Rwanda’s largest micro-finance bank in terms of customers, Urwego Opportunity Bank (UOB), posted a Rwf352.3 million loss during the first six months of the year, a financial statement from the bank shows.

This performance compares to a Rwf98.9 million after tax profit the bank recorded the same period last year.

The bank’s net income from banking activities dropped from Rwf1.9 billion to Rwf1.8 billion during the period, while its operating expenses went up from a total of Rwf1.8 billion last year to Rwf2.1 billion in June.

This was attributed to an increase in the wage bill, which went up to Rwf1 billion during the period from Rwf988.5 million, according to the statement.

The bank’s loan book also declined to Rwf8.97 billion this year from Rwf9.98 billion last year.Notably in the loans department, treasury loans went down from Rwf9.1 billion last year to Rwf8.1 billion this year.

Consumer loans dropped from Rwf356.4 million to Rwf329.5 million, while mortgage loans were Rwf348.5 million, down from Rwf349.7 million.