I&M Group FY 2025 closed with a Profit After Tax of KES 19.8 billion, a 22% increase year-on-year, as Total Operating Income crossed KES 60 billion for the first time and the Group’s customer base surpassed 965,000 across five markets. It is a result that reflects not just a good year, but a business that is increasingly delivering on the promise of its iMara 3.0 strategy.
These gains reflect a business that is firing on multiple fronts; expanding its customer base, investing in its brand, deepening its digital capabilities, and growing its balance sheet with discipline.
The Group’s Return on Equity improved to 18%, up from 17% in FY 2024 and 15% in FY 2023; a clear upward trajectory. Return on Assets similarly climbed to 3.2%, and the cost-to-income ratio tightened further to 46%, down from 48% two years ago.
The Group’s Total Assets crossed KES 669 billion, expanding 15% year-on-year. Customer deposits grew 17% to KES 484 billion, reflecting deepening trust across the Group’s five markets. Net Loans and Advances stood at KES 306 billion, up 7%.
On asset quality, the Group made meaningful progress. Gross NPLs declined from KES 36 billion to KES 31 billion, bringing the Gross NPL ratio down to 9.8% from 11.8%; a significant improvement. The Net NPA ratio dropped to 2.9%, and the liquidity ratio stood at a healthy 60%, well above the statutory minimum.
Subsidiary Growth for I&M
Kenya remained the dominant contributor, accounting for 76% of Group Profit Before Tax, but the Group’s regional story is one of measured, improving diversification.
- Kenya delivered Total Operating Income of KES 40.4 billion (+22%) and Profit Before Tax of KES 17.4 billion (+29%), driven by a 49% growth in customer numbers and improving asset quality. ROE in Kenya strengthened to 20%.
- Rwanda grew its balance sheet by 26% and posted a 24% increase in PBT in local currency terms, with an ROE of 21%, one of the strongest in the Group. Loans grew 30% and deposits 24%.
- Tanzania continued its growth trajectory with total operating income up 21%, driven by strong trade finance activity and a 19% growth in net interest income.
- Uganda made positive strides with Profit Before Tax growing 48% in local currency, supported by a 30% balance sheet expansion.
- Mauritius (Bank One) showed resilience, with deposit growth of 25% and steady returns despite margin compression.
Cross-border business revenues reached USD 10.6 million, up 76% from FY 2024, a sign that the Group’s regional network is beginning to generate meaningful synergies.
Wealth Management Story
I&M’s Kenya Wealth Management business was one of the most compelling highlights of the year. Assets Under Management surged to KES 99 billion, up 223% over two years from KES 17 billion in FY 2023. Total revenues from the business reached KES 565 million, up 372% over the same period.
Wealth Fund and USD Fixed-Income products drove 85% of the gross revenue, with investor appetite supported by the declining interest rate environment channeling capital into higher-yielding asset classes.
There is a broader story here about the growing appetite for wealth management solutions among Kenyan investors and I&M is clearly positioning itself to be the bank of choice for that segment. At KES 99 billion in AUM, the business is approaching a scale that can meaningfully influence Group revenues.
Bancassurance
The Kenya Bancassurance business posted revenues of KES 549 million (+15%) and Profit Before Tax of KES 384 million (+20%) in FY 2025. Underwritten premiums grew 68% to KES 4.7 billion, supported by a 41% increase in total customers.
Growth is being driven by both traditional clients and a rising frontier in the MSME segment.
Digital Transformation
The Group allocated 51% of its total capital expenditure to technology, a clear statement of intent and it is translating into real results. Digitally active customers rose to 86% of the base, up from 83% in FY 2024. Monthly retail digital transactions hit 5.5 million, up 57% year-on-year.
In 2025, 69% of all new-to-bank accounts were opened digitally (up from 50% in 2024), and total revenue from digital channels grew 231% to KES 4.0 billion. The Group also disbursed over KES 5.9 billion via ecosystem partnerships, a 90% year-on-year increase, and closed 13 new partnerships across the Group.
Rewarding Shareholders
I&M Group increased its total dividend per share to KES 3.75 for FY 2025, up 25% from KES 3.00 in FY 2024. This comprises an interim dividend of KES 1.50 already paid in January 2026, and a proposed final dividend of KES 2.25 per share.
Earnings Per Share grew 21% to KES 10.79, while Book Value Per Share rose 17% to KES 66. The share price closed at KES 42.50 at year-end, a 17% increase over FY 2024 reflecting growing investor confidence in the Group’s trajectory.
I&M Group enters 2026 from a position of strength. The medium-term targets were outlined: ROE of 18-21%, loan growth of 12-18%, deposit growth of 15-20%, and a continued push toward 25-30% subsidiary PBT contribution as the regional portfolio matures.
With the iMara 3.0 strategy heading into its final year, the Group is closing the distance on its 2026 aspirations, over 1 million customers, 90%+ digitally active, and ROE above 20%.
What FY 2025 ultimately demonstrates is that I&M Group is building multiple engines of growth, and is only just beginning.
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CEO & Co-Founder, Abojani Investment
Robert Ochieng is a visionary entrepreneur and the co-founder of Abojani Investment, a leading financial education platform in Kenya that has empowered over 20,000 Africans to embark on their investment journeys. As CEO, he has demonstrated an unwavering commitment to financial literacy, successfully demystifying money and investments and making them accessible and relevant to individuals from all walks of life.
Running Thriving Investment Communities
Robert’s influence extends well beyond Abojani Investment’s core offerings. He has actively fostered a sense of community by running investment forums and groups with a vast following of over 300,000 Africans. These communities provide a safe space for individuals to exchange ideas, share experiences, and support each other on their investment journeys.
Vision for the Future
As co-founder of Abojani Investment, Robert envisions a financially empowered Africa. He strives to expand the reach of his financial education initiatives, enabling millions more to gain the knowledge and confidence needed to achieve their financial goals. His vision is to create a society where every individual has the tools and understanding to build lasting wealth and prosperity.
Professional Background
Robert Ochieng is a highly accomplished CEO at the helm of Abojani Investment, an investment and advisory firm in Kenya. He is a seasoned professional with over 14 years of experience in IT, Finance, and leadership.
His career includes key roles at prominent institutions such as Equity Bank, Gulf African Bank, Guaranty Trust Bank (GTBank) and Airtel.
Robert’s expertise has also been sought after by the National Treasury for consultancy on planning and budgeting systems, showcasing his exceptional knowledge and skills in the field. Passionate about driving meaningful conversations and collaborations between academia, industry, and the public sector, Robert actively engages in research projects focusing on digital transformation within the financial services sector. With his visionary leadership and strategic insights, Robert Ochieng continues to make a significant impact in the business world.
