31 October, 2016

I&M Bank Allocates Sh300m for Social Investment This Year

October 31, 2016: I&M Bank has set aside Sh300 million for investment in project that empower members of the community in which it operates, the Bank’s Executive Director Mr. Sarit S. Raja Shah has said. 
Sarit Shah -Executive Director I&M Bank

Speaking during the launch of a two day free medical camp at St Martins Kibagare Primary School in Loresho, over the weekend, Mr. Shah said the Bank was reaching out to the under-privileged population in three social pillars of health, education and environment.

“Each year, I&M Bank sets aside 2% of its pre-tax profits which is kept under a fund to support various social initiatives in the areas of health, education and environment,” Mr. Shah said.
Mr. Shah noted that, in addition to the health initiative, the bank was constructing St. Ann’s Suresh Raja Shah Girls Secondary School, Kairi, at a cost of Sh200 million which is expected to be completed next year.  The bank also set aside Sh4.5 million and Sh3.5 for environment and health initiatives respectively.

“We have broken ground for the school project and the construction is going on,” Mr. Shah said. “We are also actively involved in the conservation of Karura Forest where our staff plant trees and clean Karura River every year.”

The bank has recorded growth in pre-tax profits over the past four years.  In 2015, the Group’s profit before tax reached Sh8.6 billion, Sh7, 480,487 in the years 2014, Sh5, 987,131 in the year 2013, and Sh5, 301,608 in the year 2012.

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