Press Releases & Announcements Category: Press Release

Press Release

For Immediate Release

I&M Group PLC delivers strong growth with a 16% increase in Profit after Tax as it continues investment in its digital and regional growth strategy

Nairobi, 16 August 2022: I&M Group PLC has sustained its growth momentum into the first half of 2022, with the Group reporting a 16% growth in profit after tax to Kes 4.9 billion  compared to Kes 4.2 billion in the same period in 2021.

Key Financial Performance

During the period under review, the Group’s balance sheet and income improved while strong liquidity and a solid capital base were maintained.

Balance sheet highlights

1. The Group’s  total assets grew by 15% to Kes 440 billion, up from Kes 382 billion in June 2021.
2. The loan portfolio increased by 13% to Kes 231 billion, while investments in government securities were up by 17%. 
3. The net non-performing loans stood at 2.3%, decreasing by 31% year on year on the back of increases in the loan book and recoveries.
4. Customer deposits closed at Kes. 313 billion, a 13% increase year on year.

Income statement highlights

1. Net interest income for the period under review recorded a growth of 19%, closing at Kes. 10.5 billion, an increase from Kes. 8.9 billion in June 2021, reflecting improved earnings on loans and advances as well as government securities.
2. The strong growth in non-interest income was driven by a 44% increase in fees and commissions and a jump in foreign exchange trading income from Kes 770 million  in HY 2021 to Kes 1.9 billion.   
3. Loan loss provisions increased by 24% compared to the previous year as the Group remained prudent on credit risk provisioning.

Commenting on the results, Mr. Daniel Ndonye, Chairman, I&M Group PLC, noted:

“This performance reflects positive underlying trends across the entire business resulting from gains made in implementing our iMara 2.0 strategy.” Ndonye added,  “Our key focus going forward is to accelerate the digital transformation journey through rolling out more innovative solutions and embedding digital channels to ensure that we deliver the value add financial solutions for our customers’. 

During the period under review, I&M Group significantly increased its digital services, with 85% of its customers now initiating transactions through digital channels.

Market Driven Solutions

The Group including its Eastern Africa subsidiaries, rolled out new digital solutions aligned to its business growth strategy. In Kenya, I&M Bank launched its unsecured automated lending solution targeting small businesses and Retail clients through its state of the art mobile and internet banking platform – I&M On-The-Go (OTG).  This solution enables a customer to conveniently apply for a  loan from an amount of Kes 50,000 up to a maximum of Kes 3 million for a period of 4 years. In Tanzania, the partnership launch with Airtel of its mobile lending solution, Kamalisha, is showing good early uptake.

The Kenyan subsidiary has continued to invest in financial support programmes geared towards financing small businesses (MSMEs) through partnering with IFC and FMO to provide access to financing for working capital, expansion, and to weather the effects of COVID-19. The move is part of the Group’s strategy to diversify its revenue streams for business growth through deeper penetration in the MSME space. 

Also, I&M Bank, Kenya launched an enhanced set of financial solutions tailor-made to support the Bank’s strategy of growing its Retail and MSME segments. These include simplified transactional accounts such as the Pay-Go and Club Accounts, targeting the Young Professionals and High Networth Individuals, and the Business Premier Account and Business Account, catering for the Corporate and Business clients. Also the offerings come with a set of world-class debit cards extended in partnership with Mastercard. 

In Rwanda, I&M Bank via its partnership with SPENN launched a loan product for micro borrowers, allowing its clients to borrow up to Rwf 500,000, (Kes 58000),  supporting deeper financial inclusion among Rwandans. 

To support its Regional customers, the Group launched a single transactional account and real-time payments platform known as I&M BRISK, which allows I&M Bank customers to access real-time withdrawals, deposits and funds transfers at any I&M Bank branch in Kenya, Rwanda, and Tanzania using their existing account. 

Regional Performance

The Group’s Flagship subsidiary, I&M Bank, Kenya recorded a profit after tax of Ksh. 3.8 billion, compared to Ksh. 3 billion in June 2021 reflecting a 27% year on year growth. The performance was driven by growth in net interest income and non-funded income by 11% and 20% respectively and a reduction in loan loss provisions. Total assets grew by 13% to close at Ksh. 319 billion driven by  a 12% growth in the loan book.   

I&M Bank Rwanda reported a 29% increase in profit after tax for the half year to June 2022. The Bank’s strong performance was driven by increased economic activity, with loans and deposits growing by 21% and 27% respectively, which in turn led to strong growth in net interest income and net fee income. The Rwandan subsidiary continues its focus on enhancing digital services adoption - 75% of its customers now initiate transactions through digital channels.

In Tanzania I&M recorded a marginal drop in profit after tax to Tsh 2.4 billion, (Kes 117 Million)  compared to Tsh. 2.5 billion  (Kes 116.9 million)  in June 2021, reflecting an increase of 14% in operating expenses due to investment in technology and additional impairment provisions of Tsh 1.4 billion (Kes 70 million). The balance sheet grew by 9% to close at Tsh. 613 billion. (Kes 31 billion).

I&M Bank Uganda reported its first year-on-year results as a member of the Group, posting a profit after tax of Ugx. 776 million (Kes 25 million). This reflects an increase in operating income to Ugx 26 billion, (Kes 831 million), reduced loan loss provisions and increased recoveries. The balance sheet reported a 4% year on year growth to close at Ugx 809 billion, (Kes 25 billion). I&M Group completed the acquisition of a 90 percent stake in Uganda’s Orient Bank Limited on 30 April 2021.

The Group’s joint venture, Bank One in Mauritius recorded a profit after tax of Mur 160 million (Kes 411 million) for the 6 months to June 2022 compared to Mur 198 million (Kes 536 million) for the same period last year. The half year results for 2021 included one off exceptional gains of Mur 78 million (Kes 29 million) on sale of financial assets.

Outlook to December 2022

Amidst the recent general election in Kenya as well as the ongoing geo-political tensions in Russia and Ukraine, the Group’s Executive Director, Mr. Sarit Raja Shah remains positive about the Group’s performance in the second half of 2022.

Recently I&M Bank was ranked as the fifth most valuable bank brand and seventh most valuable brand in Kenya by the international branding agency, Brand Finance, in its Kenya report, 2022.

“While the outlook for the global economy in 2022 is uncertain, we are encouraged by the strong and resilient base we have built in the past few years, which should support the Group to mitigate risks arising from credit, cybersecurity, or generally weak economic conditions,” said Mr. Shah.

He concluded: “The Group continues to seek strategic partnerships to deliver efficiency and profitability across the region.”

-END-

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 presence in Kenya, Rwanda, Uganda, Tanzania and Mauritius. 

I&M Group 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 provision of innovative and market driven financial solutions for its target segments. 

For more information visit www.imbankgroup.com. 

I&M Bank Media Contact:

Suprio Sen Gupta                               

Group General Manager, Marketing                        

E: [email protected]                        

T: + 254 719088204

PRESS RELEASE

I&M GROUP PLC

I&M Group PLC continues on growth trajectory with 44% increase in profit after tax in Q1 2022 financials

Nairobi, 24^th May 2022: I&M Group PLC has continued its growth momentum into the first quarter of 2022, with the Group reporting a 44% growth in Profit after tax to Kes 2.7 billion compared to Kes 1.9 billion in the same period in 2021.

Key Financial Performance

During the period under review, the Group's balance sheet and income metrics improved on the backdrop of a solid capital base and strong liquidity.

Balance sheet highlights

• The Group’s balance sheet grew steadily with total assets growing by 18%.
• The loan portfolio grew by 13% to Kes. 218.4 billion as at 31st March 2022 and Government securities were up by 21%.
• The net non-performing loans decreased by 31% year on year on the back of the expanded loan book and recoveries.
• Customer deposits closed at Kes. 309.4 billion, an 18% increase year on year.

Income statement highlights

• Net interest income for the period under review recorded a growth of 21% to close at Kes. 5.2 billion, an increase from Kes. 4.3 billion in March 2021 on account of improved earnings on loans and advances as well as from government securities.
• The strong growth in non-interest income was driven by a 20% increase in fees and commissions and a 76% jump in foreign exchange trading income from Kes 348.5 million in Q1 2021 to Kes 612.8 million in Q1-2022.
• Loan loss provisions reduced by 37% compared to the previous year on the back of provision releases and recoveries.

Commenting on the results, Mr. Daniel Ndonye, Chairman, I&M Group PLC, noted, “We are recovering from the impacts of the pandemic, and this is a key factor in the positive sentiment being shown across the sector. Though the calendar year 2021 posed its own challenges, our investments in digital infrastructure and customer value propositions have continued to put us on a positive trajectory.  

“Our continued investment in our group-wide digital transformation, as well as on-going strategic partnerships have continued to give value to our customers,” Mr. Ndonye noted. 

In Q1 in Kenya, I&M Bank Limited entered a partnership with global payments firm Mastercard to introduce new world class debit and credit cards targeting corporate C-Suite professionals, young professionals and high-net worth clientele. The cards offer a variety of lifestyle and travel benefits and the range consists of the Mastercard World Elite, Mastercard World Debit and Credit, Mastercard Platinum debit, Mastercard Corporate Standard and Corporate World cards.

Additionally, in order to deepen financial inclusion and reach more customers, I&M Bank Kenya has added the recently launched unsecured lending solutions onto their digital platform - I&M On The Go, making it more convenient and quicker for its customers to access unsecured loans through an automated platform.

Under the plan, customers can conveniently acquire loan facilities from a minimum of Kes 50,000 up to a maximum of Kes 3 million, without providing any collateral or guarantor as security. The loans are payable over a period of up to 3 years.

Further, the Bank has continued to invest into financial support programmes geared towards financing and relieving working capital constraints for foreign and local businesses. Recently the Bank celebrated the 5^th year of its German Desk programme, during which time financial facilities worth more than 16 million USD (over Kes. 1.8 billion) had been provided to clients, enabling investments into German/European technologies.

Also, I&M Group PLC has continued to diversify revenue streams and drive business growth by offering Customised investment solutions, Asset Management, Retirement Income and Financial Planning through its subsidiary, I&M Capital, to help clients diversify their assets in order to balance their financial risks.

The Group’s Rwandan subsidiary reported a 19% increase in profit after tax for the period in review. This increased the Bank’s return on equity (ROE) and return on asset (ROA) to 12.14% and 1.61% respectively. The Bank’s strong performance was driven by increased economic activity, with loans and deposits growing by 11% and 3% respectively, which led to growth in net interest income and net fee income.

I&M Bank Rwanda grew its digital services adoption with 75% of all customers initiating transactions in the Bank through their digital channels.

I&M Bank Tanzania recorded a profit after tax of KShs 71 million compared to Kshs 62 million in March 2021 reflecting a 13% year on year growth. The performance was driven by a growth in net interest income and non-funded income by 27% and 14% respectively. The balance sheet grew by 9% to close at Kshs 28.7 billion.

I&M Bank Uganda returned to profitability with a profit after tax of Kshs 405 million. This was aided by an increase in operating income which grew by 30%, reduced loan loss provisions and increase in recoveries. The balance sheet reported a 15% year on year growth to close at Kshs 24.6 billion.

The Group’s Joint venture, Bank One, Mauritius recorded a 44% profit after tax year on year growth driven by reduction in loan loss provisions, increase in recoveries and interest income growth by 4%.

Outlook for remainder of 2022

The Group’s Executive Director, Mr. Sarit Raja Shah is positive for the Bank’s performance in the rest of 2022, amidst the looming impact of the upcoming elections in Kenya as well as the ongoing geo-political tensions in Russia and Ukraine.  “We have had good momentum since the start of the calendar year and we remain optimistic that it shall continue despite both local and international geo-political factors. We remain confident that our rollout of our iMara 2.0 strategy will continue to bear fruit for us,” said Mr. Shah. “Our key areas of emphasis will continue to be enhancement of our digital capabilities as well as building our capacity to defend ourselves against credit, cyber threats and other risks. Also, we shall continue to focus on strategic partnerships within the region with local, regional and global partners so as to enhance the banking experience for our customers, current and future,” he added.

…. Ends….

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 presence in Kenya, Rwanda, Uganda, Tanzania and Mauritius. 

I&M Group 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’’ by offering innovative and market driven banking solutions for its target segments. 

For more information visit www.imbankgroup.com. 

I&M Bank Media Contact

Suprio Sen Gupta                               

Group General Manager, Marketing                       

E: [email protected]                        

T: + 254 719088204

…Growth attributed to improved lending and investments on digital banking infrastructure…

Nairobi, 30^th March 2022: I&M Group PLC has delivered consistent growth in its 2021 financial results having reported a 3% growth in Profit after tax to Kes 8.6 billion compared to Kes 8.4 billion in the same period in 2020.

The performance was driven mainly by growth in customer deposits and loans as well as continued investment in the digital banking infrastructure. This has positioned the Group to achieve its steady growth trajectory.

Of note is that the Group has withstood the challenging operating environment and has continued to provide enhanced shareholder value as well as consistently paying dividends to shareholders amidst the two-year COVID -19 pandemic period. For FY 2021, the Board has recommended a dividend payout of 29% up from 22% in the previous year.  

The Group’s flagship subsidiary I&M Bank Limited, Kenya took a more cautious approach during the period under review and has worked to support its clients as well as setting aside higher loan loss provisions than its industry peers. This was necessitated to cushion the Bank from the continuing impact of the pandemic and the heightened geopolitical risks.

The Group’s Net Non-Performing Loans, however, reduced by 22% during the period under review. This is better than the industry average and can be attributed to a significantly expanded loan book, which grew by 12%, and positive recovery efforts across multiple operations.

Commenting on the results, Mr. Daniel Ndonye, Chairman, I&M Group PLC, noted, “2021, being the second year of the pandemic, was not devoid of challenges. The Group made key investments during the period under review to help us position ourselves better for future growth through enhanced resilience initiatives and optimisation of our operations.”

“Specifically, we accelerated our digital transformation activities across the Group in a bid to deliver value to our customers through provision of innovative financial solutions.” Mr. Ndonye noted. 

In Kenya, I&M Bank Limited launched the new digital banking platform, I&M On The Go, through a partnership with Backbase which is a world leading digital banking platform provider. Additionally, the Bank rolled out its Wealth Management and Advisory Services towards delivering holistic financial solutions to its customers.

The Group’s non-Kenyan banking subsidiaries performed well under difficult operating environments and contribute 13% of the overall profit before tax (versus 5% in 2020). Further, during the period under review, the Group completed its acquisition of Orient Bank in Uganda, thereby completing its expansion of its footprint in the East African region. The rebranded I&M Bank (Uganda) Limited contributed 5% of the Group’s total asset base as at 31^st December 2021.  

The Rwandan and Tanzanian subsidiaries made significant investments in their digital solutions during the year, launching digital lending and WhatsApp banking platforms - WhatsApp banking was a first in those markets. The Mauritian joint venture, Bank One, was able to deliver a much-improved performance of 181% growth in profit after tax during the period under review, as compared to a similar period in 2020.

Key Financial Performance

During the period under review, the Group's balance sheet and income metrics improved on the backdrop of a solid capital base and strong liquidity. 

Balance sheet highlights

• The Group’s total asset base rose to Kshs 2 billion, reflecting a 16% year on year growth due to increases in the loan book and investments in government securities.
• The Group's loan portfolio grew by 12% to Kshs 210.6 billion as at 31^st December 2021, up from Kshs 187.4 billion for the same period the previous year.
• Customer deposits of the Group closed at Kshs 296.7 billion, or a 13% increase year on year.
• The Group’s Net Non-Performing loans stood at Kshs 6.1 billion reflecting a 22% reduction year on year, largely due to recoveries and upgrades from Non-performing loans during the year.
• Shareholder’s Equity for the Group grew to Kshs 69.6 billion from Kshs 64.2 billion, during the period under review. 

Income statement highlights

• The Group achieved a profit after tax of Kshs 8.6 billion which was a 3% increase year on year, supported by increased net interest income and share of joint venture profit.
• Net interest income for the Group recorded a growth of 34% to close at Kshs 20.9 billion, an increase from Kshs 15.6 billion in December 2020 on account of improved earnings from government securities and a reduction in interest expense.
• The Group's total non-funded income recorded a marginal rise of 1% to close at Kshs 8.7 billion which was up from Kshs 8.6 billion year on year.
• The Group’s operating expenses before loan loss provisions stood at Kshs 13.5 billion, an increase of 34% year on year on account of increased investment in digitisation. 
• The Group’s loan impairment charges for the period stood at Kshs 4.2 billion which was an increase of 70% year on year, to cater for portfolios affected by COVID-19. 

Outlook for 2022

The Group’s Executive Director, Mr. Sarit Raja Shah remained optimistic for the Bank’s performance in 2022, amidst the impact of geo-political tensions in Russia and Ukraine and the upcoming general elections.  “We have good momentum coming into 2022 and are confident that we can continue to execute on our iMara2.0 strategy. Our focus is now to build on our solid foundation through building resilience against emerging operational, credit and cyber risks, and enhancing our liquidity and capital position. We will continue to diversify our revenues through expanding our customer segment penetration, credit offerings and other advisory and wealth management solutions. We remain committed to ensuring that we offer consistent value and growth for our clients.” he reiterated.  

…. Ends…. 

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 presence in Kenya, Rwanda, Uganda, Tanzania and Mauritius. 

I&M Group 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’’ by offering innovative and market driven banking solutions for its target segments. 

For more information visit www.imbankgroup.com. 

I&M Bank Media Contact

Suprio Sen Gupta                               

Group General Manager, Marketing                       

E: [email protected]                        

T: + 254 719088204

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.

…. Ends…

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]

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 …….

Ends…….

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

Press Release

I&M Bank Foundation partners with Shamas Rugby Foundation on Life Skills Education for Children

Nairobi, 8th February 2020: I&M Bank Foundation and Shamas Rugby
Foundation have partnered to spearhead initiatives on life skills education for
underprivileged children living in informal settlements.

The partnership dubbed the ‘Take Control programme’ seeks to target over
5,000 children (ages 10 to 15) in Kibera, Mathare, Kangemi, Eastlands,
Korogocho and Ruiru.

The Take Control programme, funded by a Kshs 17 million grant from I&M Bank Foundation, will be implemented through training camps, seminars and
workshops that will run for a period of 3 years. In addition, I&M Bank staff
members will provide mentorship programmes for the youth benefitting from the Take Control initiative.

Shamas Rugby Foundation uses Rugby to promote the holistic development of
underprivileged children and youth in urban slums and rural areas in Kenya,
through life skills, education and employability programs.

Commenting on the partnership, Sarit Raja Shah, Trustee, I&M Bank Foundation noted, “At the Foundation, through the Education and Skills Development pillar, we have identified initiatives aimed at enhancing quality education and skills development amongst financially constrained youth.”

“Education access and skills development as outlined in the UN’s SDG 4, looks to ensure inclusive and equitable quality education, as well as promote life-long learning opportunities for all. We are therefore happy to partner with Shamas Rugby Foundation today, to roll out the Take Control Programme, as this will help mould our youth to be agents of change in our country’s socio-economic development agenda.” he added.

Key initiatives that I&M Bank Foundation has focused on in promoting quality
education for the vulnerable in society include: education scholarships for bright but needy students, education infrastructure developments and refurbishments and life skills development initiatives.

The Founder, Shamas Rugby Foundation, Mr. Azim Deen, noted that “The
support we will receive from I&M Bank Foundation will have a tremendous
impact on the girls and boys involved in Take Control as they go through their
school life and teenage years.”

“The holistic approach of this programme will allow many to blossom into
confident adults who are able to make informed decisions about critical areas in their life and thrive in society.”

Speaking at the partnership’s launch, Kihara Maina, Trustee at I&M Bank
Foundation, noted, “The partnership with Shamas Rugby Foundation perfectly
aligns with our mandate in education and skills development. I believe by
empowering our youth through life skills development, we are able to build
character, resilience, learning and strong value systems, which will in turn help them to better understand themselves and interact with others and make better life decisions.”

“To ensure that the programme’s implementation runs seamlessly, I&M Bank
Foundation will provide resources to implement the programme and will closely monitor its progress to ensure that the investment brings value to our partners.” he concluded.

…… Ends……

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.

For further information, contact:
Suprio Sen Gupta
GM, Products and Marketing Head,
[email protected]
+ 254 719088205

James Gatere
Head I&M Bank Foundation
[email protected]
+ 254 719088866

About Shamas Rugby Foundation

Shamas Rugby Foundation (SRF) is a sport for development organization that
uses rugby to promote the holistic development of underprivileged children and youth in Kenya. SRFs' programs focus on life skills, education, employability, and community engagement. In doing so, SRF supports the attainment of child rights, and the UN Sustainable Development Goals. Today, SRF works with over 1'500 boys and girls (ages 6-18) living in the informal settlements of Kibera, Mathare, Eastlands, Kangemi, Korogocho, and Ruiru area.