Income Statement Performance
- Operating income grew by 12%, driven primarily by a 12% rise in Net Interest Income.
- Operating expenses (excluding provisions) rose by 12%, attributed to ongoing investment in technology, people and branch expansion in Kenya and Rwanda.
- Loan loss provisions stood at KES 1.6 billion, up from KES 1.5 billion in Q1 2024, underscoring continued prudence in asset quality.
I&M Bank Kenya Financial Performance Highlights
- Profit Before Tax: 8% growth supported by higher Net Interest Income.
- Operating Income: Grew by 10% year-on-year.
- Customer Deposits closed at KES 292 billion, a 2% increase year on year.
- Net Non-Performing Loans declined by 9% to KES 11 billion, reflecting improved credit risk management.
- Ecosystem Partnerships: We’ve impacted over 3 million lives, particularly MSMEs and women-led enterprises.
- The Bank strategically deepened its presence in high-growth sectors like oil and gas and leasing where it has grown its loan book to KES 12 billion and KES 1.5 billion respectively.
- Branch Network Expansion: The Bank embarked on an ambitious branch expansion plan with 23 new outlets opened in the past two years spread over 24 counties.
Adding to this success, the Bank celebrates their Founder and Chairman Emeritus Mr. S.B.R. Shah, MBS who has been honoured with the 2025 Lifetime Achievement in Banking Award by Think Business Africa in recognition of his visionary leadership and enduring contribution to East Africa’s financial sector.
In Kenya, I&M Bank stood out at the 2025 Think Business Banking Awards, being recognised in 10 out of 14 categories, including Best Retail Bank, Best Bank in Product Innovation, and being Runner-Up for Best Corporate Bank. The Bank has broadened its focus beyond corporate banking while continuing to demonstrate clear leadership in its legacy segments.
“Our strong performance reflects not only the resilience of our strategy, but the deepening relevance of our offerings to everyday Kenyans. In just two years, we more than doubled our customer base with a 134% year-on-year increase in new-to-bank acquisitions. Customer transactions more than doubled, a clear indicator that more Kenyans are choosing I&M Bank as their primary banking partner,” said Mr. Gul Khan, CEO, I&M Bank Kenya.This shift has been driven by its iMara Strategy, rooted in customer insights, targeted segmentation and innovation. Through ecosystem partnerships, branch expansion, and digital platforms like the award-winning I&M Bank On-The-Go (OTG) app, I&M Bank is now delivering seamless digital banking experience and relevant solutions to all customer segments from salaried individuals to sole proprietors and MSMEs.
Director of Retail and Business Banking Shameer Patel remarked, “Winning across diverse categories affirms our strategic intent: we are building a bank that is inclusive, digitally agile and deeply attuned to the evolving needs of Kenyans. We set our sights on new frontiers and the results speak for themselves.”
Strong Regional Performance
- I&M Bank Rwanda: Profit Before Tax grew by 14% in local currency, driven by increased economic activity.
- I&M Bank Tanzania: Reported Profit Before Tax of KES 324 million, more than doubling from KES 142 million in Q1 2024.
- I&M Bank Uganda: Achieved a 138% increase in Profit Before Tax, with assets growing from UGX 988 billion to UGX 1.1 trillion.
- Bank One (Mauritius): Posted a 13% increase in Profit Before Tax, driven by strong Non-Funded Income (NFI) growth, cost containment and prudence in credit management.
