I&M Bank performance improved marginally last year, with net profit growing to Rwf4.6 billion, from Rwf4.5 billion in 2013.

Profit before tax, however, dropped to Rwf6.5 billion from Rw6.8 billion the previous year "as a result of extra provisioning,” according to Sanjeev Anand, the managing director.

The bank recorded an average equity of 23 per cent, higher than the banking industry average of 10.8 per cent, Anand added. He was addressing reporters at the bank head offices in Kigali on Friday.

"As part of provisioning, we reduced non-performing loans and focused on other profitable investments, such as the retail segment, mainly provision of mortgage loans, and supporting small-and-medium enterprises.

"These helped us drive down non-performing loans,” Anand said. The bank’s loans and advances increased by 26 per cent compared to a 19 per cent growth registered by the overall industry, while customer deposits were up by 22 per cent.

"These were mainly from the savings and current accounts. However, operating costs rose from 16.7 billion to Rwf17.4 billion during the period,” Anand explained.

He however, said the bank was able to provide more funding to the private sector, as well as unveil innovative products, like MVisa, capacity building of its staff, and carrying out more corporate social responsibility activities.

"This year, the bank plans to put more emphasis on e-banking and expansion that will see two new branches being opened; one in the economic zone and the other in the Eastern Province,” Anand said.