I&M Group registered a 16 per cent surge in profit before tax during the first quarter of 2025, reaching Sh5.9 billion compared to Sh5.1 billion in the same period last year.

The uplift was largely propelled by stronger performances from its regional subsidiaries, which now account for 26 per cent of the Group’s profit before tax, an increase from 24 per cent in the first quarter of 2024.

Kihara Maina, Regional CEO of I&M Group, explained that the improved results were a testament to the effectiveness of the Group’s regional diversification strategy.

“We are seeing strong momentum across our subsidiary markets, with each business delivering improved performance and contributing more meaningfully to the Group’s Profit Before Tax, a clear indication that our regional diversification strategy is bearing fruit,” Kiraha stated.

Maina further attributed the revenue growth to enhanced digital integration and automation across the Group’s operations.

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“By harmonising our digital platforms and accelerating automation, we are unlocking value across all our markets,” he added.

Total assets for the Group climbed by 7 per cent year-on-year to Sh568 billion, while the loan book expanded marginally by 1 per cent to Sh294 billion.

Customer deposits grew by 6 per cent to Sh407 billion. Notably, net non-performing loans (NPLs) dropped by 11 per cent to Sh13 billion, signalling improved credit quality.

The Group’s operating income rose by 12 per cent, buoyed mainly by a similar 12 per cent increase in net interest income.

Meanwhile, operating expenses excluding provisions also increased by 12 per cent, reflecting investments in technology, recruitment, and branch expansion in Kenya and Rwanda.

Loan loss provisions stood at Sh1.6 billion, slightly higher than the Sh1.5 billion recorded in the first quarter of 2024.

I&M Bank Kenya, the Group’s flagship entity, reported an 8 per cent rise in profit before tax, supported by a 10 per cent increase in operating income.

Customer deposits grew modestly by 2 per cent to Sh292 billion, while net non-performing loans decreased by 9 per cent to Sh11 billion.

Gul Khan, CEO of I&M Bank Kenya, highlighted the bank’s strong customer acquisition and product relevance.

He stated, “Our strong performance continues to demonstrate that our products and services are relevant for our customers. In just two years, we more than doubled our customer base. In Q1 our new-to-bank customer acquisition increased 134 per cent year-on-year with significant growth in personal and MSME’s."

"Customer transactions have more than doubled, a clear indicator that more Kenyan consumers are choosing I&M Bank as their primary banking partner. In Q1 we also continued to invest in our digital App, eco-system partnerships and branch expansion to be closer to our customers.”

The bank’s footprint has expanded considerably, with 23 new branches opened in 24 counties over the past two years, further strengthening its presence across Kenya.

In the wider region, the Group’s subsidiaries also posted robust results. Profit before tax in Rwanda rose 14 per cent in local currency, while Tanzania’s operations improved to Sh324 million from Sh142 million.

Uganda saw an impressive 138 per cent increase in profit before tax, with total assets swelling from UGX 988 billion to UGX 1.1 trillion. Meanwhile, Bank One in Mauritius delivered a 13 per cent growth in profit before tax.

Looking ahead, I&M Group anticipates continued growth throughout 2025, underpinned by further investments in technology, product development, and regional expansion.

This progress affirms the Group’s position as a leading force in inclusive financial growth across East Africa.