I&M Bank has announced an after-tax profit of Rwf 5.1 billion registered in 2020 despite the Covid-19 pandemic which adversely affected its clients.
The profit was driven by maintained good service delivery and investment in digital channels.
The bank registered a pre-tax profit of Rwf7.8 billion with the loan book portfolio growing by 19 per cent Year on Year to Rwf205 billion in December 2020.
The bank’s assets closed at Rwf417 billion with shareholders’ funds of Rwf54 billion, a 31 % growth and 27 per cent growth respectively. Deposits also increased significantly, reinforcing the strength of the bank’s funding and liquidity positions.
Commenting on the development; the CEO of I&M Bank Robin Bairstow said: “While the pandemic brought up several headwinds, the Bank’s results are satisfactory and evidence that our considerable efforts to focus on strengthening our core business and bolstering of our digital capabilities will continue to pay off over the longer term.”
“Helping our customers emerge in a sustainable position was our most pressing priority. We put in place a comprehensive support scheme for individuals and businesses including interest rate reductions, online charges waivers and loan extension facilities,” he added.
