Kenya’s Makueni County gets new I&M Bank branch as group assets hit $5.3 billion

I&M Group is extending its presence in Kenya with a new branch in Wote, the capital of Makueni County, as the Nairobi-based lender strengthens its regional footprint following a rise in assets to $5.3 billion. The move reflects the bank’s steady push to serve underserved markets while reinforcing its position among Kenya’s mid-tier financial institutions.

The new branch, which opened on March 26, marks I&M Bank’s first entry into Makueni County and extends its presence to 27 counties nationwide. The expansion is part of the group’s Imara 3.0 strategy, which focuses on growing its physical and digital footprint while supporting small businesses, agribusiness operators, institutions, and retail customers. The lender said the new office will help broaden access to banking services and support local businesses.

I&M Bank expands services across East Africa

Located at Mbau Junction Mall along the Machakos–Wote Road, the branch sits within one of Wote’s busiest commercial corridors. The town has seen rising business activity in recent years, particularly among micro, small and medium-sized enterprises. Agricultural value chains, especially mango farming and processing, continue to drive trade, alongside growing demand for accessible banking services from residents and businesses.

The expansion comes as I&M Group strengthens its operations across East Africa. The financial services group operates in Kenya, Tanzania, Rwanda, Uganda and Mauritius, serving over 870,000 customers. In Kenya, its banking subsidiary, I&M Bank, runs 21 branches and serves over 6,300 clients, while I&M Burbidge Capital Limited provides advisory services on capital raising, initial public offerings, mergers and acquisitions, private equity and debt transactions.

I&M profit hits $145 million 

The new branch also follows improved financial performance in 2025. I&M Group posted a profit of Ksh18.78 billion ($145 million), up from Ksh14.72 billion ($113.4 million) in 2024. Total operating income rose to Ksh60.32 billion ($464.9 million) from Ksh50.59 billion ($389.9 million). Non-interest income increased to Ksh14.74 billion ($113.6 million), and net interest income climbed to Ksh45.95 billion ($354.2 million) from Ksh39.6 billion ($305.2 million). Gains were supported by lower interest expenses, which fell to Ksh23.24 billion ($179.1 million).

The group’s balance sheet improved as total assets rose to Ksh688.88 billion ($5.3 billion) from Ksh580.9 billion ($4.47 billion). Shareholders’ equity increased to Ksh115.16 billion ($887.6 million) from Ksh93.81 billion ($723.1 million), while retained earnings climbed to Ksh75 billion ($578.1 million) from Ksh62.42 billion ($481.1 million). The board recommended a final dividend of Ksh2.25 ($0.017) per share, totaling Ksh3.92 billion ($30.2 million). 2025 dividends rose to Ksh6.52 billion ($50.25 million), up from Ksh5.02 billion ($38.7 million) in 2024.