IM and HFCB join banking rivals in posting higher half-year earnings

I&M Group PLC and HFCB Group PLC posted higher half-year earnings, joining rivals in delivering results that have provided a rare bright spot against the backdrop of a tight domestic economy...

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I&M Group PLC and HFCB Group PLC have reported increased half-year earnings, joining other Kenyan banks in posting strong financial results despite a challenging domestic economy.

I&M Group saw its net profit grow by 20.4% to Sh9.30 billion, driven by a 23% surge in total operating income.
HFCB Group's net profit after tax jumped by 60% to Sh998.3 million, with total operating income increasing by 32%.
Both banks benefited from growth in net interest income and expanded loan books, with I&M Group also highlighting the success of its regional diversification strategy.