Nairobi, March 29 -- I&M Group has raised its dividend payout to shareholders by half to Sh2.25 per share from Sh1.50 after posting a 37.7 percent growth in net profit for 2022 to Sh11.2 billion.

The first and final dividend, to be paid on or before May 25 and after shareholders' approval, will see the lender payout Sh3.72 billion from Sh2.48 billion last year.

The increase in dividends by the bank mirrors improved payouts by peers in the industry, including Standard Chartered, Stanbic, Equity, DTB and NCBA, who have all raised dividends on the back of improved profitability.

The net earnings growth for I&M, from Sh8.1 billion in 2021, is mainly attributable to higher income, with total operating income growing by 20.6 percent to Sh35....