I&M Bank half year net profit hits Rwf2.5b

I&M bank Rwanda half year net profit rose 11.5 per cent to Rwf2.5 billion, up from Rwf2.2 billion at the end of the same period last year.
I&M bank Rwanda boss Sanjeev Anand
I&M bank Rwanda boss Sanjeev Anand

I&M bank Rwanda half year net profit rose 11.5 per cent to Rwf2.5 billion, up from Rwf2.2 billion at the end of the same period last year. 

The bank’s operating profit grew to Rwf3.9 billion over the period, from Rwf3.4 billion last year, mainly driven by growth in interest income, a financial statement from the firm indicates.

The bank, which is due to be listed on the Rwanda Stock Exchange later this year, saw its net interest income grow from Rwf4.9 billion last year to Rwf5.1 billion, while its net income from banking activities rose to Rwf9.3 billion from Rwf8.5 billion last year.

The firm’s operating expenses rose to Rwf5.4 billion, from Rwf5.1 billion last year, the statement that was released yesterday indicates.

 

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