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

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HFCB Group PLC and I&M Group PLC posted higher half-year earnings.[File, Courtesy]

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

I&M Group net profit after tax grew by 20.4 per cent to hit Sh9.30 billion for the six months that ended on June 30, up from Sh7.73 billion in the same period last year.

The growth in earnings was driven by a 23 per cent surge in total operating income to Sh33.7 billion, supported by a 22.5 per cent rise in net interest income.