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Tier 1 Capital Adequacy Ratio
19.26%
6.5%
Non-interest Income to Total Income
28.77%
2%
Cost-To-Income
62.32%
0%
Income Statement
With effect from: Wednesday, 29 March 2023
| *Frw (Billions) | Dec 2022 | Dec 2021 | YoY variance |
|---|---|---|---|
| Net Interest Income | 32.1 | 26.9 | 19% |
| Non-Funded Income | 10.4 | 6.6 | 58% |
| Operating Income (before LLP) | 42.4 | 33.4 | 27% |
| Operating Expenses | 25.6 | 20.7 | 23% |
| Net Impairment Charge | 3.4 | 1.7 | 98% |
| Profit Before Tax | 13.4 | 10.9 | 22% |
Balance Sheet
With effect from: Wednesday, 29 March 2023
| *Frw (Billions) | Dec 2022 | Dec 2021 | YTD variance |
|---|---|---|---|
| Shareholders' Equity | 71.3 | 62.2 | 15% |
| Loans and Advances to customers | 231.7 | 222.4 | 4% |
| Total Customer Deposits | 357.4 | 326.9 | 9% |
| Total Assets | 491.3 | 466.9 | 5% |
Share Price Movement: For the latest updates on share price movement and reports, kindly refer to the Rwanda Stock Exchange website at https://www.rse.rw/. It provides daily information on the stock market and related updates.
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Frequently Asked Questions
I&M Bank (Rwanda) Plc KN 03 AVE 9 P.O. BOX 354 Kigali, Rwanda
The dividend will be disbursed to shareholders who are listed in the Bank's Register of Shareholders on the designated record date for dividend distribution, which is 24th May 2023.
I&M Bank will pay the dividend to all bank accounts on June 19, 2023, or thereabout. If the bank account of a shareholder is in a bank outside Rwanda, the shareholder should receive the dividend through his or her bank, broker, or custodian shortly after June 19, 2023, depending on the practices of the intermediary banks transferring the dividend payments.
The bank has delivered solid top-line growth across all business segments with 22% increase in profitability closing the period with RWF 13.4 Billion. This was on the back of increase in headline earnings by 20% YoY Our loan book grew by 4% year-on-year to RWF 231.7 from RWF 222.4 Billion and our financial investments were RWF 136.9 Billion which reflects the strength of our diversified portfolio with all three business lines making a strong contribution to our bottom-line earnings. Fees and commissions increased by 20 percent on the back of proper execution of revenue-generating strategic initiatives. An increase in foreign exchange volumes, and continued growth in digital transactions reflected a 25 percent year-on-year growth. Deposits held for customers and financial institutions were up by 9% to RWF 357.4 Billion, resulting in a loan-to-deposit ratio of 63.21%.
We have requirements regarding the provisioning of non-performing loans. We will be following the regulation depending on the stage of the delinquent loan. The plan is to make sure that we are not increasing the NPL, the plan is to make sure we work closely with our customers, to make sure we understand their situation and if the bank can assist one way or another, we will be ready to do so. In case it happens, we will make sure the Bank meets the requirements
Despite facing external challenges, we have consistently made notable progress in accordance with our established strategy. As we accelerate the execution of our strategy, we remain steadfast in pursuing our objectives and allocate significant time and resources towards implementing projects and initiatives that maintain the relevance of the iMara strategy. This strategy is built upon three essential pillars: driving business growth, fostering a resilient organization, and optimizing our operating model. Our performance and results serve as a clear demonstration of the effectiveness and relevance of our strategy, as well as the approach we have adopted as part of our 2021-2023 transformation plan. We have strong confidence that this plan will enable us to realize our ambitions as we enter this year with robust foundations and renewed assurance. Our focus on generating value for our shareholders remains unwavering, ensuring that a substantial portion of our profits is dedicated to their benefit. Overall, the quality of our loan portfolio remains stable, and we continue to witness improvements in the quality of our earnings.
Distributions to shareholders remains a key priority for management and the Board. To that end, our dividend per share increased by 55% over the prior year which is 7 times the GDP growth. Return on Equity remained high at 13.92% which highlights value creation for our shareholders as the key focus of our strategy.
The Board acknowledges the significance of dividends to shareholders and emphasizes the need to strike a balance between returns and investments to foster future growth, while maintaining robust capital ratios. The dividend payout pattern over the past two years was influenced by the effects of COVID-19 on profitability.
The share price has remained relatively stable at RWF 45 throughout 2022, and early 2023. As a Bank, we do not interact with the daily trades in the stock market, however, we work to ensure there is a good return on investment for our shareholders. And this we have delivered, and we plan to push even more.
As a Bank, we do not interact with the daily trades in the stock market, however, we work to ensure there is a good return on investment for our shareholders. You will understand that we have tried to address this issue through the bonus issue which should boost the liquidity of the stock on the RSE.
Kindly contact our Investor Relations office to provide status on your shares, and to claim your outstanding dividends. The contacts are as follows: Telephone no: +250 (0) 788 162 475 Email: invest@imbank.co.rw The offices are open Monday to Friday from 9am to 5pm.
Kindly contact our Investor Relations office to provide status on your shares, and to claim your outstanding dividends. The contacts are as follows: Telephone no: +250 (0) 788 162 475 Email: invest@imbank.co.rw The offices are open Monday to Friday from 9am to 5pm.
Kindly contact our Investor Relations office to provide status on your shares, and to claim your outstanding dividends. The contacts are as follows: Telephone no: +250 (0) 788 162 475 Email: invest@imbank.co.rw The offices are open Monday to Friday from 9am to 5pm.
The Bank has centered its strategic focus on our objectives, and in 2022 we invested significant time and resources into revenue diversification strategy. The strong foundation that had already been laid in the first year of implementing our strategy has catalyzed purposeful collaborations between internal departments and the Group as a whole and kept us on track to deliver all the desired outcomes in 2023. The Bank remains highly competitive in the market, we have been at the forefront of digital banking in Rwanda, with agility and innovation as our drivers. In 2022, the Bank expanded its digital product portfolio with several innovative digital offerings, including SPENN Microlending, Merchant Acquiring, Online Loan Application, and Online Customer Onboarding. On the retail banking front, we continued delivering tailor-made services, namely offshore banking, and wealth management solutions, to our high-net-worth customers. Our customer satisfaction score reached 79%, indicating that clients are satisfied with the Bank as their preferred banking partner. This is further supported by the strong performance achieved in the year ending December 31, 2022.
On our website, you will see an “Investor Relations” menu. It is a webpage with key information for our shareholders and anyone interested to invest in the Bank.
Board of Directors proposes that from retained earnings a dividend of FRW 1.84 per share is to be paid out on the shares of the Bank. The proposed dividend is a 55% increase over the prior year. I&M Bank Rwanda offers a full range of personal, business, institutional and corporate banking products throughout its locations. The Bank has been listed on the Rwanda Stock Exchange since March 2017. The Bank is also a subsidiary of I&M Group PLC, a leading regional financial services group in Eastern Africa with a presence in Kenya, Tanzania, and Uganda as well as a joint venture in Mauritius. I&M Group has a long history in banking and has established a wide network of correspondent banks across the globe and enjoys a strong relationship with leading international Development Financial Institutions.
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