IMH | I&M Holdings FY23 Earnings Note

    I&M Group exceeded in-house expectation to record a modest 15.2% y/y growth in net earnings to KES 13.34Bn throughout 2023. Revenue growth was driven by accelerated customer growth across subsidiaries – prompting an upswing in both funded and non-funded incomes.

    The Board of Directors recommend a first and final Dividend of KES 2.55 per share. The dividend will be payable on 24th May 2024 to shareholders on register as of 18th April 2024.

    Recommendation - We upgrade our recommendation to BUY on I&M Group on account of its rebounded subsidiary performance amid ongoing implementation of Imara 3.0 strategic plan.


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