Rwanda: I&M Bank reports profit of 1.6 million USD in the first quarter of 2021

&M Bank (Rwanda) Plc announced this weekend that it made an after-tax profit of 1.6 billion Rwandan francs (1.6 billion USD) in the first quarter of 2021.

“Despite a difficult context caused by the coronavirus pandemic, the bank has shown resilience. Given the dynamics we are seeing in the economic recovery and vaccine delivery, we are starting to see a slow return to normal, ”said Robin Bairstow, Managing Director of I&M Bank Rwanda. The official added that “on the Bank’s side, a review of our results shows positive performance on all key financial indicators, highlighting the good momentum with which we started in 2021. The bank remains on strategy”.

Regarding total operating income, it stood at Rwf 8 billion (USD 8.2 million) in March 2021, representing growth of 12% year on year. For its part, the bank’s loan portfolio closed at Rwf 212 billion (USD 217.5 million) while deposits increased by 19% to stand at Rwf 356 billion (USD 365 million).

As for operating expenses, they amounted to around 5 billion Rwf (5 million USD), an increase of 12% compared to the same period last year.

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