I&M Bank recorded Rwf 7.5 billion profit in 2018

I&M Bank registered a net profit after-tax of Rwf 7.5 billion, a 15 per cent year-on-year increase compared to Rwf 6.5 billion reported in 2017, the bank said.

For shareholders, this translates to an increase in headline earning per share by 14.6 per cent from Rwf 12.92 in 2017 to Rwf 14.78.

A review of the results shows positive performance across all financial indices as the bank’s total deposits reached Rwf 230 billion, recording a 10.4 per cent year-on-year growth from Rwf 209 billion in December 2017 while the loan portfolio recorded a growth of 15.4 per cent as of 31st December 2018.

As on 31st December 2018, the bank’s total assets stood at Rwf 294 billion representing a year-on-year increase at 13 per cent.

The Capital Adequacy ratio remained strong, closing at 17.24 per cent.

The bank streamlined its operations to enhance customer satisfaction and drive productivity, embraced digitization and partnerships to reinforce competitive advantage and embed performance-oriented and innovative culture emphasizing conduct and sustainability.

Robin Bairstow, the bank’s Managing Director said that going forward, they can only do better by improving customer relationship and bringing more services to the customers’ satisfaction.

“We are very happy with the performance which is showing growth in all indices. It is a great testament that we have good customers that we have and the staff who can bring business to the bank.

“What we want in 2019 is to keep substantial and sustainable growth. We are really comfortable with where we are and we have great footings for the future of the bank,” he added.

The bank looks to do better in 2019 as it continues to expand its services by ensuring great automation through its digital platforms such as iClick and Mobile Banking as well as its straight through processes while it plans more banking operations with upgraded ATMs.

In terms of product development for its customers, the bank is in in the process of improving its blockchain solution SPENN, to give its clients more banking alternatives. So far 200 000 clients have subscribed to SPENN.

Fresh focus on SMEs

The bank said that they have been working with SMEs for over the past 10 years and have since allocated budgets and staff to work closely with emerging enterprises.

The bank’s current SME portfolio stands at Rwf 30 billion of loans and deposits worth Rwf 20 billion for over 3000 SMEs that currently works with the bank.

Faustin Byishimo, the Bank Executive Director said there is much potential in SMEs adding that the bank is looking to increase its investment in SMEs.

“When you look at the reports done by the Central Bank and The Ministry of Trade and Industry, you realize that there is potential in SMEs. It would not our first time working closely with SMEs but given the increasing potential they are showing on the market much attention is being paid on them,” Byishimo said.

 “We are very much focused on SMEs because that is the future for our children, there are so many opportunities in terms of job creation and the bank can increase investment in SMEs to ensure they are growing, which would impact our business in return,” he added.

editor@newtimesrwanda.com

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