I&M Bank delivers 15% growth in full-year earnings

Regional banking lender I&M Bank has delivered impressive full-year earnings for the period ending December 2023, posting a net profit of Ksh13.3 billion. Despite facing persistent challenges in the East African business environment, the bank has managed to achieve double-digit profit growth, showcasing resilience and strategic investments. In a recent interview with CNBC Africa, I&M Bank Kenya Regional CEO, Kihara Maina, discussed the bank's performance and key focus areas moving forward. One of the major highlights of the bank's financial results is the solid growth in Rwanda, Mauritius, and Uganda, with each market contributing significantly to the overall performance. Maina emphasized the importance of strategic investments in digital platforms, resilient systems, and core banking changes, which have contributed to the bank's success. The bank's commitment to digital transformation has also resulted in a significant increase in digitally active customers, driving down the cost to serve and enabling the development of new products. Maina expressed optimism about the future outlook for the bank, highlighting the potential for continued growth in key markets like Uganda and Mauritius. Despite challenges such as inflation and tightening monetary policy, I&M Bank remains optimistic about the opportunities for credit growth and affordability. The bank's solid performance and strategic focus on digital innovation position it well for future success in the East African region.