I&M Bank Rwanda Plc registered a before-tax profit of Rwf10.2 billion in the third quarter of 2022, representing a 22 per cent increase from Rwf8.3 billion registered in the same period of 2021.

The Bank reported Rwf30.5 billion in net revenue before impairment provisions, up by 25 per cent year-on-year, supported by 20 per cent growth in net interest income and a result of a better product mix as well as a build-out of Non funded Income up by 47 per cent year-on-year.

In the period under review, operating expenses increased by 21 per cent year-on-year to Rwf17.5 billion, driven by investments in business growth and the continued deployment of technology to improve customer services and product lines.

Hence, the cost-to-income ratio was 57.8 per cent and the profit after tax during the period was Rwf6.6 billion, an increase of 22 per cent from Rwf5.4 billion in the third quarter of 2021.

The loan book and net advances to customers increased by 9 per cent to Rwf243 billion from Rwf222 billion at the end of 2021, whereas deposits held for customers and financial institutions increased by 7 per cent to Rwf350 billion from Rwf327 billion at the end of 2021, resulting in a loan-to-deposit ratio of 69.4 per cent .

In line with the strategy to efficiently deploy its capital, the bank made total financial investments of Rwf119 billion, an increase of 30 per cent from Rwf91.5 billion reported at the end of December 2021.

The bank also saw improved efficiency in transactions with significant growth in digital adoption where 74 per cent of all customer-initiated transactions in the Bank now go through digital channels consequently driving improvements in efficiency and customer satisfaction.

Commenting on the performance, Robin Bairstow, CEO of I&M Bank Rwanda, said the Bank’s growth in the first nine months of 2022 is attributable to the diligent execution of iMara strategy which continues to yield results.

"Our 3 business segments (Corporate, Business & Retail Banking) delivered with a lending portfolio growth of 9 per cent since December 2021 and a total deposits growth of 7 per cent in the same period,” he added.

The lender also held the "Ganza na I&M” MSME campaign awarding ceremony where four customers were awarded capital injection for their projects, financial advisory services, and a multimedia package.

The "Ganza na I&M” campaign was launched to support MSMEs as they recover from post-Covid-19 pandemic challenges.

Additionally, the Board and Management reaffirmed their commitment to a customer-centric strategy through their recent community outreach in Rubavu and Musanze to learn more about their operations and ways in which the Bank could deliver new and relevant solutions.

Bairstow assured the lender’s support to customers in the face of projected headwinds and inflationary pressures in the macroeconomic environment.

"Our Bank remains focused on supporting our customers to navigate today’s business conditions. And we will continue maintaining an appropriate balance between investment in the business, maintaining a strong capital position, and delivering attractive returns to our shareholders.”