I&M Group PLC has posted a 16 percent increase in Profit Before Tax (PBT) for the first quarter of 2025, reaching KES 5.9 billion, up from KES 5.1 billion in Q1 2024. This performance, announced today, reflects the Group’s strong momentum carried over from a solid 2024 and underscores the success of its regional diversification and digital transformation strategies.
According to the Group’s Regional CEO, Kihara Maina, the consistent growth is being fuelled by improved contributions from subsidiaries and synergies across markets. “We are seeing strong momentum across our subsidiary markets, with each business delivering improved performance. This is a clear indication that our regional diversification strategy is bearing fruit,” Maina said.
Regional subsidiaries accounted for 26 percent of the Group’s total PBT in Q1 2025, up from 24 percent in the same period last year. I&M Bank Tanzania more than doubled its profit to KES 324 million, while I&M Bank Uganda recorded a 138 percent surge in PBT, with total assets crossing UGX 1.1 trillion. I&M Bank Rwanda’s PBT rose by 14 percent in local currency, and Bank One in Mauritius posted a 13 percent rise, driven by Non-Funded Income and cost efficiency.
The Group’s total assets rose by 7 percent to KES 568 billion, while customer deposits increased by 6 percent to KES 407 billion. The loan book recorded a modest 1 percent growth, closing at KES 294 billion. A notable improvement was the 11 percent drop in net Non-Performing Loans (NPLs), now standing at KES 13 billion—a sign of improved credit risk management.
Operating income grew by 12 percent, driven mainly by a similar increase in Net Interest Income. However, operating expenses excluding provisions also rose by 12 percent, as the Group continued investing in digital platforms, human capital, and branch expansion, particularly in Kenya and Rwanda. Loan loss provisions increased slightly to KES 1.6 billion from KES 1.5 billion in Q1 2024.
I&M Bank Kenya, the Group’s flagship entity, reported an 8 percent growth in PBT, underpinned by a 10 percent increase in operating income and higher Net Interest Income. Customer deposits stood at KES 292 billion, a 2 percent rise, while net NPLs dropped by 9 percent to KES 11 billion.
The bank saw significant growth in customer acquisition, with new-to-bank customers surging by 134 percent year-on-year. The Net Promoter Score (NPS) remained strong at over 80 percent, reflecting high customer satisfaction. Over the past two years, I&M Bank Kenya has expanded its branch network, opening 23 new outlets across 24 counties.
“In just two years, we have more than doubled our customer base,” said Gul Khan, CEO of I&M Bank Kenya. “Q1 saw exponential growth in personal and MSME segments, increased customer transactions, and strong uptake of our digital services.”
The Bank’s Founder and Chairman Emeritus, Mr. S.B.R. Shah, MBS, was honoured with the 2025 Lifetime Achievement in Banking Award by Think Business Africa for his visionary leadership and longstanding contribution to East Africa’s financial sector.
I&M Bank Kenya also stood out at the 2025 Think Business Banking Awards, winning 10 out of 14 categories, including Best Retail Bank and Best Bank in Product Innovation, and was the runner-up for Best Corporate Bank.
I&M Group remains bullish about its outlook for the remainder of 2025. With continued investments in technology, regional growth, and product innovation, the Group aims to deepen its role as a leading enabler of inclusive financial development across East Africa.
“Our strategy is focused on value creation through innovation and regional collaboration,” said Kihara Maina. “We are confident that our sustained performance will continue delivering value for shareholders and customers alike.”