Generally, the bank’s operating income was Rwf 14.9 billion which is an increase by 20% compared to last year’s performance.
The bank also registered Rwf5.2 billion profit before tax.
The performance was mainly attributed to increased Net Interest revenue, 19% higher than the same period last year and investment in treasury bonds.
The bank’s management has revealed that the financial performance in the first half of the year reflects the quality of deployed strategy which has broadened earnings and strategically positioned it to thrive through the current global health and economic crisis.
“We have posted a solid set of results and we are more pleased with the fact that we have helped retain over 1800 MSME jobs and 240 companies through the IFE [Investing for Employment] grant facility and we are ready to disburse the next tranche of 2.5m €,” said the CEO of I&M Bank Rwanda, Robin Bairstow.
Bonaventure Niyibizi, the Board Chairman of I&M Bank said that the lender posted impressive results despite undoubtedly tough and trying times and managed to remain relevant to its customers and the community by adjusting the way of doing business to meet market needs.
“Going forward, our focus is not just to survive this pandemic, but to thrive beyond it. That is why we are going ahead with our plans to reimagine how we create value for all our stakeholders. We remain focused on supporting the growth of the MSME sector and private in general which we believe is the backbone of the Rwandan economy," he noted.