I&M Bank Rwanda recorded a 74% increase in net profit to Rwf18.6 billion in 2024 due to strategic asset management. Loan assets grew by 14%, deposits surged by 22%, and non-interest income increased significantly. A proposed 80% dividend increase reflects strong retained earnings. The bank focuses on sustainability and digital transformation, earning accolades as Best Bank in Rwanda.

I&M Bank Plc reported a significant 74% rise in profit after tax, reaching Rwf18.6 billion in 2024, driven by strategic asset allocation in high-yielding ventures. The bank’s total assets increased by 20% to Rwf817.9 billion, resulting in a Return on Assets of 2.54% due to improved operational efficiency.

CEO Benjamin Mutimura stated that the positive performance reflects the success of the iMara 3.0 strategy, aligning with Rwanda’s economic goals while ensuring customer satisfaction. Additionally, the bank’s loan portfolio grew by 14% to Rwf356 billion, supported by new products targeting MSME and retail markets, including the Agiserera asset finance product and the “Karame” initiative, offering 24/7 banking solutions.

Customer deposits surged by 22% to Rwf659 billion, with the total customer base exceeding 100,000, aided by the establishment of five new branches. Non-interest income saw a 40% increase, attributed to investments in high-yielding assets and an 86% rise in Net Fees and Commissions due to digital innovations.

Digital transaction channels accounted for 88% of transactions, with 83% of customers utilizing these services. Operational expenses rose by 14%, but controlled growth in other operating costs (10%) resulted in a 51.2% cost-to-income ratio. Shareholders’ funds increased, fueled by a 30% rise in retained earnings, leading to a proposed 80% dividend increase to Rwf2.46 per share for approval in May 2025.

Mutimura also emphasized the bank’s sustainability efforts, impacting over 620,000 lives and progressing towards a paperless initiative by the strategy cycle’s conclusion. Looking forward, he expressed commitment to enhancing client relationships, sustainable banking, and a robust digital ecosystem. I&M Bank was also honored as the Best Bank and Best SME Bank in Rwanda in 2024.

I&M Bank Rwanda achieved a remarkable 74% increase in net profit for 2024, primarily due to its strategic focus on high-yielding assets and customer-centric products. With significant growth in loans and deposits, an expansive customer base, and a commitment to sustainability and digital transformation, the bank is positioned for continued success. Recognition as the Best Bank in Rwanda solidifies its reputation in the financial sector, reflecting its dedication to operational excellence and innovation.

Original Source: www.newtimes.co.rw