I&M Bank Rwanda reported a 74% increase in net profit to Rwf18.6 billion in 2024, driven by strategic asset deployment. The bank saw a 20% rise in total assets, a loan book growth of 14%, and significant advancements in digital banking solutions, contributing to a strong financial performance overall.
I&M Bank Plc announced a remarkable 74% rise in profit after tax, reaching Rwf18.6 billion in 2024. This growth is primarily attributed to the strategic allocation of assets into lucrative investment opportunities. The performance report indicates that the bank’s total assets increased by 20% to Rwf817.9 billion, resulting in an enhanced Return on Assets of 2.54%.
Benjamin Mutimura, CEO of I&M Bank Rwanda, remarked on the outcomes of the iMara 3.0 strategy, stating the bank’s alignment with Rwanda’s economic priorities and its emphasis on customer satisfaction. During this time, the loan portfolio expanded by 14% to Rwf356 billion, propelled by new offerings in the MSME and retail sectors, including the Agiserera asset finance product and the “Karame” initiative, which aims to provide seamless banking services to retail customers around-the-clock.
Customer deposits rose by 22% to Rwf659 billion by December 2024, and the customer base surpassed 100,000 due to the opening of five additional branches. Non-interest income increased by 40%, attributed to the strategic investment of surplus liquidity, with Net Fees and Commissions income experiencing an impressive 86% rise influenced by digital innovations. Furthermore, 88% of transactions were processed through digital channels, and 83% of customers actively utilized these services.
Operational expenses saw a 14% increase, with other operating expenditures growing by 10%, leading to a cost-to-income ratio of 51.2%. Shareholders’ equity benefited from a 30% increase in retained earnings totaling Rwf72 billion, prompting the board of directors to propose a dividend of Rwf2.46 per share, an 80% increase from the previous year, awaiting approval in May 2025.
In terms of sustainability, Mutimura noted the bank’s efforts impacted over 620,000 lives as it works towards becoming a paperless institution by the end of its current strategy cycle. Looking ahead, he stated, “We will deepen client relationships, advance sustainable banking, and enhance our digital ecosystem.” I&M Bank also earned accolades, being recognized as the Best Bank and Best SME Bank in Rwanda by CFI and Global Finance in 2024.
In summary, I&M Bank Rwanda has demonstrated substantial financial growth in 2024, marked by a 74% increase in profits and a spike in both customer deposits and loan growth. The bank’s strategic focus on enhancing digital services and customer satisfaction, alongside sustainability efforts, underscores its commitment to responsible banking and innovation. Upcoming dividends and recognition in the banking sector further highlight the institution’s ongoing success and promising future.
Original Source: www.newtimes.co.rw
