I&M Holdings has posted a 15.8 per cent growth in net profits from the first quarter of 2016.
I&M’s net profit increased by Sh. 300 million from Sh. 1.8 billion recorded in 2015 to Sh. 2.1 billion.
I&M’s regional subsidiaries all posted growth in net profits, with Kenya recording a growth of Sh.1.6 billion, Rwanda Sh.173.7 million, Tanzania Sh.170 million and Mauritius Sh.124.3 million.
The bank’s interest income further jumped 15.9 per cent to Sh.5.7 billion and its loan book expanded 11.6 per cent to Sh.130.8 billion.
The profit growth was announced hot on the heels of I&M’s completion of a Sh.5 billion takeover of Nairobi-based Giro Commercial Bank Ltd (GCBL) in a cash-and-stock deal.