I&M Holdings’ FY20 net earnings plummeted 21.7% y/y to KES 8.1B, fueled by a 288.5% swell in loan loss provisions and a 7.1% y/y rise in operating expenses. We recommend a BUY on I&M Holdings with a target price of KES 57.20 offering a potential upside of 30. 0% on the current price of KES 44. 00. T o the delight of shareholders, the group announced a Bonus share issue of 1:1 with book closure slated for 10th May 2021 and declared a KES 2.25 dividend per share with book closure slated for 15th April 2021 and payment date on 20th May 2021.