i&M bank recorded a slight drop in its net profit during the first quarter of the year compared to the same period last year, a financial statement from the lender indicates.

The firm’s net profit declined to Rwf1.14 billion at the end of March this year, down from Rwf1.17 billion in March last year.

The statement showed that the bank’s net interest income also dropped during the period, from Rwf2.6 billion last year to Rwf2.5 billion. Its staff and other expenses, too, increased over the period.

The lender’s operating expenses were recorded at Rwf2.7 billion during the first quarter of the year, an increase from Rwf2.48 billion over the same period last year, according to the statement.

However, the bank’s income from other banking activities was up, growing from Rwf4.26 billion to Rwf4.48 billion during the period.

The bank, a subsidiary of Kenyan banking group, I&M Bank Group, is the oldest and one of the most profitable banks in Rwanda.

The government plans to sell its 19.8 per cent stake in the bank through an initial public offering expected to be completed this year.

There are presently six local and foreign firms listed at the Rwanda Stock Exchange.

business@newtimes.co.rw