I&M Bank Plc in Rwanda reported a 74% rise in net profit to Rwf18.6 billion in 2024, driven by strategic asset investments and digital innovations. Total assets grew to Rwf817.9 billion, while loans and deposits increased significantly. The bank also plans to deepen client relations and continue its sustainability initiatives, positioning itself favorably for future growth.
I&M Bank Plc has announced a remarkable 74% increase in its profit after tax, reaching Rwf18.6 billion in 2024, attributed to the bank’s strategic asset deployment in high-yield sectors. The bank’s total assets rose by 20% to Rwf817.9 billion, achieving a Return on Assets of 2.54% due to improved operational efficiency.
According to Benjamin Mutimura, the Chief Executive Officer of I&M Bank Rwanda, this financial success demonstrates the effective execution of their iMara 3.0 strategy, aligning closely with Rwanda’s economic goals and emphasizing customer satisfaction.
The bank’s loan portfolio also saw a significant boost, increasing by 14% to Rwf356 billion, fueled by new offerings in MSME and retail banking, such as the Agiserera asset finance product and the low-barrier “Karame” initiative for continuous banking access for retail customers. Additionally, customer deposits surged by 22%, amounting to Rwf659 billion by December 2024, and the customer base surpassed 100,000 due to the establishment of five new branches.
Non-interest income increased by 40%, thanks to surplus liquidity investment in high-yielding assets, while Net Fees and Commissions income rose by 86%, driven by advancements in digital innovation. Digital channels now facilitate 88% of transactions, with 83% of the customer base engaging with these services.
Operationally, expenses rose by 14%, but controlled growth in other areas, at 10%, resulted in a cost-to-income ratio of 51.2%. The bank’s shareholders also benefited from a 30% rise in retained earnings, reaching Rwf72 billion, leading to a proposed dividend of Rwf2.46 per share, an 80% increase from the previous year, subject to approval in May 2025.
Mutimura further emphasized the importance of the bank’s sustainability initiatives, positively impacting over 620,000 lives and working towards a paperless banking model by the end of the current strategic cycle. Looking ahead, he stated the bank intends to strengthen client relationships, promote sustainable banking practices, and enhance its digital services, which will ensure a robust position despite changing economic landscapes. Additionally, I&M Bank has been recognized as the Best Bank in Rwanda and Best SME Bank in Rwanda by CFI and Global Finance in 2024.
I&M Bank Rwanda has made significant strides in financial growth and operational efficiency in 2024, as evidenced by a 74% profit increase and substantial growth in loans and deposits. Through strategic initiatives aimed at digital innovation and customer satisfaction, the bank is well-positioned to sustain its success and contribute positively to the community. Recognitions as leading banks in the country further solidify its reputation, promising a bright future ahead.
Original Source: www.newtimes.co.rw
