Net revenue

I&M Bank records more than 19 billion in net income and 6.5 billion in profit

I&M Bank (Rwanda) PLC announced its financial results for the period ending 30e June 2022 and said it received Rwf 19.6 billion in net income (before impairment provisions), up 20% year-on-year, driven by a significant increase in net interest income of 17 %.

Bank executives said they managed to earn Rwf6.5 billion, up 25% year-on-year, on some digital results from improved efficiency and digital adoption continues, which has helped to improve efficiency and customer satisfaction. and thus recover 25% over one year of fees and commissions (net) for the first half of 2022 as a reward.

Moreover, despite the exceptional impact of the investments in the new headquarters, the return on equity (ROE) increased to 13.11% and the return on assets (ROA) to 1.75%.

However, the Bank said that during the period under review, operating expenses increased by 16% year-on-year to reach 11.3 billion Rwandan francs as the Bank continued to improve the productivity of all its products and services. The cost/income ratio was 57.79%.

H1-2022 balance sheet highlights (vs. Dec. 2021)

The Bank’s balance sheet remains strong, with a Tier I capital adequacy ratio of 17.36% and a Tier II ratio of 19.35%, with loans and advances to customers (net) increasing by 7% to 237 billion Frw against 222 billion Frw (December 2021).

This impressive growth was supported by new transactions recorded in all segments thanks to a 24% increase in financial investments of Rwf 113 billion compared to the Rwf 91.5 billion reported at the end of December 2021, in line with the strategy. of the Bank to effectively deploy capital.

Notably, deposits held for customers and financial institutions increased by 8% to reach Rwf352 billion (Rwf327 billion – December 2021), resulting in a loan-to-deposit ratio of 67.36%. The total borrowing position for the period was RWF 60.2 billion. The liquidity coverage ratio was 170% at the end of June 2022.

The Bank’s CEO, Robin Bairstow, is pleased with the team’s performance in the first half of the year and has enabled the Bank to generate returns on equity well over 13%, “building on on the strong momentum and continued execution of our “iMara” strategy.”

“The Bank’s strong performance was driven by growth in the loan portfolio and customer deposits, which led to strong growth in net interest income and unfunded income,” he said.

Mr Bairstow attributes the lender’s growth to a strategic shift to focus more on customer centricity and digital transformation. Digital adoption remains high, with 75% of all customer-initiated transactions going through the lender’s digital channels.

The CEO is proud that the Bank’s efforts have been recognized with key industry awards including Best Bank in Rwanda by Capital Finance International (, Gold Seal for Gender Equality offered by the Gender Monitoring Office and the UN for our best practices and diversification policies and program.

As economic activity rebounds in Rwanda, I&M Bank (Rwanda) Plc said it will remain committed to its customers and employees as a responsible bank.

“Looking forward, we take note of the macroeconomic headwinds affecting businesses and individuals. The Bank will continue to be part of the solution as we continue to support our customers and the community we serve,” added Mr. Bairstow.