I&M Bank Rwanda Hits 45% Growth 

I&M Bank new building. The bank registered 45% growth for the period ended September 30,2021.
I&M Bank (Rwanda) PLC has announced a 45% growth profit before tax in its financial results for the period ended 30th September 2021 largely driven by investment in digital solutions.
The I&M Bank, one of the listed companies on the local bourse, yesterday reported profits before tax of Rwf8.3Billion for the first nine months of 2021, up from Rwf5.8Billion recorded in the same period last year.
Robin Bairstow, the CEO of I&M Bank said the results highlight the bank’s efforts in improving digital infrastructure and driving the cashless economy.
“This is in line with our strategy and aspiration to be Rwanda’s leading financial partner for growth. We will continue building state-of-the-art digital platforms and growing the business sector which significantly supports the Rwandan economy,” Bairstow said.
Bairstow said the bank remains committed to diversifying financial services and leveraging on existing opportunities to better serve the Rwandan population through investments and partnerships in new technologies.
“We will continue to make major investments in digital technology in line with the I&M Group strategy that places digitisation as a key growth accelerator,” he said, In quarter 4 (Q4) the Bank will continue investing in digital products and services as well as supporting its customers so as to manage net interest income.
Commitment to Client Community 
Commenting on the Bank’s commitment to create long term value to all the stakeholders, Bairstow said the bank has a commitment to being there for its customers and for the community served.
Throughout this pandemic period in2020, the bank created long term value by leading from the front in the fight against COVID-19 through moratoria, government supported lending and other support measures.
For instance, through the IFE grant, the bank has helped to retain over 1,900 jobs in 139 Medium and Small Enterprises (MSMEs) which saw this division record a customer base growth of 65%.
Key Financial Performance Higlights
During the period under review, the Bank’s balance sheet and income metrics improved on the backdrop of a solid capital base and liquidity.
Balance sheet highlights:
Just like many financial institutions which recorded an increase in assets during the pandemic, I&M Bank’s asset base rose to Rwf435 billion, reflecting a 4% year- on-year growth as a result of an increase in the loan book and investments in government securities.
The Bank’s customer lending portfolio grew by 6% to Rwf217 billion in September 2021(Rwf205billion) in September 2020), the quality of its loan book improved with the non performing loans (NPL) ratio of 3.6 %.
The Bank closed the period with Rwf298 billion of customer’s deposits, and a loan-to-deposit ratio of 73%. The Liquidity coverage ratio stood at 415% as at end September 2021.
The Shareholder’s Equity grew to Rwf60 billion, up from Rwf54 billion as at 31st December 2020. The Bank’s capital position remained strong.
Income statement highlights:
The Bank recorded a profit after tax of Rwf5.4 billion, reflecting a 46% growth over last year. This has been supported by increased net interest income which rose by 21%from the levels in 2020, closing the period at Rwf20 billion.
The operating income for the Bank increased to Rwf24 billion,  a 15% increase year on year, while its net fees and commission income increased by 14% on the back of income from digital products and an increase in off balance sheet income.



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