Global credit rating agency Fitch Ratings has assigned I&M Group Plc (the Group) and its core banking subsidiary I&M Bank in Kenya (the Bank) National Long-Term Ratings of ‘A+(ken)’ with stable outlooks relative to that of other Kenyan issuers.
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.
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 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’’, Fitch Ratings said in a statement which also read, “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.”
Commenting on the report from Nairobi, I&M Group’s Regional Chief Executive Officer, Mr. Kihara Maina noted that the Group is embarking on its 3rd iteration of its 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 the implementation of the refreshed strategy to deliver on our short- and medium-term objectives,” said Mr. Maina.
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