I&M Bank Rwanda net profits grew by 15% in 2023

I&M Bank (Rwanda) Plc has released its audited financial results for the fiscal year 2023, revealing a surge in profit after tax by 15 per cent to Rwf 10.7 billion, driven by growth across all business segments.

The Bank’s net operating income also saw a 17 per cent increase to Rwf 45.8 billion.

As per the Bank’s financial report for the year which ended on December 31, 2023, total assets reached Rwf 678.8 billion, marking a 38 per cent growth, indicating the Bank's strong performance and expanding footprint.

Moreover, earnings per share stood at Rwf 7.06, reflecting a 15 per cent rise, which emphasizes the Bank's dedication to providing value to its shareholders. In light of the achievement, the Board of Directors has recommended a dividend payout of Rwf 1.41 per share, pending approval by shareholders at the forthcoming Annual General Meeting.

Commenting on the Bank's performance, Benjamin Mutimura, the Chief Executive Officer, said, "Despite a changing environment, we achieved strong financial results, credited to strong customer relationships and our dedicated staff. We're committed to being a trusted financial partner, leading digital transformation in Rwanda with innovative propositions like the 'Agiserera' and 'Iyubake' campaigns to drive growth for Micro, Small, and Medium Enterprises (MSMEs).”

Mutimura noted that in 2023, I&M Bank Rwanda entered a strategic partnership with the Swedish International Development Cooperation Agency (SIDA) to enhance the growth and resilience of MSMEs in Rwanda.

“Through this innovative Portfolio Guarantee Agreement,” he explained, “our Bank will provide a financial safety net for MSMEs, covering up to 70 per cent of their financing needs, enabling our customers to borrow up to Rwf 350 million without requiring any collateral. Our online onboarding and Irembo Government service payments have supported economic recovery.”