I&M Bank Group, a leading financial services conglomerate founded by Kenyan businessman Suresh Bhagwanji Shah, received a dividend of Ksh457.6 million ($3.48 million) from its subsidiary in Mauritius, Bank One.
Bank One is a full-service commercial bank jointly owned by CIEL Limited and I&M Group Plc. It is one of the largest and most diversified conglomerates in Mauritius, which operates in various sectors, including sugar and healthcare, and provides financial services in over 10 sub-Saharan African countries.
The $3.48-million dividend paid to I&M Bank in November 2022 is a significant proportion of the MUR320 million ($6.96 million) dividend approved by Bank One’s directors on September 7, 2022.
The dividend can be attributed to the bank’s impressive financial performance at the end of its 2022 fiscal year, as it reported a profit of MUR493 million ($10.72 million), a 19 percent increase from the MUR413 million ($8.98 million) it earned in 2021.
The rise in profits was primarily due to increased interest income resulting from higher rates in Mauritius throughout the year. This marks the second consecutive period of improved earnings following a significant decline in 2020 attributed to the COVID-19 pandemic.
I&M is the Kenya-based non-operating holding company for I&M Bank Limited, a leading financial services group with active operations in Kenya, Tanzania, and Rwanda, as well as a joint venture in Mauritius.
Shah, who is credited with transforming I&M into one of East Africa’s leading banking groups, owns a beneficial 10.98-percent stake in the top-performing financial services provider, which translates to 178,514,362 ordinary shares.
Since its founding by Shah in 1974, I&M has expanded its operations to other East African countries. The leading Kenyan banker also owns a majority stake in MTZ Holdings, a newly formed entity that recently purchased Nairobi Business Park, a grade “A” office complex on Nairobi’s Ngong Road, from NBP Holdings Limited.
