NAIROBI, KENYA: I&M Holdings reported a 21% drop in net income to 8.41 billion shillings last year from 10.77 billion shillings in 2019.
Group chairman Daniel Ndonye attributed the decline in profitability to a difficult operating environment last year due to Covid-19.
During the period under review, net interest income grew marginally by 1% to 15.59 billion shillings, compared to 15.5 billion shillings in December 2019 due to what Ndonye said was a increased focus on the growth of quality interest-bearing assets.
Net non-performing assets (NPA) fell 10 percent to 7.84 billion shillings.
Net interest income grew marginally by 1% to 15.59 billion shillings from 15.5 billion shillings in December 2019, due to an increased focus on the growth of quality interest earning assets.
Commenting on the financial data, Daniel Ndonye, President of I&M Holdings PLC noted that 2020 has been one of the most difficult years the Group has seen.
“We overcame the challenges by examining new dimensions that would help support the Group’s commercial performance in the countries in which we operate. The key to them was to step up efforts on our digital transformation journey and our strategic expansion initiatives. ”
The I&M Group announced last year the proposed acquisition of Orient Bank in Uganda, which is subject to obtaining regulatory approvals and is expected to close in the second quarter of 2021.
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The group’s board of directors also proposed a dividend of 2.25 shillings per share.