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I&M Group PLC delivers 33% Profit after Tax growth while investing in regional expansion and digital delivery for its customers.

PRESS RELEASE

I&M GROUP PLC

I&M Group PLC delivers 33% Profit after Tax growth while investing in regional expansion and digital delivery for its customers.  

Nairobi, August 30th, 2021: Regional Financial Services Group, I&M Group PLC has announced an increase of 33% after-tax profit for its 2021 half-year financial results up from Kshs 3.2 billion to Kshs. 4.2 billion.

The Group’s Total Assets recorded a growth of 12% to close at Kshs 382.6 billion up from Kshs 340.6 billion in June 2020 bolstered by expansion into Uganda and increased private and public sector lending. The acquisition of Orient Bank Ltd (OBL) in Uganda has expanded the Group’s balance sheet by Kshs 23.5 billion as at the reporting date.

Net interest income recorded strong growth of 28% to Kshs 8.9 billion up from Kshs 6.9 billion in June 2020 attributed to increased interest income from government securities. The Group’s total Non-Funded Income reduced by 6% to Kshs 3.9 billion from Kshs 4.2 billion.

Net non-performing loans reduced by 8% compared to June 2020, to close at Kshs 7.5 billion attributed to strengthened remedial actions in improving the loan book quality.

Customer deposits recorded a 10% growth from Kshs 252.5 billion in June 2020 to Kshs 276.8 billion as at June 2021.

Commenting on the Group's financials, Mr. Daniel Ndonye, I&M Group PLC Chairman confirmed that the Group’s focus on increased lending to both the private and the public sector was key in determining the bank’s growth at a time when economies world over were hard hit by the effect of the COVID-19 pandemic. This is on the back of strong capital and liquidity base at group and country levels reported all well above regulatory minimums. At Group level, capital adequacy ratios closed at 21% at the same level as the previous year, while the liquidity ratio was 48% well above the statutory minimum of 20%.

The period under review saw the Group finalize the acquisition of a 90 percent shareholding in Uganda’s OBL. This is part of the Group’s broader regional expansion strategy to serve the needs of all customers at the local and regional level while promoting trade flows within the region.

 “We will continue to focus on our customers across all the banking segments through a series of products and innovations that are tailored to enhance customers banking experience across all our subsidiaries;” he added

Key to note, the Group, during the period under review, also rolled out, through its wholly-owned subsidiary, I&M Capital Limited, a host of Wealth Management solutions.  This is expected to boost revenue diversification through the provision of customized investment solutions, Asset Management, Retirement Income, and Financial Planning for high network individuals.

Additionally, the Rwandan and Tanzanian subsidiaries launched Whatsapp banking, a key milestone in the Group’s digital transformation journey to provide customers with freedom of modern banking.

“We will also continue to invest and offer cutting edge technologically driven solutions to our customers and expand opportunities to attract more investors,” Mr. Daniel Ndonye concluded.

The Group’s Executive Director, Sarit Raja Shah underscored significant investment made during the first half of 2021. “Along with the innovation of market-driven solutions, we have also made significant investments in new systems across the Group in a bid to increase operational efficiencies and improve our customers’ banking experience.”

Further, the Group progressed on its strategic effort to create long-term value for stakeholders, through continued investments in Environmental, Social, and Governance initiatives as a means to building resilience as well as to mitigate against emergent operational, cyber, and credit risk. During the period under review, the Bank invested in a new Risk Management infrastructure for Anti-Money Laundering, Operational Risk, and Fraud Management, as a key step in protecting its customers from the threat of financial crime on the Bank’s systems.

Through the I&M Foundation, the Group collaborated with like-minded organizations to drive its shared growth agenda in key thematic areas namely: Education and Skills Development, Environmental Conservation, Economic Empowerment, and Enabling Giving.

The key to note was that the Foundation partnered with the Kenya Community Development Foundation to drive environmental conservation initiatives spearheaded by the youth in Narok and Kilifi counties. The Foundation continues to support education scholarships for bright but financially constrained students at Strathmore University and the Palmhouse Foundation.  Additionally, the Foundation donated towards the Maa Trust’s Mau Bead-Work project, to cushion the Trust’s beneficiaries from the impact of the COVID-19 pandemic.

Meanwhile, the Group’s Rwanda and Mauritius entities received accolades during the period under review. I&M Bank (Rwanda) PLC was recognized as the best bank (2021) by Capital Finance International (CFI.co), a print and online journal reporting on business, economics, and finance. The Award recognized the Bank’s product offering, strategy, short-term and medium growth plans as well as client diversity. The Bank was also recognized for its technological innovations such as Near Field Communication (NFC) enabled ATMs with contactless technology enabling operational efficiency and enhanced user experience. The Awards judges’ report also heralded the Bank’s growth strategy driven by a three-pillar approach – driving business, building resilience, and optimizing the operating approach. In addition, the Mauritius joint venture, Bank One Limited, was awarded the Best Bank in International Banking Services and Best Custodian Bank, wherein the Bank was recognized for its role in supporting businesses in Sub-Saharan Africa based on its unique onshore and offshore capabilities.

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Notes to the Editor 

About I&M Group PLC

I&M Group PLC was incorporated on 16th August 1950 and is listed on the Nairobi Securities Exchange (NSE). I&M Group PLC was licensed and approved as a non-operating holding company in accordance with the provisions of the Banking Act, Cap 488 Laws of Kenya following a reverse takeover of City Trust Limited by I&M Bank Limited in June 2013. The Group has a presence in Kenya, Rwanda, Uganda, Tanzania, and Mauritius.

I&M prides itself on its strong values and key strengths of innovative service and strong customer relationships and through these pillars, the Group aspires to be “Eastern Africa’s Leading Financial Partner for Growth’’ through the provision of innovative and market-driven banking solutions for its target segments.

For more information visit www.imbank.com.

I&M Bank Media Contact

Suprio Sen Gupta

Group GM, Products and Marketing

[email protected]

+ 254 719088204

Notice of the change in company name

PUBLIC ANNOUNCEMENT

I&M GROUP PLC

(A public limited liability company incorporated in Kenya under number C.7/50)

The Capital Markets Act Chapter 485A of the Laws of Kenya Capital Markets (Securities) (Public Offers, Listing and Disclosures) Regulations, 2002 (as amended)

NOTICE OF THE CHANGE IN COMPANY NAME

Notice is hereby given that I&M Holdings Plc has changed its name to I&M Group Plc, following the approval of shareholders and receipt of the certificate of change of name issued by the Registrar of Companies dated 28th June 2021.

By order of the Board

Date: 30th June 2021;

Nairobi Kenya

DISCLAIMER: This announcement has been issued with the approval of the Capital Markets Authority pursuant to the Capital Markets (Securities) (Public Offers, Listings and Disclosure) Regulations, 2002 as amended. As a matter of policy, the Capital Markets Authority assumes no responsibility for the correctness of the statements appearing in this announcement.

I&M Group Plc is regulated by the Central Bank of Kenya and the Capital Markets Authority

Completion of the Acquisition by I&M Holdings Plc Of 90% of the Issued Share Capital of Orient Bank Limited, Uganda

PUBLIC ANNOUNCEMENT

 I&M HOLDINGS PLC
 (A public limited liability company incorporated in Kenya under number C.7/50)

The Capital Markets Act (Chapter 485A of the Laws of Kenya)
Capital Markets (Securities) (Public Offers, Listing and Disclosures)
Regulations, 2002 (as amended)

COMPLETION OF THE ACQUISITION BY I&M HOLDINGS PLC OF 90%
OF THE ISSUED SHARE CAPITAL OF ORIENT BANK LIMITED, UGANDA

I&M Holdings Plc (IMH) issued a Cautionary Announcement on 17th July 2020 in respect of its proposed acquisition of 90% of the issued share capital of Orient Bank Limited (“OBL”), a licensed and well-established commercial bank incorporated in the Republic of Uganda. IMH is pleased to inform its shareholders and the investing public that all of the regulatory and corporate approvals having been received and each of the conditions precedent to completion of the transaction having been fulfilled, the acquisition transaction was completed on the 30th April 2021.

 

By order of the Board
Date: 30th April 2021;
Nairobi Kenya

 

 

DISCLAIMER: This announcement has been issued with the approval of the Capital Markets Authority pursuant to the Capital Markets (Securities) (Public Offers, Listing and Disclosures) Regulations, 2002 as amended. As a matter of policy, the Capital Markets Authority assumes no responsibility for the correctness of the statements appearing in this announcement.

I&M Holdings Plc is regulated by the Central Bank of Kenya and the Capital Markets Authority

Notice to Shareholders of I&M Holdings Plc on the Resignation of a Director

NOTICE TO SHAREHOLDERS OF I&M HOLDINGS PLC
ON THE RESIGNATION OF A DIRECTOR

Notice is hereby given that Mr. Oliver Merrick Fowler relinquished his position as an independent Director of the Board of the I&M Holdings Plc with effect from 18th March 2021, following his appointment as an Independent Director and Chairman of I&M Bank Limited in accordance with the Central Bank of Kenya requirements.

The Board takes this opportunity to thank him for his term of service and contribution to the Board and wishes him the very best in his new role within the Group.

 

BY ORDER OF THE BOARD
22ND MARCH 2021
 

 

DISCLAIMER: This announcement has been issued with the approval of the Capital Markets Authority pursuant to the Capital Markets (Securities) (Public Offers, Listing and Disclosures) Regulations, 2002 as amended. As a matter of policy, the Capital Markets Authority assumes no responsibility for the correctness of the statements appearing in this announcement.

 

I&M HOLDINGS PLC is regulated by the Central Bank of Kenya and the Capital Markets Authority.

Notice to Shareholders of I&M Holdings Plc on the Appointment of a New Director

NOTICE TO SHAREHOLDERS OF I&M HOLDINGS PLC
ON THE APPOINTMENT OF A NEW DIRECTOR

We are pleased to announce the appointment of Mr. Allan Christopher Michael Low as the Company’s Regional Director. In his role as the Regional Director, he will be ensuring effective implementation of I&M Group’s long-term vision and strategy while building, protecting, and enhancing the Group’s brand value and visibility across the countries where the Group has a presence.

Mr. Allan Christopher Michael Low holds a Masters degree (Zoology) from Oxford University and is an Associate of the Institute of Chartered Accountants in England and Wales. A seasoned banker having spent considerable time in the areas of international banking, digital transformation, emerging markets, risk management, and financial inclusion for over 30 years, he brings on board a vast wealth of experience having served across several countries including Sub-Saharan Africa in executive roles. We are honoured to welcome him.

 

BY ORDER OF THE BOARD
1st February 2021

 

DISCLAIMER: This announcement has been issued with the approval of the Capital Markets Authority pursuant to the Capital Markets (Securities) (Public Offers, Listing and Disclosures) Regulations, 2002 as amended. As a matter of policy, the Capital Markets Authority assumes no responsibility for the correctness of the statements appearing in this announcement.

 

I&M HOLDINGS PLC is regulated by the Central Bank of Kenya and the Capital Markets Authority.

Acquisition of All of the Issued Share Capital of Investment and Mortgages Nominees Limited

PUBLIC ANNOUNCEMENT

l&M Holdings Limited
(A public limited liability company incorporated in Kenya under number C.7/50) The

Capital Market Act
Chapter 48SA of the Laws of Kenya
Capital Markets (Securities) (Public Offers, Listing and Disclosures) Regulations, 2002 (as amended)

ACQUISITION OF ALL OF THE ISSUED SHARE CAPITAL OF
INVESTMENT AND MORTGAGES NOMINEES LIMITED

Shareholders of I&M Holdings Plc (the “Company”) are advised that the Company has completed the acquisition of Investment and Mortgages Nominees Limited (“IMNL”), a company incorporated in the Republic of Kenya following receipt of all regulatory and corporate approvals, including those from the Central Bank of Kenya.  This transaction was approved by the Company’s Board in accordance with the authorization granted by its shareholders at an Extraordinary General Meeting held on 27th June 2016. The acquisition was undertaken in two simultaneous steps: :

  • Subscription of additional 105,000 new shares in IMNL issued resulting in the acquisition of 51.2% of the shareholding of IMNL.
  • Acquisition of the existing 100,000 ordinary shares from the existing shareholders.

Brief overview of IMNL

IMNL has been providing nominee and management services to the customers of I&M Bank Limited. The Company closed its last financial year with a Net Asset Value of Kshs 525,408 as at 31st March 2020.

The purpose of undertaking this acquisition is to bring IMNL within the Group ownership structure to further enhance its systems and processes and ensure they are run with the same standards as other entities within the Group.

 

By order of the Board
Date: 23rd December 2020;
Nairobi, Kenya.

 

DISCLAIMER: This announcement has been issued with the approval of the Capital Markets Authority pursuant to the Capital Markets (Securities) (Public Offers, Listing and Disclosures) Regulations, 2002 as amended. As a matter of policy, the Capital Markets Authority assumes no responsibility for the correctness of the statements appearing in this announcement.

 

I&M HOLDINGS PLC is regulated by the Central Bank of Kenya and the Capital Markets Authority.

Multi-Million Dollar Debt Financing Transaction from Proparco to Kenya Nut Company Limited 1ST

Multi-Million Dollar Debt Financing Transaction from Proparco to Kenya Nut Company Limited

Nairobi, 6th August 2020: I&M Burbidge Capital is pleased to announce that it has advised on the Debt Financing Transaction by Proparco to Kenya Nut Company Limited, popular for its various brands; Out of Africa, Nutfields, Morendat, and Leleshwa. The transaction is the first of a two-phased disbursement plan.

Kenya Nut is celebrating just under 50 years of operation, is one of the leading macadamia nut processors in East Africa, renowned for its high quality macadamia and cashew nuts. It has won various prestigious awards including a double Gold medal award from the International Michelangelo Wine & Spirits Awards for two years in a row, in 2016 and 2017.

Proparco is a subsidiary of Agence Française de Développement (AFD) focused on private sector development. It has been promoting sustainable economic, social and environmental development practices for the past 40 years. Proparco provides funding and support to both businesses and financial institutions across Africa, Asia, Latin America and the Middle-East.

I&M Burbidge Capital advised Kenya Nut on all fronts of the transaction, including structuring, sourcing financing from the market, evaluation of offers that were received and managing various deal complexities.

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About I&M Burbidge Capital

I&M Burbidge Capital Limited is a corporate finance advisory firm regulated by the Capital Markets Authority (CMA) creating long-term advisory relationships & solutions across Sub- Saharan Africa with a specific focus on the East African region. I&M Burbidge Capital specializes in advising businesses in the region on significant capital raising through IPOs, private equity, debt and Mergers & Acquisition transactions and mainly focus on mid & large sized companies with typical transaction size of $5 million – $300 million.

For more information, contact:

Edward Burbidge
Chief Executive Officer
I&M Burbidge Capital Limited
Tel: +254 (0)20 322 1160
Email: [email protected]

I&M Bank Foundation Partners with Kenya Community Development Foundation on building Sustainable Environments 1ST

Press Release

I&M Bank Foundation Partners with Kenya Community Development Foundation on building Sustainable Environments

Nairobi, 22nd July 2020: The I&M Bank Foundation and the Kenya Community Development Foundation have signed a partnership on environmental conservation.

The partnership will look to inculcate the culture and practice of environmental awareness and conservation amongst children and the youth in 172 learning institutions (primary, secondary and vocational) in 4 sub-counties in Narok and Kilifi counties.

The 3-year conservation programme endeavours to help counter the current environmental degradation and effects of climate change; by restoring the environment through tree planting, adoption of clean energy including use of energy-saving Jikos, solar for lighting, and sustainable waste management which includes investment in waste collection points and use of bio-gas, while nurturing a generation of future environmentalists.

Kilifi and Narok county development plans for 2018-2022, recognize charcoal burning, soil erosion, land degradation and climate change, as the most daunting environmental challenges. The two counties also appreciate that clean energy reduces health problems, reduces dependency on forest trees and increases hours of studies for school-going children. KCDF and I&M Bank Foundation will plug into the counties’ development plans to help them achieve their environmental conservation goals.

The partnership with KCDF, which comprises of an investment of over Kshs. 50 million from the Bank’s Foundation in the next three years, is expected to benefit over 5,000 households in the two counties. The interventions will target water catchment communities, where these children and youth come from, ensuring that environmental conservation practices are entrenched in them and their communities as a way of life.

The rollout will be implemented through targeted learning institutions (primary, secondary and vocational) and areas around religious institutions, markets among others. Key activities that will be conducted under this programme include: tree planting exercises, training on solar energy, use of energy saving jikos within tertiary institutions and secondary schools, training on water harvesting and waste management, use of clean energy in learning institutions such as bio gas among other activities.

Commenting on the development, Sarit Raja-Shah, Trustee, I&M Bank Foundation noted, “At the Foundation, we have identified the challenges undermining efforts in protecting and restoring natural and sustainable environments in the country. We realise and appreciate that sustainable environments play a critical role in achieving the country’s economic growth plans, therefore we have set up inclusive and measurable programmes and interventions to address these challenges.”

“The partnership with our able partners KCDF, that we are rolling out today, aimed at benefitting children and the youth in Narok and Kilifi counties, perfectly aligns with the Bank’s Foundation’s initiatives on environmental conservation; and I believe that this will help nurture a generation of passionate environmentalists for generations to come,” he added Key initiatives that the I&M Group has focused on in promoting environmental conservation through the I&M Bank Foundation include: embedding environmental protection practices into the Bank operations, influencing our clients, business partners and suppliers to adopt progressive environmental commitments.

Additional activities include tree planting, clean up days, adoption of environmental friendly initiatives like water-harvesting, embracing use of renewable energy, water conservation where our employees and customers participate actively.

The Chairperson of KCDF, Mrs Eunice Mathu in the signing ceremony, praised I&M Bank Foundation for their very forward looking approach, by agreeing to enter into a longer term arrangement, which will provide the space and engagement to see the desired practices take root in the target schools and communities. More important is the fact that the collaboration targets a critical segment of our population, i.e., children and youth who make over 70 % of our national population, and are a primary group going forward in ensuring environmental conservation is fully integrated as a way of life among generations to come.

Speaking during the signing ceremony, Kihara Maina, Trustee at the I&M Bank Foundation also noted that the Bank would carefully monitor the implementation of the programme to ensure that its success comes to fruition.

“To ensure that the programme’s implementation runs seamlessly, the I&M Bank Foundation will provide resources to implement the program; the I&M Bank staff members will join the community and schools in scheduled events like tree-planting drives, national environment days, and county engagement forums; they will also volunteer expertise, skills and time in the capacity building of communities and schools in financial literacy,” he concluded …….

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Notes to the editor

About I&M Bank Foundation

The I&M Bank Foundation spearheads the Shared Value Agenda for I&M Bank to deliver positive impact to society and is charged with the responsibility of delivering social investment programs. The Foundation focuses on key strategic thematic areas namely: Environmental conservation, where we preserve, protect, and restore the environment and promote sustainable use of ecosystems; Education and skills development, where we enhance education outcomes that ensures inclusive and equitable quality education, self-reliance, and gainful livelihoods for Kenyans; Economic empowerment, where we promote sustainable economic growth, productive employment, and decent work for Micro, Small and Medium enterprises (MSMEs); and Enabling giving, where we strengthen partnerships for sustainable community development.

About I&M Bank (www.imbank.com )

I&M Bank is a leading commercial bank headquartered in Kenya, with a growing regional presence currently extending to Mauritius, Tanzania and Rwanda. Since its inception in 1974, the Bank has evolved from a community financial institution to a publicly listed Kenyan-based regional commercial bank offering a full range of Corporate, Business, Premium Client and Personal banking services. I&M Bank is wholly owned by I&M Holdings PLC which is listed on the Nairobi Stock Exchange. CDC Group PLC owns approximately 10.68% of I&M Holdings PLC. I&M prides itself on its strong values and key strengths of innovative service and strong customer relationships and through these pillars, I&M Bank aspires to be the banking powerhouse in East Africa for middle to large and premium clients through provision of innovative and market driven banking solutions for its target segments. For more information visit www.imbank.com. For further information, contact: Christine Aludo James Gatere Senior Manager, Marketing Head, I&M Bank Foundation [email protected] [email protected] + 254 719088205 + 254 719088866

Proposed Acquisition by I&M Holdings PLC of 90% of the issued share capital of Orient Bank Limited, Uganda

CAUTIONARY ANNOUNCEMENT

l&M Holdings Limited
(A public limited liability company incorporated in Kenya under number C.7/50) The

Capital Market Act
Chapter 48SA of the Laws of Kenya
Capital Markets (Securities) (Public Offers, Listing and Disclosures) Regulations, 2002 (as amended)

Proposed Acquisition by I&M Holdings PLC of 90% of the issued share capital of Orient Bank Limited, Uganda 

 

Shareholders of I&M Holdings Plc (the “Company”) are advised that the Company has on 17th July 2020 entered into an agreement with the shareholders of Orient Bank Limited for the sale and purchase of shares comprising 90% of the issued share capital of Orient Bank Limited (“OBL”), a company incorporated in the Republic of Uganda. Further details of the transaction will be made available to the shareholders of the Company in due course. Completion of the above transaction (the “Proposed Transaction”) is subject to several conditions, including receipt of all regulatory and corporate approvals, including those from the Central Bank of Kenya, the Bank of Uganda, the Capital Markets Authority, and the shareholders of the Company in a general meeting. The Proposed Transaction may have a material effect on the value of the shares of the Company. The shareholders of the Company and the public are accordingly advised to exercise due caution when dealing in the shares of the Company.

BY ORDER OF THE BOARD
17TH JULY 2020, Nairobi, Kenya

 

DISCLAIMER: This announcement has been issued with the approval of the Capital Markets Authority pursuant to the Capital Markets (Securities) (Public Offers, Listing and Disclosures) Regulations, 2002 as amended. As a matter of policy, the Capital Markets Authority assumes no responsibility for the correctness of the statements appearing in this announcement.

 

I&M HOLDINGS PLC is regulated as a non-operating holding company by the Central Bank of Kenya.

Notice of Change of Registered Office

PUBLIC ANNOUNCEMENT

l&M Holdings Limited
(A public limited liability company incorporated in Kenya under number C.7/50) The

Capital Market Act
Chapter 48SA of the Laws of Kenya
Capital Markets (Securities) (Public Offers, Listing and Disclosures) Regulations, 2002 (as amended)

NOTICE OF CHANGE OF REGISTERED OFFICE

Notice is hereby given that I&M Holdings PLC, has changed its registered office from I&M Bank House, 2nd Ngong Avenue, Nairobi to 1 Park Avenue, First Parklands Avenue, Nairobi with effect from 1st July 2020.

By order of the Board
Date: 9th July 2020

Nairobi, Kenya

 

DISCLAIMER: This announcement has been issued with the approval of the Capital Markets Authority pursuant to the Capital Markets (Securities) (Public Offers, Listing and Disclosures) Regulations, 2002 as amended. As a matter of policy, the Capital Markets Authority assumes no responsibility for the correctness of the statements appearing in this announcement.

 

I&M HOLDINGS PLC is regulated as a non-operating holding company by the Central Bank of Kenya.