This was announced Monday during the bank’s Annual General Meeting presenting 2018 financial performance report to shareholders.
The bank recorded Rwf 7.46 billion net profit after tax rising by 15% compared to Rwf 6.5 billion of the previous year 2017.
The Chairman of the Board at I&M Bank Rwanda, Bill Irwin said that the 40% profits to be paid to shareholders was approved by the board of directors.
The Managing Director of I&M Bank Rwanda, Robin Bairstow explained that following the bank’s good performance on Rwanda stock market last year, it looks forward to increased investment working with microfinance institutions, widening the profit pool and improved service delivery.
According to I&M Bank executive director, Faustin Byishimo “The bank plans to draw emphasis on working with small and medium enterprises. It is one of the sectors that brought in remarkable profits last year.”
He explained that the bank’s signing of a partnership with International Finance Corporation (IFC) last year is expected to bear fruits as they work with SMEs.
Shareholders received a Rwf 5.16 dividend per share last year.
The Annual General Meeting also approved the increase of board of directors from 10 to 12 directors and extended tenure of the Board of Directors including Bill Irwin; Robin Byishimo Faustin who served in the financial year that ended 31st December 2018.
Mr. Simon Morris, Mr. Nikhil Hira, and Mrs. Alice Nkulikiyinka were approved as independent Non-Executive Directors while PwC Rwanda was re-appointed as the auditor of the Bank to hold office from the conclusion of the meeting until the conclusion of the next Annual General Meeting of the Bank.
Last year, I&M Bank increased total assets by 13% reaching Rwf 294 billion while loans increased by 15.4% reaching Rwf 169 billion.