Fitch Ratings has assigned I&M Bank and its parent company I&M Group Plc a national long-term rating of A+ with a stable outlook.
Both entities have also been assigned Long-Term Issuer Default Ratings (IDRs) of ‘B’ with a negative outlook. The respective negative outlooks mirror the outlook on the sovereign rating.
“I&M Group’s business profile is underpinned by its established banking franchise in Kenya and growing regional businesses, which provide some competitive advantages and revenue diversification,’’ said Fitch Ratings.
These ratings are driven by their standalone creditworthiness and are also reflective of the business resilience and a solid strategic focus by all the business units across the East African region and beyond.
“I&M Bank is a Tier 1 bank in Kenya with a moderate domestic market franchise of around 6% of sector loans and 5% of sector deposits at end-1H23,” added the global credit agency.
I&M Group Chief Executive Officer Kihara Maina said the lender is embarking on its 3rd iteration of their iMara Strategy (2024 – 2026) which is focused on impacting lives through expansion into new horizons in terms of regional operations, segments served, and products offered.
“As a group we are pleased with this rating by Fitch which indicates strong profitability and reasonable capital buffers amidst challenging operating conditions. We remain focused on implementation of the refreshed strategy to deliver on our short- and medium-term objectives,” said Maina.