Mid-tier Bank I&M has reported a 6 percent decline in its profit after tax after posting a profit of sh 9.9 billion for the year ending December 31st down sh 10.6 billion the previous year.
The mid-tier lender attributed the drop in profits to the interest Capp laws and the prolonged election process in the country.
‘’The Bank’s customers who include local manufacturers in the plastic carry bags space, real estate developers, building and construction, and suppliers to the retail sector, had suffered heavily due to unforeseen political, regulatory and market challenges.’’ Said the Banks chairman Daniel Ndonye, while releasing the financial results.
Customer’s deposits grew by 16% up from sh 147 billion in 2016 to sh 169 billion in 2017 while loans and advances grew by 14% to sh 153 billion up from sh 135 billion the previous year non-funded income grew by 16% over the same period.
he NSE listed Bank recommended a dividend of shs 3.50 per share and this will include all shareholders registered on the company register at the close of business as of April 30th 2018.
The bank has 42 branches in the country and it also has subsidiaries in Tanzania, Mauritius and Rwanda.
The decline in profit mirrors the performance of other Banks in the country which have reported a near flat or decline in profit with the Exception of Equity Bank.