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I&M Bank H1 profit up 9 pct on interest income

28 August 2014, 08:06

Nairobi - I&M Bank on Wednesday reported a 9.2 percent rise in first-half pretax profit to 3.8 billion shillings ($43 million), helped up by a rise in net interest income.

Banks in east Africa's biggest economy have raked in higher earnings so far in 2014, buoyed by rising lending on the back of steady interest rates and economic growth.

The bank, which also operates in Mauritius, Tanzania and Rwanda, said net interest income climbed 20 percent to 4.98 billion shillings in the period to the end of June, the bank said in a statement.

Earnings per share rose to 12.46 shillings during the six months compared with 12.21 shillings previously.

The bank's shares lost 50 cents to close at 57 shillings on Wednesday before the results were announced.

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