I&M Bank reveals business focus

Dar es Salaam. I&M Group Plc said yesterday that its Tanzania unit was focusing on robust growth and business efficiency in 2023 as it reports a 34 percent rise in profitability at group level.

The Group recorded Ksh11.6 billion in profit after tax for the full year ending December 2022, up from Ksh8.6 billion reported during a similar period in 2021, according to results that were announced recently in Nairobi, Kenya and distributed in Dar es Salaam at the weekend.

 The Group attributed this impressive growth to the continuing successful implementation of its iMara 2.0 strategy, which is now in its 3rd and final year, focusing on business growth, operational efficiencies, customer centricity and digital transformation.

With a 34 percent growth in profitability, the bank’s board of directors is proposing a total dividend of Ksh2.25 per share, being 50 percent more than what was shared last year. This brings the total dividend payout to Ksh3.7 billion and a dividend yield of 13 percent.

I&M Group recognised the good growth on top line numbers made by I&M Bank Tanzania on the back of a robust increase in customer deposits and loans where net loans and advances grew by 6 percent to Sh366 billion from Tsh345 billion in 2021 driven by corporate, mortgage and digital loans.

The bank’s customers’ deposits grew by 37 percent to Tsh450 billion from Tsh329 billion prior year, driven by corporate and retail customer while net interest income increased by 26 percent to Tsh31.8 billion from Tsh25.3 billion.