I&M Bank Rwanda reports Rwf 2.96 billion profit before tax in first quarter of 2022

On 30 May 2022 at 05:44

I&M Bank (Rwanda) PLC has announced its financial results for the period ended 31st March 2022 where the lender registered Rwf 2.96 billion profit before tax.

Commenting on the financial results, Mr. Robin Bairstow, the CEO of I&M Bank (Rwanda) PLC said: “We have delivered a strong first quarter, built on the solid momentum of 2021 and ongoing execution of our iMara 2.0 strategy. A review of the results shows positive performances across key financial metrics.”

Financial performance review

Q1-2022 Income statement highlights (vs Q1-2021)

The strength of the bank’s performance was reflected in all profitability metrics, with return on equity (ROE) and return on asset (ROA) increasing to 12.14% and 1.61% respectively.

• The Bank has reported RWF 9.3 Billion in net revenue (before impairment provisions), up by 15% year-on-year, driven significantly by an increase in net interest income of 14%.

• Fees & Commission (net) were up by 4% year-on-year on the back of improved efficiencies and continued digital adoption. This has helped drive improvements in efficiency and customer satisfaction, with the Bank’s cost-to-income ratio capped at 59%. In the reported period, operating expenses increased by 9% year-on-year to RWF 5.5 Billion.

• As a result, Profit After Tax (PAT) for the first quarter of 2022 was RWF 1.9 Billion, up by 17% year-on-year.

Q1-2022 Balance sheet highlights (vs. Dec 2021)

The Bank’s balance sheet remains robust, with the non-performing loan ratio standing at 3.45%, in line with Dec-2021 levels.

• Loans & advances to customers (net) increased by 4% to RWF 231 Billion from RWF 222 Billion (December-2021). The growth was supported by new deals booked across all segments.

• Total financial investments increased to RWF 112.2 Billion, up by 23% from RWF 91.5 Billion reported at the end of December 2021, in line with the Bank’s strategy to efficiently deploy capital.

• Deposits held for customers and financial institutions were up by 10% to RWF 359 Billion (Rwf 327Billion- December 2021), resulting in a loan-to-deposit ratio of 64%. Borrowings position for the period were RWF 62 Billion. The liquidity coverage ratio was 528% as of the end of March 2022.

• The Bank remains well capitalized with Tier I capital adequacy ratio of 17.54% and Tier II ratio of 20.16%.

Financial & Business performance review

Speaking on the Q1 2022 performance, Mr. Robin Bairstow – CEO of I&M Bank (Rwanda) Plc – said, “The bank’s strong performance was driven by an activity rebound in the economy, with growth noted both on our loans & advances and our deposit liabilities, which led to solid growth in net interest income and net fee income.

In the reported period, our customer base was up by 24% year-on-year, with the highlight being our MSME segment with year-on-year customer growth of 70%.

We remained anchored around delivering value and excellence in service to our customers. Our investments in state-of-art digital platforms delivered where we have noted a constant in digital services adoption with 75% of all customer-initiated transactions go through our digital channels."

He further added: “As business activities pick up across the country, we remain resolute to the core purpose of our brand “We are on your side” and in our commitment to support the country’s economic recovery.”


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.

I&M Bank Rwanda offers the full range of personal, business, institutional and corporate banking products throughout its locations. The Bank has been listed on the Rwanda Stock Exchange since March 2017.

The Bank is also a subsidiary of I&M Group PLC, a leading regional financial services group in Eastern Africa with a presence in Kenya, Tanzania, and Uganda as well as a joint venture in Mauritius. 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.