I&M bank 9-month pretax profit up 38 pct
26 November 2013, 13:09
Nairobi - I&M Bank Group, posted on Tuesday a 38 percent rise in its pretax profits for the first nine months of this year, helped by higher net interest income.
The bank, which also has operations in Mauritius, Tanzania and Rwanda, said pretax profit rose to 5.40 billion shillings from 3.91 billion shillings in the same period in 2012.
The bank, which listed on the Nairobi Securities Exchange in June, said its net interest income jumped 54 percent to 6.44 billion shillings, while its net loans and advances to customers rose by more than a quarter to 87.7 billion shillings from 69.3 billion shillings previously.
I&M joins rivals like Kenya Commercial Bank, Equity Bank, Diamond Trust Bank and National Bank in reporting growth in pretax profit in the first nine months of the year.
The increased profitability for the other banks was mainly driven by a drop in interest rates, which boosted demand for loans and cut interest expenses on deposits, as well as good performances in regional subsidiaries such as Rwanda.
On Monday, I&M Holdings, the owner of I&M Bank, said it had received regulatory approval for a medium-term note of up to 10 billion shillings.