As a result of the unit’s increased financial performance over the time, I&M Group received a dividend from Bank One, its Mauritius subsidiary, in November 2022 for Sh457.6 million. This translated to a share dividend of 21.97 rupees (Sh62.83).
While this dividend was granted in November 2021, it wasn’t paid out until January 2022 after receiving Bank of Mauritius approval, therefore it was recorded as revenue for 2022 on I&M’s records.
As a result, the Kenyan lender recorded dividend income from its ownership of Bank One of Sh697.6 million in the year ending December 2022.
This week, I&M will report its full-year financial results, which will include a reflection of the effect of this dividend income.