I&M Bank Rwanda reported a 74% increase in net profit to Rwf18.6 billion in 2024, driven by strategic asset management and new product offerings. Customer deposits grew by 22%, and non-interest income saw a 40% rise. The bank remains committed to sustainability and digital innovation, while also being recognized as the Best Bank and Best SME Bank in Rwanda for 2024.
I&M Bank Plc has reported a remarkable 74 percent rise in net profit, reaching Rwf18.6 billion in 2024. This positive outcome is largely attributed to the strategic allocation of assets towards high-yield opportunities. The bank’s assets rose by 20 percent to Rwf817.9 billion, achieving a Return on Assets of 2.54 percent due to improved operational efficiency.
According to Benjamin Mutimura, the CEO of I&M Bank Rwanda, the bank’s performance exemplifies the effectiveness of its iMara 3.0 strategy. By aligning its operations with Rwanda’s economic priorities, the bank has successfully focused on enhancing customer satisfaction. During the review period, the loan portfolio expanded by 14 percent to Rwf356 billion, driven by new products introduced for MSME and retail banking, such as the Agiserera asset finance product and the “Karame” initiative, which offers retail customers continuous banking services.
Customer deposits saw a robust growth of 22 percent, amounting to Rwf659 billion by December 2024. Notably, the bank’s customer base increased to over 100,000, supported by the opening of five new branches. Additionally, non-interest income surged by 40 percent, attributed to investments in high-yielding assets, while Net Fees and Commissions income increased by 86 percent, thanks to digital innovation. Digital channels were utilized for 88 percent of transactions, with 83 percent of customers engaging with digital services actively.
Operationally, the bank’s expenses rose by 14 percent, but controlled growth in other operational costs at 10 percent resulted in a cost-to-income ratio of 51.2 percent. Shareholder funds experienced growth with a 30 percent boost in retained earnings, reaching Rwf72 billion. Consequently, the board proposed a dividend of Rwf2.46 per share, representing an 80 percent increase compared to the previous year, pending approval at the upcoming annual general meeting in May 2025.
Beyond its financial achievements, Mutimura emphasized the bank’s commitment to sustainability, mentioning initiatives that positively affected over 620,000 lives and efforts towards becoming a paperless institution by the end of the current strategy cycle. Looking ahead, he stated the bank aims to foster deeper client relationships, pursue sustainable banking, and enhance its digital ecosystem, remaining committed to responsible growth and innovation even amid changing economic landscapes. I&M Bank has also been honored as the Best Bank and Best SME Bank in Rwanda by CFI and Global Finance in 2024.
I&M Bank Rwanda has demonstrated significant financial growth in 2024, with a 74 percent increase in net profit driven by strategic asset deployment and product innovation. The bank’s growth in customer deposits and loan portfolios showcases its commitment to serving the community, while its sustainability efforts mark a progressive shift towards responsible banking. Overall, the bank’s achievements reflect its dedication to enhancing customer experiences and maintaining operational excellence.
Original Source: www.newtimes.co.rw
