I&M Bank has recorded a 37.5 per cent rise in profit after tax for the period ended December 2011.

According to the Business Daily, the private bank joins KCB and Equity in reporting regional profit after its net income increased from Sh2.4 billion a year earlier to Sh3.3 billion with its subsidiaries in Mauritius and Tanzania contributed Sh496 million to the profit basket and Sh61 million to the dividend pie.

Customer deposits grew to Sh85.21 billion against a backdrop of reduced non-performing loans that declined by 15 per cent, signalling a reduced bad debts provisions expense.

Read more in the Business Daily.