I & M Bank Group has reported a KSh 2.71 billion profit at the end of the first quarter of its 2022 fiscal year.
Billionaires Africa reported that the group’s profit increased by 44 percent from KSh 1.9 billion to KSh 2.71 billion in the first quarter of 2021.
At the same time, earnings increased due to a 21 percent increase in net interest income from KSh 4.3 billion in March 2021 to KSh 5.2 billion.
Also, the group’s earnings can be attributed to a 20 percent increase in fees and commissions and a 76 percent increase in foreign exchange trading income.
Notably, the foreign exchange trading income increased from KSh 348.5 million in the first quarter of 2021 to KSh 612.8 million.
I & M Group was founded by Kenyan businessman Suresh Bhagwanji who owns 10.98-percent stake in the company or 178,514,362 ordinary shares.
The group is a conglomerate comprising banks, an insurance company and investment advisory businesses.
The group’s headquarters are located in Nairobi, Kenya, with subsidiaries in Kenya, Mauritius, Rwanda, Tanzania and Uganda.
I&M Bank was founded in 1974 as Investments & Mortgages Limited, as a private company providing personalised financial services to business people in the Nairobi area.
The firm converted to a commercial bank in 1996.
In 2003, the bank acquired Biashara Bank of Kenya Limited thereby expanding its branch network, client base and assets under management.