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I&M Bank Group's nine-months profit up as staff costs fall

19 November 2014, 09:00

Nairobi - I&M Bank Group said on Tuesday its pretax profit for the nine months to September inched up by a percentage point to 5.46 billion shillings ($60.60 million), helped by lower staff costs.

The group, which has operations in Kenya and Tanzania, is part of the I&M Holdings, which also operates two other banks in Mauritius and Rwanda. The holding company has not issued its results.

Total income fell to 8.85 billion shillings from 9.18 billion shillings in the same period last year. Its income from foreign exchange trading more than halved to 469 million shillings. This was offset by a drop in staff costs as well as depreciation charges, the group said.

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- Reuters


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