Fees and commissions also saw a 20 percent increase year-on-year, attributed to the proper execution of revenue-generating strategic initiatives and digital transactions’ continued growth. Foreign exchange activities revenue also increased by 25 percent due to the increase in volume.
Despite the increase in operating expenses to Rwf25.6 billion from Rwf20.7 billion, I&M Bank’s loan book grew by 4 percent, closing at Rwf231.7 billion, while customers and other financial institutions’ deposits closed at Rwf357.4 billion. The bank’s NPL ratio was well managed at 4.2 percent, resulting in a loan-to-deposit ratio of 63.2 percent.
I&M Bank CEO Robin Bairstow attributed the bank’s success to the I&M Group’s ability to manage various economic challenges while leveraging digital capabilities to provide exceptional customer experiences. He emphasized the bank’s dedication to being a dependable and trusted financial partner for growth while navigating macroeconomic headwinds with resilience and soundness.
I&M Bank’s good performance also earned it the Gender Equality Seal and the Best Bank in Rwanda award for the second year in a row by Capital Finance International (CFI). The bank plans to continue investing in technology to enhance its customer experience and improve operational efficiency.
Based on the financial performance, the board recommended the payment of Rwf1.84 dividends per share, a 55 percent increase compared to the previous year.
The bank’s commitment to creating long-term value for all stakeholders, including customers, shareholders, and the broader community, continues to be a top priority.
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