In 2024, I&M Bank Rwanda reports a 74% rise in net profit

Strategic asset deployment in high-yielding possibilities is responsible for I&M Bank Plc’s 74% profit after tax increase to Rwf18.6 billion in 2024.

Assets increased by 20% to Rwf817.9 billion, according to the bank’s performance statement, and it achieved a Return on Assets of 2.54% as a result of increased efficiency.

I&M Bank Rwanda CEO Benjamin Mutimura stated, “The success of the iMara 3.0 strategy is reflected in our performance in 2024. We have prioritized client satisfaction while aligning with Rwanda’s economic interests.

The bank’s loan book increased by 14% to Rwf356 billion during the reviewed period, primarily due to the introduction of new MSME and retail banking products like the “Agiserera” asset finance product and “Karame,” a revolutionary project designed to give retail clients seamless, 24-hour banking services.

In contrast, consumer deposits increased by 22% to Rwf659 billion by the end of 2024. With the addition of five more branches to the network, the bank’s clientele grew to over 100,000.

According to the financial statement, non-interest revenue also rose by 40%, which bank officials attribute to the investment of excess liquidity in high-yielding assets. Meanwhile, net fees and commissions income rose by 86%, which they attribute to digital innovation solutions.

88% of transactions were made through digital channels, while 83% of consumers actively used digital services.

The operational expenses of the bank grew by 14% in terms of operational efficiency. The cost-to-income ratio was 51.2% as a result of this and the 10% growth in other operational expenses that was kept under control.

The board of directors suggested a dividend of Rwf2.46 per share, which would be an 80% increase over the previous year, because the shareholders’ funds also experienced a boost from a 30% increase in retained earnings, which totaled Rwf72 billion.

In May 2025, the bank’s annual general meeting is anticipated to approve it.

Beyond the bank’s financial performance, Mutimura emphasized that the bank’s sustainability agenda progressed through various programs that had an influence on over 620,000 lives. The bank is also working to become a paperless bank by the end of the current strategy cycle.

He declared: “We will improve our digital environment, promote sustainable banking, and strengthen client interactions in the future. Even as the economy changes, our dedication to innovation, smart alliances, and responsible expansion will set us up for long-term success.

In 2024, I&M Bank was named the Best Bank in Rwanda and the Best SME Bank in Rwanda by Global Finance and CFI.