I&M Bank Plc has recorded a 74 per cent increase in profit after tax to Rwf18.6 billion in 2024, attributed to strategic deployment of assets in high-yielding opportunities. According to the bank’s performance statement, assets reached Rwf817.9 billion at an increase of 20 per cent and due to an enhanced efficiency, it achieved a Return on Assets of 2.54 per cent. ALSO READ: I&M Bank Rwanda records Rwf12 bn profit before tax in first half of 2024 Benjamin Mutimura, CEO of I&M Bank Rwanda, said “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.” During the period under review, the bank’s loan book grew by 14 percent to Rwf356 billion, mainly driven by the launch of new products in MSME and retail banking including the Agiserera asset finance product and “Karame” –a transformative initiative aimed at providing retail customers with seamless, around-the-clock banking solutions. On the other hand, customer deposits grew by 22 per cent to Rwf659 billion by December 2024. The bank’s customer base increased to more than 100,000, with the opening of five new branches on the network. The financial statement shows that non-interest income also increased by 40 per cent, which bank officials say was achieved through investing surplus liquidity into high-yielding assets, while Net Fees and Commissions income increased by 86 per cent attributed to digital innovation solutions. The use of digital channels accounted for 88 percent of transactions, with 83 per cent of customers actively using digital services. When it comes to operational efficiency, the bank’s expenses in operations increased by 14 per cent. This, combined with controlled growth in other operating expenses at 10 per cent, led to a cost-to-income ratio of 51.2 per cent. The shareholders’ funds also saw a boost fueled by a 30 per cent increase in retained earnings, which reached Rwf72 billion, hence, the board of directors proposed a dividend of Rwf2.46 per share, marking an 74 percent increase from the previous year. It is expected to be approved at the bank’s annual general meeting scheduled in May 2025. Beyond financial performance, Mutimura highlighted that the bank’s sustainability agenda advanced through different initiatives that impacted over 620,000 lives, as well as transitioning towards becoming a paperless bank, with the goal of achieving this by the end of the current strategy cycle. Going forward, he said: “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.” I&M Bank was recognised as the Best Bank in Rwanda and Best SME Bank in Rwanda by CFI and Global finance in 2024.
