I&M Bank’s profit after tax increased to Rwf6.5 billion as of December 2017, representing a 12 per cent rise from 2016 profit.

This was attributed to increased efficiency and cost curtailment.

During the bank’s Annual General Assembly held Monday, Bill Irwin, the Chairman of Board of Directors, said the bank closed 2017 with a pre-profit of Rwf9. 85 billion.

He said dividend per share increased by 11.3 per cent to Rwf12.92 from Rwf11.61 the previous year.

One year after the bank floated its shares on stock exchange, shareholders will share Rwf2.6 billion, to be paid out next month – representing dividend payout of Rwf5.16 per share.

The shareholders, he said, will share 40 per cent of dividends while the rest will ploughed back into the company, especially toward the construction of the firm’s offices.

Part of the returns will also go into upgrading the I&M Bank’s core banking system that started in August 2017 and is expected to be completed in the third quarter of 2018 so as to improve service and ensure reliability, he said.

The financial performance report shows that total assets of the bank grew by 26 per cent to Rwf260 billion over the same period, an increase supported by a 32 per cent rise in loan portfolio.

The deposits, the report shows, increased by 30 per cent, equivalent to Rwf209 billion, because of increased clientele.

The general assembly also approved the change of the name from ‘I&M Bank Rwanda’ to I&M Bank Rwanda Plc’.

The assembly also approved the appointment of new board members; Crystal Rugege and Estelle Jonkergouw.

The bank has embarked on a new five-year strategic plan, which is based on the four growth pillars of revenue diversification, operational excellence, digital channel optimisation, and business growth.

Rwanda’s banking sector is in the process to adopt and embrace ICT tools to reduce cost of operations as well as improve efficiency.

editorial@newtimes.co.rw