I&M posts slim rise in pretax profit while bad debts jump
28 May 2014, 08:29
Nairobi - I&M Bank posted a marginal rise in pretax profit in the first quarter but said non-performing loans and advances jumped 74 percent in the period.
The bank, which also has operations in Mauritius, Tanzania and Rwanda, said profit before tax in the quarter edged up 1 percent to 1.55 billion shillings ($17.63 million) compared with the same quarter last year, with total operating income slipping 1 percent.
I&M gave no reason for the rise in non-performing loans in its financial statement or the dip in total operating income.
Non-performing loans made by the bank's Kenyan unit increased 62 percent, pushing its bad debt ratio to 1.5 percent, its highest level since the third quarter of 2012, Standard Investment Bank said in a research note.
The bank's shares traded flat on Tuesday afternoon at 130 shillings per share.