I&M Bank House in Nairobi. I&M Holdings Limited (IMHL) has received approval from regulators to change its reporting year end to December Photo/FILE
Nairobi bourse listed I&M Holdings Limited (IMHL) has received approval from regulators to change its reporting year end to December.
The holding company was formed and listed at the Nairobi Securities Exchange (NSE) mid this after City Trust fully acquired I&M Bank, which has operations in Kenya, Rwanda, Tanzania and Mauritius.
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It said that City Trust had applied to the Kenya Revenue Authority (KRA) for a change of financial year from July 31 to December 31 to coincide with that of I&M Bank.
“KRA’s approval for change in the financial year end was received on September 5, 2013. As a consequence, IMHL 2013 financial year will be a 17-month period to December 2013,” said IMHL on Tuesday.
I&M Holdings said that the move to change its year end had been informed by the transaction which saw City Trust acquire the 92.72 per cent of I&M Bank’s shares which it did not own at that time, a move that made the bank a wholly owned subsidiary of City Trust.
I&M Holdings assets stood at Ksh134.37 billion ($1.5 billion) as at the end of June 2013 compared to Ksh334.64 million ($3.9 million) as at the end of June 2012 while its profit after tax stood at Ksh741.64 million ($8.6 million) compared to Ksh48.2 million ($574,835).
I&M Bank Group, includes I&M Bank in Kenya, a majority stake in Banque Commerciale du Rwanda which was bought from private equity fund Actis in July 2012, I&M Bank Tanzania and Bank One Ltd, a joint venture investment in Mauritius.
I&M Bank Group posted a 14.08 per cent increase in profit after tax to Ksh3.86 billion ($44.9 million) for the period ended December 2012 from Ksh3.38 billion ($39.7 million) for the period ended December 2011.
The Kenya subsidiary posted a marginal 8.67 per cent growth in profit after tax to Ksh3.36 billion ($39.12 million) from Ksh3.09 billion ($36.37 million) respectively while dividend income for the Group rose to Ksh103.57 million ($1.2 million) from Ksh61.31 million ($720,740).
City Trust, before the conclusion of the transaction to acquire I&M Bank, posted a loss after tax of Ksh1.85 million ($21,533) loss after tax for the six month period ended December 2012 compared to Ksh330,263 ($3,882) loss after tax posted for the six month period ended December 2011.
I&M Holdings shares closed at Ksh104 ($1.21), a 4 per cent gain from Ksh100 ($1.16), its listing price at the end of June this year.
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