I&M Group, a listed lender, significantly expanded its operations last year, adding 299 new jobs as part of an aggressive growth strategy. This increase brought the total employee count to 2,827, up from 2,528 in the previous year, supporting the group’s retail and digital strategy.
In its latest annual report, I&M Group highlighted that the hiring spree was driven by its branch expansion strategy and investments in information technology infrastructure. The firm also emphasized the acquisition of new skills and capabilities, particularly in retail banking, to support its iMARA 3.0 journey.
The main subsidiary, I&M Bank Kenya, saw its staff numbers grow by 244 employees, reaching 1,459 by the end of last year. The bank’s expansion included opening 10 new branches in 2023, adding eight more at the beginning of 2024, and planning to open 12 additional branches by December.
The expansion efforts contributed to a significant growth in the client base, increasing by 210,000 to reach 560,000 customers. Notably, the number of personal accounts more than doubled to 68,666, driven by initiatives such as the waiver of bank-to-mobile-money transaction fees.
Despite the increase in staff costs by 16.2 percent to Sh7.6 billion, I&M Group reported a robust profit after tax growth of 15.2 percent, reaching Sh13.3 billion. This growth underscores the effectiveness of its strategic focus areas, including expansion into MSME and personal banking segments, new market expansion, ecosystem delivery through strategic partnerships, and the roll-out of the group operating model.
Overall, I&M Group’s expansion and job creation efforts reflect its commitment to driving sustainable growth and enhancing its service delivery capabilities in the banking sector. #IMGroup #BankingSector #JobCreation #ExpansionStrategy #DigitalTransformation #RetailBanking #FinancialServices #EconomicGrowth #BusinessExpansion #CorporateStrategy
