I&M Bank Rwanda posted Rwf2.2b net profits during the first half of the year, a Rwf308.4m drop from about Rwf2.5b recorded during a similar period last year, the financier indicated in a statement.

The bank’s net interest income was, however, up at Rwf4.9b, from Rwf4.6b over the same period last year. The lender’s loan book grew by Rwf14.5b, from Rwf65.6b last year, to Rwf80.1b.

The increase was mainly driven by rise in mortgage loans that expanded to Rwf24.4b from Rwf18.7b, as well as growth in overdrafts of Rwf16.5b from Rwf13.4b. 

Consumer loans also increased from Rwf13.4b to Rwf15.2b, while equipment loans amounted to Rwf19.5b, up from Rwf15.5b during a similar period last year, the statement indicated. Non-performing loans went up to Rwf740.9m over the period, from Rwf703.5m last year.

Customer deposits increased significantly during the year, from Rwf95.2b last year to Rwf133.1b this year.