I&M Bank Rwanda Plc has recorded a before-tax profit of Rwf6.5 billion in the first half of 2022 compared to Rwf5.2 billion earned in the same period of 2021, marking a 25 per cent year-on-year growth.
The Bank reported Rwf19.6 billion in net revenue, an increase of 20 per cent compared to June last year, driven significantly by an increase in net interest income of 17 per cent on the back of the Bank’s loan book growth and reduction of cost of funds.
In the reported period, operating expenses increased by 16 per cent to Rwf11.3 billion compared to Rwf9.8 billion in 2021, explaining the Bank’s continued investment in digitalization and continued improvements of its products and services offerings.
As a result, the Bank delivered a Return on Equity (ROE) of 13.11 per cent and a Return on assets of 1.75.
The loan book grew to Rwf237 billion with the support of new deals across all bank’s segments. While customers and other financial institutions deposits closed at Rwf352 billion.
I&M Bank Chief Executive, Robin Bairstow, attributes the lender’s growth to a strategic shift to focus more on customer centricity and digital transformation. Net fees and Commission were up by 25 percent year-on-year on the back of improved efficiencies and continued digital adoption.
Officials at the bank indicate that digital adoption remains high with 75 percent of all customer-initiated transactions going through the lender’s digital channels.
The lender runs multiple digital platforms including WhatsApp banking, mobile banking application, USSD for feature phone users as well as SPENN.
As economic activity rebounds in Rwanda, I&M Bank (Rwanda) Plc remains committed to both its customers and employees as a responsible Bank, noted Bairstow.
"Looking ahead, we take notice of the macroeconomic headwinds that are affecting businesses and individuals alike. The Bank will continue to be part of the solution as we continue to support our customers and the community we serve.”
In the first half of the year, the lender received key industry awards including Best Bank in Rwanda by Capital Finance International (CFI.co), the Gold Gender Equality Seal offered by the Gender Monitoring Office and the UN for best practices, policies and diversification agenda.