I&M Holdings Declares Ksh 2.5 Dividend and Bonus Issue of 1:1 For FY20

I&M Holdings Plc. has completed the acquisition of 90 per cent shareholding in Uganda’s Orient Bank Ltd (OBL) as part of its regional expansion plan.

I&M Bank

Banking service group, I&M Holdings Plc Wednesday said it will pay a dividend of Ksh 2.25 per share plus 1 bonus share for every 1 held to its shareholders for the financial year ended December 31, 2020.

The Nairobi Securities Exchange lender said its profit after tax declined by 21 per cent to Ksh 8.41 billion from Ksh 10.77 billion in 2019 from its Full Year 2020 financial results.

Its revenue from interest income and non-interest income increased by 1.3 per cent to KSh19.4 billion compared to KSh19.2 billion at the end of 2019.

Customer deposits grew by 14 per cent to KSh262.7 billion from KSh229.7 billion a year earlier. 

The bank’s total assets rose to KSh358 billion from KSh315 billion while total liabilities increased to KSh290 billion from KSh254 billion the year before.

The bonus is subject to approval by the Capital Markets Authority and the Shareholders at the Annual General Meeting to be held on 20 May 2021. They will also not be entitled to receive any dividend declared and approved for the year.

“The dividend will be payable to shareholders registered on the Company’s Register as the close of business on Thursday  15 April 2021.

The lender’s shares surged by over 23 per cent at the Nairobi Securities Exchange following the release of FY earnings on Wednesday.

The stock closed Tuesday at Ksh 44.00  per share a 2.56 per cent gain over its previous closing price of Ksh 42.90.