I&M Bank Rwanda CEO breaks down the company’s Q1 earnings

I&M Bank Rwanda recently announced its first-quarter earnings for 2021, showcasing a notable increase in net profit by 6.3% compared to the same period last year. The bank's Chief Executive Officer, Robin Bairstow, sat down with CNBC Africa's Julius Bizimungu to delve into the factors driving this growth and the strategic initiatives undertaken by the bank. Bairstow attributed the positive performance to the momentum built in 2020 and the successful execution of their business strategy. The bank focused on revenue diversification, particularly in the retail sector, and introduced a new SME banking offering at the beginning of 2021. These initiatives have positioned I&M Bank Rwanda for continued success as the economy shows signs of recovery. Bairstow highlighted the bank's move towards alternative revenue streams, such as bank assurance and digital channels, which have contributed to a more diversified income base. The successful rights issue undertaken in the previous year provided the necessary capital support for growth and bolstered the bank's asset portfolio. Despite challenges posed by the ongoing pandemic, I&M Bank Rwanda has maintained prudent lending practices and has been proactive in managing impairments. While the industry has seen an increase in loan loss provisions, the bank remains optimistic about navigating through the economic uncertainties and is closely monitoring the situation. Looking ahead, Bairstow outlined the bank's priorities for the year, including a continued focus on digital channels, enhanced customer touchpoints, and streamlining processes for improved efficiency. By staying true to their strategic roadmap, I&M Bank Rwanda aims to sustain its growth trajectory and finish the year on a strong note.