{"id":90443,"date":"2024-11-21T13:27:57","date_gmt":"2024-11-21T13:27:57","guid":{"rendered":"https:\/\/www.africa-press.net\/rwanda\/all-news\/im-bank-rwanda-plc-records-71-net-profit-growth-in-q3-2024"},"modified":"2024-11-21T13:51:36","modified_gmt":"2024-11-21T13:51:36","slug":"im-bank-rwanda-plc-records-71-net-profit-growth-in-q3-2024","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/rwanda\/economy\/im-bank-rwanda-plc-records-71-net-profit-growth-in-q3-2024","title":{"rendered":"I&M Bank (Rwanda) Plc records 71% net profit growth in Q3 2024"},"content":{"rendered":"

Africa-Press – Rwanda. <\/strong><\/span>I&M Bank (Rwanda) Plc has released its financial results for the period ending September 30, recording a 71 per cent growth in net profit for the third quarter.<\/p>\n

The bank\u2019s net earnings grew to Rwf12 billion in the third quarter compared to Rwf7 billion registered in the same quarter last year, driven in part by an increase in net interest income.<\/p>\n

The bank saw its net interest income grow by 42 per cent to Rwf35 billion, with net fees and commission income growing by nearly Rwf2 billion to Rwf3.2 billion in the same period.<\/p>\n

This growth was primarily driven by strong loan book growth, strategic investments in securities, and higher interest-bearing cash balances, the bank said in its latest financial statements.<\/p>\n

Loans and advances to customers grew by 10.7 per cent to Rwf347.6 billion. Growth was observed across all segments, particularly in the MSME and retail loan portfolios. While maintaining a conservative approach to risk management, the cost of risk increased to 2.35 percent.<\/p>\n

In the same period, operating expenses grew at a slower pace compared to prior quarters. However, a significant year-on-year increase in loss provisioning was noted.<\/p>\n

According to the bank, this growth highlights enhanced operational efficiency, as a 43 per cent rise in fees and commissions significantly outpaced the 6 per cent growth in related expenses.<\/p>\n

Foreign currency trading profit also surged by 26 per cent year-on-year, driven by the successful execution of targeted sales strategy and increased customer engagement, resulting in higher transaction volumes, the bank’s statement noted.<\/p>\n

Operating expenses increased by 9 per cent year-on-year, largely attributed to a 25 per cent increase in strategic investments in human capital development to support the growing branch network.<\/p>\n

Nine months performance<\/p>\n

Total deposits grew by 22 per cent from December 2023, reaching Rwf659 billion by September 30.<\/p>\n

The total loan-to-deposit ratio increased to 52.3 per cent. while the liquidity coverage ratio stood at 398 per cent, ensuring adequate liquidity to meet obligations.<\/p>\n

Shareholders\u2019 funds increased by 13 per cent, driven by an 18 per cent rise in retained earnings to Rwf65.6 billion.<\/p>\n

Commenting on the bank’s performance, Benjamin Mutimura, Chief Executive Officer, said: \u201cWhile the global economic environment remains volatile and uncertain, we are pleased to report another strong quarter of performance for I&M Bank Rwanda.\u201d<\/p>\n

He acknowledged headwinds such as rising interest rates, increased technological costs, and the impact of the Rwandan Franc devaluation. However, he noted that these were offset by positive factors, including steady economic growth, stabilising inflation, and new opportunities in climate finance.<\/p>\n

\u201cDespite these challenges, we have maintained our growth momentum, driven by our strategic focus on MSMEs and retail segments. Our market share continues to grow at a double-digit rate across key metrics. This performance underscores the effectiveness of our business model and adaptability to changing market conditions,\u201d Mutimura said.<\/p>\n

He also celebrated the bank’s recognition as the Best SME Bank in Rwanda by the Global Banking and Finance Review, marking the second time the institution has received this accolade.<\/p>\n

Mutimura noted the success of Karame, a newly launched customer value proposition under the retail segment.<\/p>\n

\u201cThis initiative positions us as a leading player in the retail banking sector and reflects our dedication to meeting the evolving needs of our customers,\u201d he said.<\/p>\n

Looking forward, Mutimura expressed optimism about Rwanda\u2019s economic outlook, citing strong GDP growth projections, controlled inflation, and government-led infrastructure and job creation initiatives as significant opportunities for the banking sector.<\/p>\n

\u201cWe are well-positioned to capitalise on these opportunities, particularly in financial inclusion, infrastructure financing, SME lending, digital transformation, and green finance.<\/p>\n

\u201cBy focusing on these areas and maintaining a disciplined approach to risk management, we are confident in our ability to deliver long-term value to our shareholders,\u201d he said.<\/p>\n

For More News And Analysis About Rwanda Follow Africa-Press<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Rwanda. I&M Bank (Rwanda) Plc has released its financial results for the period ending September 30, recording a 71 per cent growth in net profit for the third quarter. The bank\u2019s net earnings grew to Rwf12 billion in the third quarter compared to Rwf7 billion registered in the same quarter last year, driven […]<\/p>\n","protected":false},"author":84,"featured_media":90442,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15,29,772],"tags":[5770,6805,6804,2849,758],"class_list":["post-90443","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","category-to-homepage","tag-im-bank-rwanda","tag-karame","tag-net-profit","tag-revenues","tag-rwanda"],"yoast_head":"\nI&M Bank (Rwanda) Plc records 71% net profit growth in Q3 2024 - Rwanda<\/title>\n<meta name=\"description\" content=\"I&M Bank (Rwanda) Plc has released its financial results for the period ending September 30, recording a 71 per cent ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/rwanda\/economy\/im-bank-rwanda-plc-records-71-net-profit-growth-in-q3-2024\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"I&M Bank (Rwanda) Plc records 71% net profit growth in Q3 2024\" \/>\n<meta property=\"og:description\" content=\"I&M Bank (Rwanda) Plc has released its financial results for the period ending September 30, recording a 71 per cent ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/rwanda\/economy\/im-bank-rwanda-plc-records-71-net-profit-growth-in-q3-2024\" \/>\n<meta property=\"og:site_name\" content=\"Rwanda\" \/>\n<meta property=\"article:published_time\" content=\"2024-11-21T13:27:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-21T13:51:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/rwanda\/sites\/23\/2024\/11\/sm_1732184463.382386.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"583\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/im-bank-rwanda-plc-records-71-net-profit-growth-in-q3-2024#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/im-bank-rwanda-plc-records-71-net-profit-growth-in-q3-2024\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"I&M Bank (Rwanda) Plc records 71% net profit growth in Q3 2024\",\"datePublished\":\"2024-11-21T13:27:57+00:00\",\"dateModified\":\"2024-11-21T13:51:36+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/im-bank-rwanda-plc-records-71-net-profit-growth-in-q3-2024\"},\"wordCount\":637,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/im-bank-rwanda-plc-records-71-net-profit-growth-in-q3-2024#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/rwanda\/sites\/23\/2024\/11\/sm_1732184463.382386.jpg\",\"keywords\":[\"I&M Bank Rwanda\",\"Karame\",\"Net profit\",\"revenues\",\"Rwanda\"],\"articleSection\":[\"all news\",\"Economy\",\"head lines\",\"to-homepage\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/rwanda\/economy\/im-bank-rwanda-plc-records-71-net-profit-growth-in-q3-2024#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/im-bank-rwanda-plc-records-71-net-profit-growth-in-q3-2024\",\"url\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/im-bank-rwanda-plc-records-71-net-profit-growth-in-q3-2024\",\"name\":\"I&M Bank (Rwanda) Plc records 71% net profit growth in Q3 2024 - Rwanda\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/im-bank-rwanda-plc-records-71-net-profit-growth-in-q3-2024#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/im-bank-rwanda-plc-records-71-net-profit-growth-in-q3-2024#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/rwanda\/sites\/23\/2024\/11\/sm_1732184463.382386.jpg\",\"datePublished\":\"2024-11-21T13:27:57+00:00\",\"dateModified\":\"2024-11-21T13:51:36+00:00\",\"author\":{\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"description\":\"I&M Bank (Rwanda) Plc has released its financial results for the period ending September 30, recording a 71 per cent ...\",\"breadcrumb\":{\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/im-bank-rwanda-plc-records-71-net-profit-growth-in-q3-2024#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.africa-press.net\/rwanda\/economy\/im-bank-rwanda-plc-records-71-net-profit-growth-in-q3-2024\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/im-bank-rwanda-plc-records-71-net-profit-growth-in-q3-2024#primaryimage\",\"url\":\"https:\/\/static.africa-press.net\/rwanda\/sites\/23\/2024\/11\/sm_1732184463.382386.jpg\",\"contentUrl\":\"https:\/\/static.africa-press.net\/rwanda\/sites\/23\/2024\/11\/sm_1732184463.382386.jpg\",\"width\":1000,\"height\":583,\"caption\":\"I&M Bank (Rwanda) Plc records 71% net profit growth in Q3 2024\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/im-bank-rwanda-plc-records-71-net-profit-growth-in-q3-2024#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.africa-press.net\/rwanda\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"I&M Bank (Rwanda) Plc records 71% net profit growth in Q3 2024\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/#website\",\"url\":\"https:\/\/www.africa-press.net\/rwanda\/\",\"name\":\"Rwanda\",\"description\":\"Just another Africa News Agency Sites site\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.africa-press.net\/rwanda\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\",\"name\":\"cfeditoren\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"I&M Bank (Rwanda) Plc records 71% net profit growth in Q3 2024 - Rwanda","description":"I&M Bank (Rwanda) Plc has released its financial results for the period ending September 30, recording a 71 per cent ...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.africa-press.net\/rwanda\/economy\/im-bank-rwanda-plc-records-71-net-profit-growth-in-q3-2024","og_locale":"en_US","og_type":"article","og_title":"I&M Bank (Rwanda) Plc records 71% net profit growth in Q3 2024","og_description":"I&M Bank (Rwanda) Plc has released its financial results for the period ending September 30, recording a 71 per cent ...","og_url":"https:\/\/www.africa-press.net\/rwanda\/economy\/im-bank-rwanda-plc-records-71-net-profit-growth-in-q3-2024","og_site_name":"Rwanda","article_published_time":"2024-11-21T13:27:57+00:00","article_modified_time":"2024-11-21T13:51:36+00:00","og_image":[{"width":1000,"height":583,"url":"https:\/\/static.africa-press.net\/rwanda\/sites\/23\/2024\/11\/sm_1732184463.382386.jpg","type":"image\/jpeg"}],"author":"cfeditoren","twitter_card":"summary_large_image","twitter_misc":{"Written by":"cfeditoren","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.africa-press.net\/rwanda\/economy\/im-bank-rwanda-plc-records-71-net-profit-growth-in-q3-2024#article","isPartOf":{"@id":"https:\/\/www.africa-press.net\/rwanda\/economy\/im-bank-rwanda-plc-records-71-net-profit-growth-in-q3-2024"},"author":{"name":"cfeditoren","@id":"https:\/\/www.africa-press.net\/rwanda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"headline":"I&M Bank (Rwanda) Plc records 71% net profit growth in Q3 2024","datePublished":"2024-11-21T13:27:57+00:00","dateModified":"2024-11-21T13:51:36+00:00","mainEntityOfPage":{"@id":"https:\/\/www.africa-press.net\/rwanda\/economy\/im-bank-rwanda-plc-records-71-net-profit-growth-in-q3-2024"},"wordCount":637,"commentCount":0,"image":{"@id":"https:\/\/www.africa-press.net\/rwanda\/economy\/im-bank-rwanda-plc-records-71-net-profit-growth-in-q3-2024#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/rwanda\/sites\/23\/2024\/11\/sm_1732184463.382386.jpg","keywords":["I&M Bank Rwanda","Karame","Net profit","revenues","Rwanda"],"articleSection":["all news","Economy","head lines","to-homepage"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.africa-press.net\/rwanda\/economy\/im-bank-rwanda-plc-records-71-net-profit-growth-in-q3-2024#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.africa-press.net\/rwanda\/economy\/im-bank-rwanda-plc-records-71-net-profit-growth-in-q3-2024","url":"https:\/\/www.africa-press.net\/rwanda\/economy\/im-bank-rwanda-plc-records-71-net-profit-growth-in-q3-2024","name":"I&M Bank (Rwanda) Plc records 71% net profit growth in Q3 2024 - Rwanda","isPartOf":{"@id":"https:\/\/www.africa-press.net\/rwanda\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.africa-press.net\/rwanda\/economy\/im-bank-rwanda-plc-records-71-net-profit-growth-in-q3-2024#primaryimage"},"image":{"@id":"https:\/\/www.africa-press.net\/rwanda\/economy\/im-bank-rwanda-plc-records-71-net-profit-growth-in-q3-2024#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/rwanda\/sites\/23\/2024\/11\/sm_1732184463.382386.jpg","datePublished":"2024-11-21T13:27:57+00:00","dateModified":"2024-11-21T13:51:36+00:00","author":{"@id":"https:\/\/www.africa-press.net\/rwanda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"description":"I&M Bank (Rwanda) Plc has released its financial results for the period ending September 30, recording a 71 per cent ...","breadcrumb":{"@id":"https:\/\/www.africa-press.net\/rwanda\/economy\/im-bank-rwanda-plc-records-71-net-profit-growth-in-q3-2024#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.africa-press.net\/rwanda\/economy\/im-bank-rwanda-plc-records-71-net-profit-growth-in-q3-2024"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/rwanda\/economy\/im-bank-rwanda-plc-records-71-net-profit-growth-in-q3-2024#primaryimage","url":"https:\/\/static.africa-press.net\/rwanda\/sites\/23\/2024\/11\/sm_1732184463.382386.jpg","contentUrl":"https:\/\/static.africa-press.net\/rwanda\/sites\/23\/2024\/11\/sm_1732184463.382386.jpg","width":1000,"height":583,"caption":"I&M Bank (Rwanda) Plc records 71% net profit growth in Q3 2024"},{"@type":"BreadcrumbList","@id":"https:\/\/www.africa-press.net\/rwanda\/economy\/im-bank-rwanda-plc-records-71-net-profit-growth-in-q3-2024#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.africa-press.net\/rwanda\/"},{"@type":"ListItem","position":2,"name":"I&M Bank (Rwanda) Plc records 71% net profit growth in Q3 2024"}]},{"@type":"WebSite","@id":"https:\/\/www.africa-press.net\/rwanda\/#website","url":"https:\/\/www.africa-press.net\/rwanda\/","name":"Rwanda","description":"Just another Africa News Agency Sites site","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.africa-press.net\/rwanda\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.africa-press.net\/rwanda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb","name":"cfeditoren"}]}},"_links":{"self":[{"href":"https:\/\/www.africa-press.net\/rwanda\/wp-json\/wp\/v2\/posts\/90443","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.africa-press.net\/rwanda\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.africa-press.net\/rwanda\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/rwanda\/wp-json\/wp\/v2\/users\/84"}],"replies":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/rwanda\/wp-json\/wp\/v2\/comments?post=90443"}],"version-history":[{"count":0,"href":"https:\/\/www.africa-press.net\/rwanda\/wp-json\/wp\/v2\/posts\/90443\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/rwanda\/wp-json\/wp\/v2\/media\/90442"}],"wp:attachment":[{"href":"https:\/\/www.africa-press.net\/rwanda\/wp-json\/wp\/v2\/media?parent=90443"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.africa-press.net\/rwanda\/wp-json\/wp\/v2\/categories?post=90443"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.africa-press.net\/rwanda\/wp-json\/wp\/v2\/tags?post=90443"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}