I&M Group PLC closed FY 2025 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
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.
