Tanzania: I&m Group Profit After Tax Up By 33pc

 

Regional Financial Services Group, I&M Group PLC, has recorded an increase of 33 per cent after-tax profit for its 2021 half-year financial results up from 67.5bn/-, to 88.6bn/-

The Group has a presence in Tanzania, Kenya, Rwanda, Uganda and Mauritius.

In its statement to the media today, the Group said its total assets recorded a growth of 12 percent to close at 8tri/- up from 7.2tri/- in June 2020 bolstered by expansion into Uganda and increased private and public sector lending.

Net interest income recorded strong growth of 28 percent to 187.8bn/- up from 145.6bn/- in June 2020 attributed to increased interest income from government securities.

The Group's total Non-Funded Income reduced by 6 per cent to 82.3bn/- from 88.6bn/-.

Net non-performing loans reduced by 8 per cent compared to June 2020, to close at 158.3bn/- attributed to strengthened remedial actions in improving the loan book quality.

Customer deposits recorded a 10 per cent growth from 5.3tri/- in June 2020 to 5.8tri/- as of June 2021.

Commenting on the Group's financials, Mr Daniel Ndonye, I&M Group PLC Chairman attributes the growth at a time when economies across the world were hard hit by the effect of the COVID-19 pandemic to the Group's focus on increased lending to both the private and public sector.

This is on the back of strong capital and liquidity base at group and country levels reported all well above regulatory minimums.

At Group level, capital adequacy ratios closed at 21 percent at the same level as the previous year, while the liquidity ratio was 48 percent well above the statutory minimum of 20 per cent.