I&M GROUP PLC
Strengthening Market Leadership Amid Economic Shifts
I&M Group PLC continues to cement its position as a leader in East Africa’s banking sector, posting robust financial results in 2024 despite global economic challenges. The Group’s strategic focus on Micro, Small and Medium Enterprises (MSMEs), digital transformation and operational efficiency has driven substantial growth, reinforcing its vision to be the region’s premier financial partner.
Showing strong financial performance in 2024 for the financial year ending December 31, 2024, I&M Group reported an impressive profit before tax of KES 20.8 billion, an increase of 25% as compared to the previous year, driven by strong growth in the operating income. This was fuelled by:
- Expansion of the MSME segment
- Continued focus on digitization and the resultant operational efficiencies
- Targeting new growth segments such as the oil & gas, public sector, leasing and deepening our reach through the China desk
Net interest income surged by 31% while fees and commission income rose 16% to KES 7.9 billion. However, non-interest income saw a slight 3% decline, signalling potential areas for diversification. Operating expenses, excluding loan loss provisions, increased by 16% to KES 24 billion, largely attributed to investing for growth through branch expansion, staff, brand, and technological enhancements. The Group’s total assets in-creased marginally by 0.3% to KES 581 billion, while customer deposits reached KES 412 billion, under-pinned by strong growth in Current and Savings Accounts (CASA). By leveraging ecosystem partnerships, I&M has positively impacted over 6.3 million lives, demonstrating its role as a key economic enabler.
In expanding market reach and MSME focus, I&M’s iMara strategy has been key in deepening financial inclusion, particularly for MSMEs. Since 2023, the Group’s MSME customer base has grown sixfold, with the corresponding loan book doubling in size. This expansion reflects I&M’s commitment to developing entrepreneurship and job creation across Kenya, Rwanda, Tanzania; Uganda and Mauritius where I&M Bank operates. With small businesses forming the backbone of the East African economy, I&M has positioned it-self as a catalyst for economic growth through innovative financial solutions tailored to meet the requirements of this sector. By facilitating access to credit, the Bank is increasing its customer base and stimulating job creation and wealth generation across the region. This commitment is particularly crucial as the region navigates economic uncertainties, inflationary pressures and currency fluctuations.
The Group’s robust financial performance translated into increased investor returns. The Group declared a dividend of KES 3.00 per share for 2024, up 17.6% from the previous year, reflecting its commitment to rewarding shareholders while maintaining growth capital, through increased shareholder value and market performance.
Notably, I&M’s share price surged by 107%, closing the year at KES 36.25—outperforming the Nairobi Securities Exchange (NSE) indices and leading the banking sector in stock performance. The Group’s market performance underlines investor confidence in its strategic direction and execution. By maintaining a strong capital base and leveraging its financial strength, I&M has ensured resilience against economic volatility while continuing to create long-term value for its shareholders.
Under its iMara 3.0 digital trans-formation and expansion strategy (2024–2026), I&M Bank is accelerating its digital transformation and branch expansion, targeting 100 branches by 2026, necessitating an ambitious rollout of 17 new branches annually. I&M’s digital-first approach aims to drive over 90% digital customer activity by 2026, improving convenience, service efficiency and customer engagement. Investments in artificial intelligence, machine learning and mobile banking are central to this evolution.
Technology-driven banking solutions, including enhanced mobile apps, internet banking and self-ser-vice platforms, have improved customer access and experience. These advancements have enabled I&M to offer seamless, secure and real-time transactions, ensuring efficiency and convenience. The focus on digital innovation continue to shape its competitive edge, allowing I&M to serve both retail and business cli-ents with agility and efficiency.
I&M is fully committed to the Environmental, Social and Gover-nance (ESG) strategy framework and principles. Corporate governance remains a cornerstone of I&M’s operations, earning industry recognition for transparency and accountability. These principles have strengthened investor confidence and reinforced the Group’s reputation as one of East Africa’s most trusted financial institutions. I&M is deep in its ESG agenda. Through green financing, I&M sup-ports renewable energy projects, aligning its financial services with sustainable development. Addition-ally, its financial literacy initiatives empower underserved communities, furthering economic inclusion.
I&M Bank’s sustainability efforts extend beyond lending, as it continues to integrate ESG principles into its daily operations, committing to reducing its carbon footprint through energy-efficient branches and paperless banking initiatives, reinforcing its long-term goal of sustainable banking.
In 2024, I&M Bank earned 21 industry awards, highlighting its leadership in customer service, digital banking and sustainability. Notable accolades included:
- Most Customer-Centric Bank – Think Business Awards
- First Runners-Up, Best Internet Banking – Think Business Awards
- Second Runners-Up, Best Mobile Banking – Think Business Awards
- Best Sustainable CSR Initiatives – Think Business Awards
- Best SME Bank – Global Finance
- Digital Marketing Campaign of the Year – Marketing Society of Kenya
These achievements highlight I&M Bank’s commitment to excellence and innovation, reflected in the Bank’s brand awareness score improvement from 5% in 2022 to 34% in 2024. So far this year, I&M took home the Excellence in Retail Banking Award at the 16th Africa Bank 4.0 Awards 2025 by BII, a powerful endorsement of I&M’s commitment to delivering world-class retail banking solutions. I&M’s Chairman Emeritus S B R Shah, was honoured with the Lifetime Achievement in Banking Award-a true reflection of his visionary leadership and lasting legacy in the banking industry.
Looking ahead, I&M’s iMara 3.0 strategy is set to propel its leadership in corporate and commercial banking while deepening its retail and MSME footprint. By 2026, I&M aims to positively impact 10 million lives, expand ecosystem partnerships and sustain high customer satisfaction levels through personalized financial solutions.
Rooted in financial resilience, cutting edge technology, and robust governance, I&M is poised to revolutionize East Africa’s financial landscape in the years to come. Prioritizing innovation, sustain-ability and customer-centricity will ensure that it remains a formidable force in the banking industry, adeptly addressing the dynamic needs of businesses and individuals alike.
