I&M profit shrinks to Sh4.4 billion

I&M Holdings Plc has posted a net profit of Sh4.36 billion for the period ended September 30, 2020. This is Sh1.94 billion less than the Sh6.3 billion the company registered for the same period last year.

It comes on the back of increased loan loss provision from Sh1.3 billion to Sh2.15 billion. Non-performing loans reached Sh18.03 billion, with insider loans of Sh5.73 billion.

Its asset base rose from Sh324.35 billion last year to Sh344.67 billion by September of this year. It also indicated a positive sequence, from Sh315.29 billion in December 2019, to Sh335.96 in March 2020, and to Sh340.64 million in June 2020.

The group's operating income was Sh16.81 billion, up from Sh5.71 billion in March this year, but a slight dip from Sh16.92 billion in September 2019. Liabilities also increased to Sh280.83 billion compared to Sh266.73 billion in the same period last year.

At Sh19.74 billion, total interest income reached the highest mark of the year, buoyed by increased interest in loans and advances.

This was dwarfed by Sh27.16 billion of December 2019 - slightly more than Sh19.16 per cent of 2019 September. Total non-interest income rose to Sh6.41 billion compared to Sh6.34 billion made in the same period in 2018.

The firm did not recommend any dividend.