I&M Bank posts Rwf3.6 billion profit

I&M Bank Rwanda posted Rwf3.61 billion after-tax profit in the first nine months of this year, a statement from the lender has indicated. However, the profit margin declined by Rwf30 million compared to the Rwf3.64 billion made in the same period last year. There was an increase in client deposits and loans according to the statement. Deposits from clients went up from Rwf92.6 billion at the end of last year to Rwf109.1 billion at end of September this year. The firm’s loan book on the other hand grew from Rwf65.6 billion at the end December 2013 to Rwf84.1 billion in September this year with a strong growth in mortgage loans of 41.8 per cent. The mortgage loans grew from Rwf18.7 billion end December to Rwf26.5 billion end September this year, closely followed by equipment loans which went up from Rwf15.5 billion to Rwf21.7 billion during the period. Consumer loans went up from Rwf 13.4 billion to Rwf 15.5 billion while overdrafts increased from Rwf 13.4 billion to Rwf 15.7 billion during the period. Non-performing loans also went down significantly during the nine months, from Rwf 703.6 million by the end of last year to Rwf 3.6 million at the end of September. The bank’s total assets stood at Rwf 148.9 billion by the end of September, up from Rwf 125.8 billion in December last year, an 18 per cent increase. Ben.gasore@newtimes.co.rw

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I&M Bank posts Rwf3.6 billion profit