I&M Bank (Rwanda) Plc grew its loan book in the first nine months of 2020 by 21 per cent from Rwf172B to Rwf 208B as of end September 2020, the financier’s financials show.
Despite the pandemic, economic slowdown and uncertainty, the Bank maintained operations including lending to its clients.
In 9 month period ending September 2020, the Bank maintained profitability despite the Covid-19 pandemic which has disrupted multiple sectors of the economy.
The drop in profit in after tax by 12 per cent is resultant out of efforts to prevent potential future loan losses from non-performing loans as a consequence on the pandemic, whereby the Bank increased its impairment provisions by more than fivefold compared to last year.
This resulted in an overall decrease in the bottom line profitability by 12 per cent Year on Year, with the reported Profit-After-Tax of Rwf 3.8Billion.
