Among others, the bank registered a profit after tax of Rwf5.4 billion, reflecting a 46% growth over last year.

According to the lender’s management, the growth has been supported by increased net interest income which rose by 21% from the levels in 2020, closing the period at Rwf 20 billion.

The operating income for the Bank increased to Rwf24 billion, a 15% increase year on year.

Commenting on the financial results, Mr. Robin Bairstow, the CEO of I&M Bank (Rwanda) PLC said that the results highlight the bank’s efforts in improving digital infrastructure in line with its strategy and aspiration to be Rwanda’s leading financial partner for growth.

"We will continue building state-of-the-art digital platforms and growing the MSME sector which significantly supports the Rwandan economy,” he noted.

During the period under review, the Bank’s balance sheet and income metrics improved on the backdrop of a solid capital base and liquidity.

The Bank’s asset base rose to Rwf 435 billion, reflecting a 4% year on year growth as a result of an increase in the loan book and investments in government securities.

The Bank’s customer lending portfolio also grew by 6% to Rwf 217 billion in September 2021 (Rwf205 billion in September 2020).

Besides, the quality of the loan book improved with the Non-Performing Loans (NPL) ratio of 3.6 %.

The Bank closed the period with Rwf298 billion of customer’s deposits, and a loan-to-deposit ratio of 73%. The Liquidity coverage ratio stood at 415% as at end September 2021

Among others, the Shareholder’s Equity of the Bank grew to Rwf 60 billion, up from Rwf 54 billion as at 31st December 2020.

The Bank’s net fees and commission income also increased by 14% on the back of income from digital products and an increase in off balance sheet income.

The Bank improved its cost-to-income ratio to 60% from 64% for the year before, while also maintaining a positive cost/income jaws (after impairment) of 11%.

The total operating expenses for the Bank was at Rwf14 billion, which reflected a 6.7% year on year increase on account of increased investment in digitisation while bank’s loan impairment charges for the period stood at Rwf 1.5 billion, which is 20% lower year on year, in light of improved macroeconomic conditions and despite a challenging start of the year for all stakeholders.

Commitment to creating value

Commenting on the Bank’s commitment to create long term value to all the stakeholders, the CEO Mr. Bairstow said that underpinning performance is the lender’s commitment to being thereour customers and for the community it serves.

"Throughout this pandemic period, we lent our full weight on safeguarding the lives and livelihoods of our staff through implementation of remote working, as well as conducting staff wellbeing and mental-health programs. For our customers, we created long term value by leading from the front in the fight against COVID-19 through moratoria, government supported lending and other support measures.

Through the IFE grant, the bank has helped to retain over 1,900 jobs in 139 MSMEs,” he revealed.

Continued investment in digital solutions

Speaking on the Bank’s commitment to continuously support innovation through offering digital solutions to customers, Mr. Bairstow said: “We have significantly sustained our contribution in the financial sector over the years. We remain committed to diversifying our financial services and leveraging on existing opportunities to better serve the Rwandan population through investments and partnerships in new technologies."

He further stated that the bank’s efforts in supporting the growth of the MSME sector was recognized with the Product Innovation of the Year Gold Award at the Global Finance Awards 2021 organized by the SME Finance Forum in partnership with International Finance Corporation (IFC) for delivering outstanding products and services to our SME clients and segment.

"Our MSME division has recorded a customer base growth of 65% over the last year. We will continue to make major investments in digital technology in line with the I&M Group strategy that places digitisation as a key growth accelerator,” he stressed.

In Q4 the Bank plans to continue investing in digital products and services as well as supporting its customers so as to manage net interest income.

It also seeks to continue applying cost management best practices to ensure that healthy margins are maintained.

About I&M BANK (RWANDA) PLC

Incorporated in 1963, I&M Bank (Rwanda) Plc. is the oldest Bank in Rwanda. It is today one of the leading players in the industry with a strong footprint across the country.

The Bank, which is listed on the Rwanda Stock Exchange (RSE), is a subsidiary of I&M Group PLC, a leading regional financial services group in Eastern Africa. I&M Group PLC has other banking subsidiaries in Kenya, Tanzania and Uganda as well as a joint venture in Mauritius and is listed on the Nairobi Securities Exchange.

I&M Group has a long history in banking and has established a wide network of correspondent banks across the globe and enjoys a strong relationship with leading international Development Financial Institutions.

I&M Bank Rwanda headquarters.