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I&M Bank (Rwanda) ANNUALANNUAL REPORTREPORT ANDAND FINANCIALFINANCIAL SSTATEMENTTAATEMENT FOR THE YYEAREAR ENENDEDDED 3311ST DECEMBERDECEMBER 20132013 I&MI&M BANK (RWANDA) LLIMITEDIMITED For decades, the community at large has been crying out for the Healing Touch. The Healing Touch for the ailing...through medical care. The Healing Touch for those in need of education... so the community can prosper as a whole. The Healing Touch for a scarred and ravaged environment... through a green and clean movement. We at I&M Bank strongly support The Healing Touch with our many social responsibility activities based on the three pillars of health, education and environment. TABLE OF CONTENTS • Board of Directors 02 • Senior Management 03 • Directors, Offi cials and Administration 04 • Branches 05 • I&M Bank Rwanda News 06 • Management Moves 08 • Chairman’s Statement 13 • Report of the Directors 18 • Statement of Directors’ Responsibilities 19 • Report of the Independent Auditor to the members of I&M Bank Limited 20 • Statement of Comprehensive Income 22 • Statement of Financial Position 23 • Statement of Changes in Equity 24 • Statement of Cash Flows 26 • Notes to the Financial Statements 27 • I&M Bank Rwanda Activities 72 I&M Bank (Rwanda) Limited Annual Report and 1 Financial Statements for the year ended 31st December 2013 2 BOARD OF DIRECTORS Standing (Left To Right): Arun S. Mathur – NED, Soundararajan Madabhushi – NED, Sanjeev Anand – ED, Jonathan Nzayikorera – NED (Government of Rwanda), Irwin William Carlisle – Chairman, Eric Kaleja – NED, Richard Mugisha – NED 3 SENIOR MANAGEMENT TEAM Sanjeev Anand Isaiah G Chinduba Alfred Baguma Blaise Pascal Gasabira Managing Director Benjamin Mutimura Chief Operations Officer Head of Credit Head of Retail Banking Head of Treasury Callixte Nyilindikwe Christelle Kayihura Faustin Byishimo Innocent Muhizi John Gatashya Head of Business Banking Head of Risk Head of Corporate Banking Head of IT & TBS Judith Muhongewa Lena M. Militisi Lina Mukashyaka Higiro Louise Kagaju Ngagi Kabarega Head of Human Resources Head of Legal & Company Head of Corporate Strategy Chief Internal Auditor Head of Internal Control and Secretary Planning and Marketing Compliance DIRECTORS, OFFICIALS AND ADMINISTRATION BOARD OF DIRECTORS Irwin William Carlisle – Chairman Soundararajan Madabhushi – NED Arun S. Mathur -NED Eric Kaleja – NED Richard Mugisha - NED Sanjeev Anand - ED Jonathan Nzayikorera - NED (Government of Rwanda) COMPANY SECRETARY Lena M. Militisi AUDITORS Ernst & Young Avenue de la Paix P.O. Box 3638 KIGALI, RWANDA BANK ADDRESS I&M Bank (Rwanda) Limited KN 03 Ave/09 KIGALI, RWANDA CORRESPONDENT BANKS National Bank of Rwanda CITIBANK N.Y. ING Belgium COMMERZBANK Frankfurt BHF Bank I&M Bank LTD I&M Bank Tanzania I&M Bank (Rwanda) Limited Annual Report and 4 Financial Statements for the year ended 31st December 2013 I&M BANK RWANDA BRANCHES Nyabugogo Rusizi HEAD OFFICE Nyabugogo Sector Building Rusizi District Kamembe Sector KN 3 AV/9 Kigali/Rwanda Inkundamahoro Kigali/ Rwanda Western Province, Rwanda Tel: +250 788 162 000 Tel: 0788302993 Tel: 0788304656 Email: [email protected] Operating Hours: Operating Hours: Operating Hours: Monday-Friday : 8:00 am to 06:00 pm Monday-Friday: 8:00 am to 6:00pm Monday - Friday: 8:00 am to 6:00 pm Saturday : 8:00 am to 01:00 pm Saturday: 8:00 am to 1:00 pm Saturday: 8:00am to 1:00 pm Kacyiru-Stippag Huye Boulevard de l’Umuganda Stippag Building Ngoma Sector, Southern Province. KCM (Kigali City Market) Kacyiru Kigali / Rwanda P.O.Box 616 Huye, Rwanda KIGALI CITY MARKET BUILDING. Tel: 0788388251 Tel: 0788308629 Tel: 0788388433 Operating Hours: Operating Hours: Operating Hours: Monday-Friday: 8:00 am to 6:00 pm Monday-Friday: 8:00 am to 6:00 pm Monday-Friday: 8.00 am to 6.00pm Saturday: 08:00 am to 01:00 pm Saturday: 8:00 am to 1:00 pm Saturday: 7:00 am to 1:00 pm Rubavu Musanze Kacyiru - Umubano Rubavu District Secteur, Gisenyi Muhoza Sector/Musanze District Gasabo District, Boulevard de l’Umuganda P.O.Box 169 Western Province Rwanda P.O. Box 120 Musanze Rwanda Umubano Hotel Tel: 0788302995 Tel: 0788300886 Tel: 0788300847 Operating Hours: Operating Hours: Operating Hours: Monday-Friday: 8:00 am to 6:00 pm Monday-Friday : 8:00 am to 6:00pm Monday - Saturday: 8:00 am to 8:00 pm Saturday: 8:00 am to 1:00 pm Saturday: 8:00 am to 1:00pm Sunday : 10:00 am to 4:00 pm Karongi Gicumbi Remera RSSB Building/District Karongi Byumba Sector/Gicumbi District Gasabo District Kisimenti Kigali, Rwanda Tel: 0788388433 P.O. Box 08, Byumba, Rwanda. Tel: 0788312883 Operating Hours: Tel: 0788309304 Operating Hours: Monday-Friday: 8:00 am to 6:00 pm Operating Hours: Monday - Saturday: 8:00am to 8:00pm Saturday : 8:00 am to 1:00 pm Monday-Friday: 8:00 am to 6:00pm Sunday : 10:00 am to 4:00 pm Saturday: 8:00 am to 1:00pm Kenya Airways (Cash & Deposit Nyamirambo Counter) Rwamagana Rwezamenyo Secteur,Nyarugenge District UTC BUILDING Rwamagana District Kigabiro Sector Kigali/ Rwanda Nyarugenge District Kigali, Rwanda Eastern Province Tel: 0788381483 Tel: 0788302993 Tel: 0788302265 Operating Hours: Operating Hours: Operating Hours: Monday-Friday: 8:00 am to 6:00 pm Monday-Friday: 8.00 am to 6.00pm Monday-Friday: 8:00 am to 06:00 pm Saturday: 8:00 am to 1:00 pm Saturday: 9:00 am to 2:00pm Saturday: 8:00 am to 01:00 pm Mateus MAGERWA (Cash & Deposit Counter) ULK BRANCH Rue du Travail Nyarugenge District Quartier MAGERWA OFFICE KIGALI INDEPENDENT UNIVERSITY Mateus Kigali/Rwanda Gikondo, Kigali, Rwanda Tel: 0788302993 Tel: 0788302993 Tel: 0788302993 Operating Hours: Operating Hours: Operating Hours: Monday-Friday: 9:00 am to 7:00 pm Monday-Saturday : 12:00 pm to 7:00 pm Monday-Friday: 7:00 am to 12:00 am Saturday - Sunday: Closed Saturday: 7:00 am to 1:00 pm I&M NEWS AGACIRO DEVELOPMENT FUND I&M Bank Rwanda and its staff contributed Frw The cost of the new service is even cheaper 30,000,000 to the Agaciro Development Fund (a compared to a mobile money agent. This, therefore, solidarity fund fi nanced by Rwandans and aimed at means that we are creating quality, effi ciency and improving the fi nancial autonomy of Rwanda). more secure means of fi nancial transactions. The Cheque was received by the then Minister of Finance and Planning, Mr. Rwangombwa John. The MD Speaking at the Launch of the new ATM Cardless I&M BANK LAUNCHES CARDLESS ATM WITHDRAWAL WITH AIRTEL MONEY AND The cardless ATM facility will soon be rolled out by RSWITCH other telecoms including MTN and Tigo once the It will now be easier for mobile money users to ongoing system upgrade is completed. transact business after Airtel Rwanda, RSwitch and I&M Bank unveiled a the collaboration that will enable customers to access services on ATMs country wide. During the launch event, Mr. Konde Bugingo, the RSwitch Chief Executive Offi cer, said the new system would allow interoperability of the telecom’s mobile money platform and I&M Bank ATMs across the country. “This means if you are on Airtel money you can send or receive money using I&B Bank ATMs anywhere in the country,” explained Bugingo. The system was launched at the Transform Africa Summit in Kigali that brought together Industry leaders from around the globe. The Goveror BNR Mr. John Rwangombwa, I&M Bank MD Sanjeev Anand, Airtel Money Corporate Manager Salma Ingabire and the then Airtel Rwanda MD Marcellin Paluku test It is now convenient, especially at night when mobile the new service money agents have retired. People are still be able to use I&M Bank ATMs to access all Airtel money services. I&M Bank (Rwanda) Limited Annual Report and 6 Financial Statements for the year ended 31st December 2013 I&M NEWS (CONTINUED) REBRAND TO I&M BANK (RWANDA) LTD. In July of 2012 BCR joined the I&M Bank Group, and in August 2013 following statutory approvals, had a rebrand and change of name from Banque Commerciale du Rwanda Ltd to I&M Bank (Rwanda) Ltd. After 3 years, the coveted Bank of the Year Award from The Banker Magazine was once again awarded to I&M Bank Rwanda As a result of the acquisition, the eff ective shareholding of BCR changed with 55% being held by I&M Bank Ltd, 12.5% each by PROPARCO and DEG - two leading European Development Finance Institutions, I&M BANK RWANDA SPONSORED 19.8% by the Government of Rwanda and 0.2% by AMONG OTHERS private shareholders. The Queen Elizabeth Diamond Jubilee Trust While maintaining the management structure and operations of the bank, the rebrand brought fresh Building of Classroom in Nyagatare vigour to the Bank’s operations as a regional entity District with network presence in 4 countries. Business to Business Networking Forum at the Serena AWARDS AND RECOGNITION 2013 Agri-Business Forum 2013 was a good year for I&M Bank Rwanda as 2013 Transform Africa Summit the bank managed to scoop many industry awards ICPAR Best Student including: •“The Banker Award” for Bank of the year in Rwanda 2nd Annual NAEB Tea convention in 2013, after a gap of fi ve years. • The “Global Finance award” for the Best Bank in FERWACY Cycling Competition Rwanda, for the fi fth year running • The Rwanda Country Award for “CIO 100” as most Equipment for SACCOs technologically innovative company in Rwanda. •The Rwanda Revenue Authority award for Circle Sportif Squash Tournament “Exemplary Tax Compliance”. 2nd Annual International Food Fair I&M Bank (Rwanda) Limited Annual Report and 7 Financial Statements for the year ended 31st December 2013 MANAGEMENT MOVES NEW EXECUTIVE COMMITTEE MEMBERS CONFIRMED I&M Bank welcomed seasoned bankers Callixte Nyilindekwe and Blaise Gasabira to the Executive Committee.
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