For the period ending September 30, 2024, the bank's financial results highlighted robust growth across several key metrics.
Net interest income grew significantly by 42%, reaching Frw35 billion, while net operating income rose by 28% to Frw42 billion compared to the same period in the previous year.
The bank's profit before tax was estimated at Frw18 billion, reflecting a substantial 66% increase. After accounting for taxes, the bank retained a net profit of Frw12 billion.
The bank also reported strong growth in its loan portfolio, with total loans issued reaching Frw348 billion by the end of the quarter.
Deposits increased by 22% since December 2023, climbing to Frw659 billion by September 30, 2024.
Shareholders' funds experienced a 13% rise, driven by an 18% increase in retained earnings, which now total Frw65.6 billion.
These achievements were largely attributed to a robust loan book, strategic investments in securities, and higher interest-bearing cash balances.
Growth was particularly pronounced in the MSME and retail loan segments, reflecting the bank's targeted efforts to serve these markets.
The bank's Chief Executive Officer, Benjamin Mutimura, attributed the strong performance to a combination of strategic focus and adaptability.
He emphasized that despite global economic challenges, including rising interest rates, higher technological costs, and the devaluation of the Rwandan Franc, the bank successfully navigated these obstacles.
This was achieved through leveraging opportunities presented by steady economic growth, stabilizing inflation, and emerging markets such as climate finance.
Mutimura also noted that the bank's continued emphasis on serving MSMEs and retail customers contributed significantly to its market share growth, which has been advancing at a double-digit rate across key performance indicators.
I&M Bank Rwanda, which began operations in 1963 under the name BCR and is now the oldest commercial bank in the country, has consistently demonstrated its commitment to innovation and customer satisfaction.
Listed on the Rwanda Stock Exchange since 2017, the bank was recently recognized for the second time as Rwanda's Best SME Bank by the Global Banking and Finance Review.
To further enhance its service delivery, the bank launched the Karame campaign, an initiative designed to provide customers with loan services within just 24 hours, ensuring fast and efficient financial support.
IGIHE
Source : https://en.igihe.com/news/article/i-m-bank-rwanda-plc-posts-71-net-profit-growth-in-third-quarter
