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I&M Bank posts 27 pct jump in pretax profit for 2013

10 April 2014, 10:31

Nairobi - Kenya's I&M Bank Group posted a 27 percent rise in full year pretax profit for 2013 on Wednesday after the commercial bank benefited from a higher net interest income.

The bank, which was taken over completely by I&M Holdings Limited, said pretax profit rose to 7.26 billion shillings ($83.8 million) from 5.70 billion shillings in 2012.

The bank, which also has operations in Mauritius, Tanzania and Rwanda was ahead of rivals such as Co-operative Bank of Kenya, KCB Bank and Diamond Trust Bank in the growth rate of its profits.

Its basic and diluted earnings per share climbed 19.4 percent to 11.75 per share in 2013 from 9.84 per share in the previous year.

The bank said its directors did not recommend the payment of a final dividend, but approved an interim dividend of 2.50 shillings per share.

The bank's shares ended untraded at 125.00 shillings per share on the Nairobi Securities Exchange.

- Reuters


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