I&M Bank Plc has achieved a 74% increase in net profit, totaling Rwf18.6 billion in 2024, attributed to strategic asset deployment and product innovations. The bank’s assets grew by 20%, with significant increases in loans and deposits, paving the way for enhanced customer engagement and digital transformation. The bank was recognized for its excellence in the industry and demonstrated a strong commitment to sustainability.
I&M Bank Plc has reported a remarkable 74% increase in net profit, amounting to Rwf18.6 billion for the year 2024. This significant growth is attributed to the strategic allocation of assets into high-yielding ventures. The bank’s assets rose by 20%, totaling Rwf817.9 billion, while the Return on Assets reached 2.54%, reflecting improved efficiency.
The bank’s CEO, Benjamin Mutimura, commented, “Our performance in 2024 reflects the success of iMara 3.0 strategy. We have aligned with Rwanda’s economic priorities while focusing on customer delight.” The loan portfolio expanded by 14% to Rwf356 billion, supported by the introduction of new products designed for the MSME and retail sectors, such as the Agiserera asset finance product and “Karame,” which aims to provide seamless banking solutions for retail clients.
Customer deposits also experienced a significant rise of 22%, reaching Rwf659 billion by December 2024. The bank expanded its customer base to over 100,000 through the establishment of five new branches. Furthermore, non-interest income grew by 40%, primarily due to the investment of surplus liquidity in lucrative assets, while net fees and commission income surged by 86%, benefiting from digital innovations. Digital channels constituted 88% of total transactions, with 83% of customers utilizing these services actively.
Operational expenses saw a rise of 14%, alongside a controlled increase of 10% in other operating expenses, yielding a cost-to-income ratio of 51.2%. Shareholder funds received a boost from a 30% rise in retained earnings, totaling Rwf72 billion, prompting the board to propose a dividend of Rwf2.46 per share, an 80% increase year-on-year, expected to be ratified at the upcoming annual general meeting in May 2025.
Beyond financial metrics, Mutimura highlighted the bank’s advancements in sustainability, positively impacting over 620,000 individuals and progressing towards a paperless operation by the end of the current strategic cycle. Looking ahead, he stated, “We will deepen client relationships, advance sustainable banking, and enhance our digital ecosystem. Our commitment to responsible growth, strategic partnerships, and innovation will position us for continued success, even amidst evolving economic conditions.” Additionally, I&M Bank garnered accolades as the Best Bank and Best SME Bank in Rwanda from CFI and Global Finance in 2024.
In conclusion, I&M Bank Rwanda exhibited a strong financial performance for 2024, marked by a substantial increase in net profits and deposits. The bank’s strategic initiatives, alongside its focus on customer satisfaction and digital innovation, have solidified its position in the market. The forthcoming dividend proposal reflects positive growth and sustainability efforts, positioning the bank for continued success in the evolving economic landscape.
Original Source: www.newtimes.co.rw
