Rwanda: FEATURED: I&M Bank registers Rwf1.6bn after tax profit in first quarter

Mamos Media

By Collins Mwai

I&M Bank (Rwanda) Plc registered an after-tax profit of Rwf1.6B between January and March this year, its first quarter financial performance results.

The Bank reported Total Operating Income of Rwf 8.Billion in March 2021, a 12 per cent year on year growth and a profit before-tax of Rwf 2.5Billion.

The Bank’s loan portfolio closed at Rwf212 Billion while deposits grew by 19 per cent to close at Rwf356Billion.

Operating expenses stood at about Rwf 5B, a 12 per cent increase compared to the same period last year.

Robin Bairstow, the Chief Executive I&M Bank Rwanda said despite the economic difficulties and lock-down at the beginning of the year the Bank has been able to demonstrate resilience.

“Given the momentum we are seeing in economic recovery and distribution of vaccines we are starting to see a slow turn to normalcy. On the Bank’s side, a review of our results shows positive performances across all key financial metrics highlighting the good momentum we started with in 2021. The Bank remains on strategy,”Bairstow said. 

 He noted that investments in digital platforms are paying off with a significant increase in digital adoption. About 70 per cent of Bank’s transactions are through omni-channels and other alternative channels.   

“We remain anchored around delivering value and excellent service to our customers. Our investments in state-of-art digital platforms delivered where we have had a significant increase in digital adoption with 70 per cent of Bank’s transactions done on our Omni-channels and other alternative channels against 52 percent recorded last year. While evidence of recovery is encouraging, we continue to take a cautious and disciplined view of the impact of the pandemic on the business,” he said. 

Shareholders of the lender   at the AGM held in April this year approved and adopted issuance of a one new fully paid up bonus share of a stated value of Rwf 10 for every four ordinary shares held.

This was issued to the existing shareholders in the company’s register as at 13th May 2021. That means, for instance if one holds 12 shares at the bank, they will now have 15 shares (1 new share for every four held).

Bonus Shares are shares distributed by a firm to its current shareholders as fully paid up shares by capitalizing part of the said company’s revenue reserves.

On 28th May 2021, the Bank acquired the requisite approval from the Capital Market Authority on the bonus issue proposed and approved during our recent Annual General Meeting.

Source New Times.

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