I&M Bank Reports Rwf10.9B Profit Before Tax

I&M Bank Rwanda has reported Rwf 31.7 billion in net revenue in 2021, up 24% year-on-year, driven by an increase in net interest income of 20% and a 69% reduction in credit impairment charges.

The bank’s executives said the growth in digital adoption (74% of all customer-initiated transactions in the Bank now go through digital channels) helped drive improvements in efficiency and customer satisfaction, with the Bank’s cost-to-income ratio at 62.1%.

However, operating expenses for the year were Rwf21 billion versus Rwf17.8 billion for the same period in 2020.

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