I&M Bank Rwanda Plc nets Rwf6.5 billion profit in first half of 2022

On 27 août 2022 at 07:27

I&M Bank (Rwanda) Plc has announced its financial results for the period ended 30th June 2022 where the lender registered Rwf6.5 billion before tax profit in the first half of 2022 translating into an increase by 25% from Rwf5.2 billion of last year.

Among others, the bank has reported Rwf19.6 billion in net revenue (before impairment provisions), up by 20% year-on-year, driven significantly by an increase in net interest income of 17%.

In the reported period, operating expenses increased by 16% year-on-year to Rwf 11.3 billion, as the lender continued to improve productivity across all our products and services.

In the first half of 2022, loans and advances to customers increased by 7% to Rwf 237 billion from Rwf222 billion.

The growth was supported by new deals booked across all segments.  Else, total financial investments increased to Rwf113 billion, up by 24% from Rwf91.5 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 also up by 8% to Rwf352 billion (Rwf 327 billion- December 2021), total borrowings position for the period was Rwf60.2 billion while the liquidity coverage ratio was 170% as of the end of June 2022. 

Commenting on the performance ; the CEO of I&M Bank Rwanda Plc, Robin Bairstow said : “I&M Bank Rwanda has performed well in the first half of the year, delivering returns on equity well over 13%, built on the solid momentum and ongoing execution of our ‘iMara’ strategy. The Bank’s robust performance was driven by the growth in the loan portfolio and customer deposits, which led to solid growth in the net interest income and non-funded income.”

Bairstow attributed the lender’s growth to a strategic shift to focus more on customer centricity and digital transformation.

He said that the bank’s digital adoption remains high with 75% of all customer-initiated transactions going through the lender’s digital channels.

Bairstow has also highlighted that the registered several positive developments where its efforts have not gone unnoticed.

In the first half of the year, the lender received key industry awards including Best Bank in Rwanda by Capital Finance International (CFI.co), the Gold Gender Equality Seal offered by the Gender Monitoring Office, and the UN for our best practices and policies and diversification agenda.

As economic activity rebounds in Rwanda, Mr Bairstow said, I&M Bank Rwanda remains committed to both its customers and employees as a responsible Bank.

“Looking ahead, we take notice of the macroeconomic headwinds that are affecting businesses and individuals alike. The Bank will continue to be part of the solution as we continue to support our customers and the community we serve,” he added.

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. 

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. 

I&M Bank Rwanda Plc has registered Rwf6.5 billion profit in the first half of 2022.