GT Bank recorded a Rwf260.4 million net profit during the first quarter of the year, up from Rwf208.8 million during the similar period last year, the lender indicated in a financial statement.

The bank attributed the growth in profits to increase in net interest income which went up from Rwf1.25 billion at the end of March last year to Rwf1.34 billion this year. Its net income from other banking activities, however, declined marginally to Rwf1.874 billion from Rwf1.876 billion last year. Operating expenses rose to Rwf1.64 billion this year, up from Rwf1.58 billion last year, mainly driven by a decrease in the firm’s operating expenses.

The bank’s assets declined during the period, from Rwf87.8 billion last year to Rwf77.4 billion, with its loan book declining from Rwf43.4 billion to Rwf42.9 billion, while its financial instruments held-to-maturity also declined to Rwf12.5 billion from Rwf24.3 billion in March last year.

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