I&M Bank Rwanda Plc nets Rwf6.6 billion profit in third quarter

On 19 November 2022 at 11:31

I&M Bank Rwanda Plc has reported Rwf6.6 billion after-tax profit in the third quarter of 2022 representing 22% increase compared to the same period last year.

According to the released financial statement, the lender’s profit reached Rwf10.2 billion , translating into an increase by 22% as at 30th September 2022 from Rwf8.3 billion of the same period last year.

Generally, the bank reported Rwf30.5 billion in net revenue before impairment provisions, up by 25 per cent year-on-year, supported by 20 per cent growth in net interest income and a result of a better product mix as well as a build-out of Non funded Income up by 47 per cent year-on-year.

In the period under review, operating expenses increased by 21 per cent year-on-year to Rwf17.5 billion, driven by investments in business growth and the continued deployment of technology to improve customer services and product lines.

Hence, the cost-to-income ratio was 57.8 per cent and the profit after tax during the period was Rwf6.6 billion, an increase of 22 per cent from Rwf5.4 billion in the third quarter of 2021.

The loan book and net advances to customers increased by 9 per cent to Rwf243 billion from Rwf222 billion at the end of 2021, whereas deposits held for customers and financial institutions increased by 7 per cent to Rwf350 billion from Rwf327 billion at the end of 2021, resulting in a loan-to-deposit ratio of 69.4 per cent.

In line with the strategy to efficiently deploy its capital, the bank made total financial investments of Rwf119 billion, an increase of 30 per cent from Rwf91.5 billion reported at the end of December 2021.

The Managing Director of I&M Bank, Robin Bairstow said that the lender registered steady growth in terms of customers in the third quarter of 2022 with an increase by 32% compared to last year.

The bank also saw improved efficiency in transactions with significant growth in digital adoption where 74 per cent of all customer-initiated transactions in the bank now go through digital channels, consequently driving improvements in efficiency and customer satisfaction.

I&M Bank Rwanda also rolled out ‘Ganza with I&M’ campaign where it supported clients’ projects, provided financial advisory services among others.

It was meant to provide funding to Small and Medium Enterprises to mitigate effects of COVID-19.

The bank also stayed close to clients in different parts of the country including Rubavu and Musanze to meet their needs.

Bairstow also reiterated the bank’s commitment to continue walking with clients to cope with barriers related to the soaring inflation.

I&M Bank (Rwanda) Plc began operation in Rwanda in 1963.