Uganda, April 24 -- I&M Bank has reported a 105.4 percent increase in net profit to Shs11.5b for the year ended December 2023.

The increase was largely due to higher interest earnings from loans and advances.

This is the second year I&M is reporting profits moving away from the shadows of Orient Bank which had reported mounting losses before it was taken over by Kenya's I&M Group in April 2021.

During the year ended December 2022, I&M reported a Shs5.6b net profit, which was an improvement from a loss position of about three years under Orient Bank.

In details contained in the bank's financials, I&M reported that during the period under review, net interest income from loans increased from Shs33.7b to Shs39.5b, while income from inves...