I&M Bank (Rwanda) Plc recorded a 74% increase in net profit, reaching Rwf18.6 billion ($15 million) in 2024, driven by its iMara 3.0 strategy focused on high-yield investments.

This impressive growth reflects the bank’s commitment to customer-centric innovation, operational efficiency, and alignment with Rwanda’s economic priorities.

Strong Asset and Loan Growth

The bank’s total assets rose by 20% to Rwf817.9 billion, with return on assets (ROA) reaching 2.54%,a sign of effective asset deployment.

Loan book growth was robust at 14%, reaching Rwf356 billion, fueled by the introduction of new MSME and retail products. Notable among these are “Agiserera”, an asset financing solution, and “Karame”, which provides 24/7 banking services for retail customers.

Customer deposits surged by 22% to Rwf659 billion, supported by a growing client base exceeding 100,000 and the opening of five new branches across Rwanda.

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Digital Transformation Fuels Non-Interest Income

I&M Bank’s digital transformation strategy continues to pay off, with 88% of transactions processed through digital channels, and 83% of customers actively using these services.

This shift increased non-interest income by 40%, while net fees and commissions rose 86%, largely driven by digital innovations and the strategic investment of surplus liquidity into high-yielding assets.

Operational Efficiency and Shareholder Returns

Despite a 14% increase in operational expenses, the bank maintained a cost-to-income ratio of 51.2%, reflecting strong cost management. Shareholders’ funds increased by 30% to Rwf72 billion, driven by higher retained earnings.

In recognition of this performance, the board proposed an 80% higher dividend of Rwf2.46 per share, pending approval at the annual general meeting in May 2025.

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Sustainability and Future Outlook

Beyond financial results, the bank’s sustainability initiatives impacted over 620,000 lives, including advancing toward paperless operations by the end of the current strategy cycle.

Looking ahead, CEO Benjamin Mutimura emphasized a commitment to deepening client relationships, advancing sustainable banking, and enhancing digital services.

He stated, “Our commitment to responsible growth, strategic partnerships, and innovation will position us for continued success, even amidst evolving economic conditions.”

I&M Bank’s exceptional performance earned it the titles of Best Bank in Rwanda and Best SME Bank in Rwanda from CFI and Global Finance in 2024, cementing its leadership in the Rwandan banking sector.