#1im RWANDA'S LEADING PARTNER FOR GROWTH Our core values Integrity Respect Trust Innovation Courage Our Brand Promise We are on your side#2Index 1 Financial Highlights & Trend Analysis 2 Performance Drivers & Strategy Update 3 Appendix I&M Rwanda - 2021 Earnings Presentation Account Opening 05 Teller 04 T Teller 07 Teller 06 W#3Disclaimer & Forward-looking statements The contents herein have been presented in good faith. The information, statements, and opinions set out in this presentation and subsequent discussion do not constitute a public offer for the purposes of any applicable law or an offer to sell or solicitation of any offer to purchase any securities or other financial instruments or any advice or recommendation in respect of such securities or other financial instruments. The information contained in this presentation and subsequent discussion, which does not purport to be comprehensive nor render any form of financial or other advice, has been provided by the Bank and has not been independently verified by any other party. No responsibility, liability or obligation (whether in tort, contract, or otherwise) is accepted by the Bank or any of its officers, employees, agents or advisers as to or in relation to this presentation and any, subsequent discussions (including the accuracy, completeness or sufficiency thereof) or any other written or oral information made available or any errors contained therein or omissions therefrom, and any such liability is expressly disclaimed. This presentation and subsequent discussion may contain projections, estimates, forecasts, targets, opinions, prospects, results, returns and future financial outlook with respect to the financial condition, results of operations, capital position and business of the Bank. Any such future outlook may involve significant assumptions and subjective judgments which may or may not prove to be correct and there can be no assurance that any of the matters set out are attainable, will actually occur or will be realized or are complete or accurate. The assumptions may prove to be incorrect and involve known and unknown risks, uncertainties, contingencies and other important factors, many of which, are outside the control of the Bank. Any such future outlook is based on the beliefs, expectations and opinions of the Bank at the date the statements are made, and the Bank does not assume, and hereby disclaims, any obligation or duty to update, revise or supplement them if circumstances or management's beliefs, expectations or opinions should change. The Financial results of the Bank can be sourced from the link: https://www.imbankgroup.com/rw/about-us/annual-reports/ I&M Rwanda - 2021 Earnings Presentation 3#4Delivered a strong set of results in 2021, reflecting business momentum DOÛ Financials • Headline Earnings of RWF 53.4 Bn in 2021 (RWF 49.5 Billion in 2020). • Profit before tax of RWF 10.9 Bn: +40% YoY • Net Loans of RWF 222 Bn, + 8% YTD • Strategy • Risk Management • Improved NPL ratio of 3.45% driven by improvement in macro-economic conditions. Impairment provisions decreased by 69% YoY. Loan-loss provisions stood at RWF 1.7Bn. . Customer growth up by 25% YTD (SME: +64%, Corporate: +17%; Retail: +22%). Cost-to-income ratio of 62.1% • Improved Earnings Per Share of RWF 6.61 (from RWF 4.72 in 2020) Strong capital adequacy position: Tier I CAR of 18.08%; Tier II of 20.75% Healthy funding & liquidity positions: LCR of 504% Shareholder value: proposed dividend payment of RWF 1.2 per share for the year 2021, subject to AGM approval. I&M Rwanda - 2021 Earnings Presentation 4#52021 underlying profit of RWF 10.9 Billion, driven by solid headline earnings growth and lower cost of credit. Cost-to-Income ratio RWF Million Dec-21 Dec-20 Dec-19 % Var vs. Dec-20 9% Net interest income 26,876 22,413 21,866 19.9 62.1% 57.1% Net fee income 1,975 1,969 2,241 0.3 Trading and other income 4,594 6,809 4,356 -32.5 Total operating income 33,445 31,191 28,463 7.2 Dec-20 Dec-21 Operating expenses -20,756 -17,817 -18,405 16.5 Net operating income 12,689 13,374 10,058 -5.1 . Net Impairment Charge -1,705 -5,536 -1,067 -69.2 Profit Before Tax 10,984 7,838 8,990 40.1 Tax Expense -1,815 -2,699 -2,848 2021 full-year performance reflects the continued benefits of our diversification strategy. Net impairment decrease was driven by an improved macroeconomic outlook and lower unsecured balances. Profit After Tax 9,170 5,140 6,142 I&M Rwanda - 2021 Earnings Presentation 5#6Well-funded, diversified and highly liquid balance sheet (large % contribution from deposits from customers & banks) RWF Billion Dec-21 Dec-20 Dec-19 % Var. Dec-20 Credit Quality indicators Dec-21 Dec-20 Dec-19 Loans & Advances 222.4 205.2 171.9 8% Financial Investments 91.5 100.9 48.5 -9% NPL Ratio 3.45% 3.51% 2.56% Other Assets 153.0 111.1 97.5 38% Total Assets 466.9 417.2 317.9 12% Deposits from customers 266.5 248.4 191.8 7% Deposits from Banks 60.4 49.8 51.6 21% Borrowings Other Liabilities Shareholders' Equity 61.0 49.1 22.6 24% 16.8 15.4 9.1 9% 62.2 54.5 42.8 14% Loans & advances reflects refocused business environment. Borrowings increased following the release of the second tranche of USD 10Mn with development bank. Shareholder's Equity boosted driven by the increase in profit after tax realized in 2021. Total Liability & Equity 466.9 417.2 317.9 12% I&M Rwanda - 2021 Earnings Presentation 6#7Strong capital levels & liquidity Ratios Capital Adequacy Ratio 350 22.00% 600% 317 297 21.00% 300 20.75% 500% 19.65% 20.00% 241 250 18.27% 200 150 100 14.35% 50 16.45% Liquidity Coverage Ratio 542% 19.00% 400% 18.08% 18.00% 300% 17.00% 229% 16.00% 200% 15.00% 100% 14.00% 0 Dec-19 Dec-20 Dec-21 RWAS (RWF Bns) Tier 1 CAR Tier 2 CAR Regulatory requirement: Tier I CAR: 13% Tier II CAR: 15% I&M Rwanda - 2021 Earnings Presentation 504% 13.00% 0% Dec-19 Dec-20 Dec-21 ■LCR Regulatory requirement: LCR: minimum of 100% 7#8Key ratios reflects the business growth and tangible momentum behind our strategy execution. Dec-19 Dec-20 Dec-21 Return on Equity (ROAE), % 15.1 10.9 15.7 Return on Assets (ROAA), % 2.0 1.39 2.1 Earning per share, RWF 4.97 4.72 6.61 Liquidity Coverage Ratio, % 229 542 504 Cost/ Income Ratio, % Net Loans to Deposit Ratio, % I&M Rwanda - 2021 Earnings Presentation 64.7 57.1 62.1 70.6 68.8 68.0 8#9Index 1 Financial Highlights & Trend Analysis 2 Performance Drivers & Strategy Update 3 Appendix I&M Rwanda - 2021 Earnings Presentation Account Opening 05 Teller 04 T Teller 07 Teller 06 W#10KPIs Enablers Aspiration Strategic Pillars And initiatives We continue to be guided by our iMara 2.0 strategy Rwanda's leading Financial Partner for Growth 1. Driving Business Growth Key initiatives: 1) Geographic expansion 2) Revenue diversification 3) Sales Force Effectiveness enhancement 4) Digital Orchestrator 2. Building a Resilient Organisation Key initiatives 5) Funding and Liquidity management 6) Enhancing Enterprise risk management framework 7) Embedding cyber security 8) Redesigning credit risk systems and processes 9) Embracing Environmental, Social and Governance Responsibility 3. Optimising the operating model Key initiatives 10) Core IT infrastructure resilience 11) Process efficiency - standardisation and shared services 12) Leverage Group synergies Customer Experience Design and delivery with customer at top of mind Cultural Transformation Transforming to a digital and agile culture Strategic Partnerships Collaborations to deliver efficient and profitable growth Data Analytics Data driven decision making % growth of new business revenue PBT ROE % of Digitally Active customers Net Promoter Score Employee Engagement I&M Rwanda - 2021 Earnings Presentation 10#11Continue to maintain a strong underlying performance across all business segments Corporate Banking Business Banking Retail Banking 120.4 109.6 Loans 72.61 29.4 29.4 66.3 241.4 222.5 24.4 23.1 ■Dec-20 Dec-21 Deposits Continue to strengthen our position as the Bank of choice for corporate and institutions. Empowering our transaction banking business. I&M Rwanda - 2021 Earnings Presentation Loans ■Dec-20 ■Dec-21 Deposits Full command implementation of the MSME' strategy. Streamlined the credit process through reduction of credit touch points Loans 61.02 52.7 ■Dec-20 ■Dec-21 Deposits Focus on accelerating digital adoption. Expansion of target market. 11#12Focus on digitization and revenue generation 00Û Key sales achievements Product launch & Review • Deployment of low-cost deposits attraction strategy; Continued strength in digital adoption with 74% of Bank's transactions done on alternative channels +300K users YTD on SPENN platform. More expected with micro-lending product. • Streamline of credit process through reduction of touch-points • . • Expanded income streams through boosted card business & alternative channels (i.e. Whatsapp Banking) Leverage on digital channels and Bancassurance business line. Enhanced transaction banking services through Intercountry Banking Service. Roll-out for merchant acquiring (Point-of-Sale) machines with Corporate & Business Banking customers. Roll-out of SPENN micro-lending in Q1 2022. • Roll-out of online customer onboarding I&M Rwanda - 2021 Earnings Presentation 12#13Improved prospects and Sustainability Accolades SME FINANCE FORUM "Product Innovation of the Year" by SME Finance Forum Awarded for delivering outstanding products and services to our SME clients and SME segment. Credit Ratings Upgraded GCR Ratings as capital position improves and operating environment pressure eases. Stable Outlook. Long Term A (RW) Short Term A1 (RW) "Best Large Taxpayer (2020) by Rwanda Revenue Authority RRA cfi.co AWARDS 2021 "Best Bank (2021) in Rwanda" by CFI.CO Recognized for technological innovations such as Near Field Communication (NFC) enabled ATMs. I&M Rwanda - 2021 Earnings Presentation • I&M Head Office & Old building Fitted with solar paneling for energy generation for Bank Head Office and Main branch operations. • Space for renting is let at full-capacity. Old building is rented at 50% capacity. • Rental incomes expected to materialize in 2022. 13#14Outlook: What Success will look like in 2022 70,000 Customers Portfolio structure 52% Active customers on digital channels: from 70% to 73% USD 5.5 Mn PBT: Fees & Commission Income USD 13Mn Card uptake: from 55% to 66% TNR Market share 10.9% 33% Retail 8% ISME Return on Equity Corporate 15% I&M Rwanda - 2021 Earnings Presentation Dormancy: from 25% to 15% NFR Ratio: from 31% to 33% 13% 12% 2020 2021 2022 14#15Index 1 Financial Highlights & Trend Analysis 2 Performance Drivers & Strategy Update 3 Appendix I&M Rwanda - 2021 Earnings Presentation#16Appendix Economic Overview Banking sector overview Our Bank I&M Bank Journey • Balance Sheet & Quarterly Income Statement I&M Rwanda - 2021 Earnings Presentation#17Economic Overview Sources: Global conditions • • The global economy is expected to moderate from 5.9% in 2021 to 4.4% in 2022, largely due to supply chain disruptions, energy price volatility, and localized wage pressures. There remains uncertainty about the path of economic growth this year, much of it due to risks surrounding the evolution of the virus, and the developing geopolitical turmoil. (1) Outlook Review on Rwanda Rwanda's GDP rebounded in 2021 with double digits growth of 10.9% driven by a faster recovery of the agriculture sector and the industry sector, following a GDP contraction in 2020. (3) The country is expected to grow to 5.7% in 2021, supported mainly by high infrastructure spending and a pick-up in the tourism sector as the effects of the pandemic dissipate. (4) Annual GDP growth Sub-Saharan Africa The regional GDP is projected to grow by 3.7% in 2021 and 3.8% in 2022. The rebound largely results from a sharp improvement in global trade and commodity prices (2) 10.9% 9.5% 8.6% 4.0% 6.0% 8.9% 8.6% 8.0% 7.3% 6.2% 4.7% 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 (1) IMF, World Economic Outlook Update January 2022 (2) IMF, Regional Economic Outlook (sub-Saharan Africa) October 2021 I&M Rwanda - 2021 Earnings Presentation -3.4% ■GDP growth Sources: (3) National Statistics, Full Year GDP publication - March 2022 (4) AFDB, African Economic Outlook 2021 17#18Rwanda - Banking sector overview 두 Sector review • • • • Banking sector assets recorded growth of 17% YoY in Dec 2021 to RWF 5,064Bn (RWF 4,310Bn in Dec 2020). Customer deposits increased to RWF 3,087Bn, a 17% YoY growth from the Dec 2020 levels. The industry remains well-capitalized and liquid, with an aggregate Tier 1 & Tier 2 CAR of 20.6% and 21.5% respectively, while LCR position was 268.9% (Dec 2021). Credit risk slightly improved with NPL ratio of 4.6% (Dec-2021) supported by improving macroeconomic conditions. Profitability indicators as of end Dec 2021 stood at 2.5% and 15.0% for the Return on Average Assets and Return on Average Equity respectively. Source: BNR, Financial sector statistics 459 1,579 1,723 2,685 514 1,778 1,965 3,091 620 1,995 2,190 3,476 714 2,383 2,647 4,310 849 2,714 3,087 5,064 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 ■ Shareholder Equity Loans & Advances Total Deposits Total Assets I&M Rwanda - 2021 Earnings Presentation 18#19Appendix Economic Overview Banking sector overview Our Bank • I&M Bank Journey • Balance Sheet (5-Year Trend) • Quarterly Income Statement I&M Rwanda - 2021 Earnings Presentation#201963 I&M JOURNEY 2003: The Government of Rwanda increased the share capital to Frw 7.6 Bn and BCR became 86.8% owned by the Government of Rwanda. 2004: Actis acquired 80% share in BCR after a recapitalization. Banque Commerciale du Rwanda (BCR) was incorporated as the first commercial Bank in Rwanda. 2003-4 I&M Rwanda - 2021 Earnings Presentation 2012 I&M Bank enters Rwanda with the acquisition of a majority shareholding in BCR, in consortium with Proparco and DEG. I&M Bank Rwanda is listed on the Rwanda Stock Exchange (RSE) 2017 2018 Digitalization journey - Launch of new core banking systems. 20#21Proven continuous growth across key financial metrics 5-Year Financial Highlights (Rwf 'Billions) 35.1 39.6 42.8 Equity Loan-to-Deposit Ratio 54.5 62.2 Loans & Advances 2017 2018 2019 2020 2021 73% 72% 71% 69% 68% I&M Rwanda - 2021 Earnings Presentation Total Deposits Total Assets NPL Ratio 2.50 2.53 2.54 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 3.51 3.45 21#22Quarterly Income Statements RWF Millions Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Net interest income 5,593 5,637 5,033 6,150 6,656 6,653 6,311 7,256 Net fee income 447 321 622 579 397 455 740 383 Trading and Other Income 1,142 925 1,455 3,287 990 1,149 929 1,526 Total operating income 7,183 6,883 7,110 10,016 8,043 8,258 7,980 9,165 Operating expenses (4,472) (4,672) (4,422) (4,251) (5,013) (4,757) (4,701) (6,286) Net operating income 2,710 2,211 2,688 5,765 3,030 3,501 3,279 2,879 Net Impairment charge (347) (1,236) (256) (3,697) (508) (834) (122) (241) Profit before tax 2,364 975 2,432 2,068 2,522 2,667 3,158 2,638 Tax Expense Profit after tax (827) (341) (851) (679) (883) (934) (1,105) 1,107 1,536 634 1,581 1,389 1,639 1,734 2,053 3,744 I&M Rwanda - 2021 Earnings Presentation 22#23im Thank you I&M Bank (Rwanda) PLC KN 03 Ave, 9 P.O. BOX 354 Kigali, Rwanda E: [email protected] T: +250 788 16 2040 I & M Building