According to the management, the bank recorded significant growth in business.
The bank reported profit before tax of Rwf9.8 billion, an increase of 17% year on year resulting in a cost-to-income ratio of 55.8%, compared to 58.1% at the close of 2016.
The bank’s headline earning per share grew by 11.3% from Rwf11.61 in 2016 to Rwf12.92 in 2017.
According to the bank’s Managing Director, Robin Bairstow, the performance is accredited the passion for customer satisfaction and investment in staff.
“With a constantly evolving economic landscape, we have managed to remain relevant and we are doing this by listening to and meeting market needs. We are also now focusing on new business avenue such as support to the SME sector, and partnerships with the development agencies to grow targeted segments of market such as export growth and tourism,” he said.
The bank targets to steady income growth over the next five years, with Compounded Annual Growth Rate 18% on loans, 19% on deposits and 18% on revenues.
Also, the bank targets to continue to invest in people with training in the staff.
“Based on customer insights and forecast market trends, we shall in the near future be rolling more innovative products for our customers including treasury products which focus on managing our client’s risk, bank assurance and wealth management,” said the bank’s Executive Director and Divisional Head of Business Development, Faustin Byishimo.
By 31st December, I&M Bank’s total assets was Rwf260 billion which represents a year on year increase of 26%.
In 2017, the bank embarked on a new five-year strategic plan which is based on revenue diversification, operational excellence, digital channel optimization and business growth.
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