FINA bank targets 29 percent increase in profits for 2010

FINA BANK Rwanda (FNR), the country’s leading SME bank has projected an increase in profits this year, from Rwf770 million last year to Rwf1 billion this year.

FINA BANK Rwanda (FNR), the country’s leading SME bank has projected an increase in profits this year, from Rwf770 million last year to Rwf1 billion this year.

Last year the bank managed to register a 35 percent increase in profits from Rwf570 million in 2008 to Rwf770 million in 2009.

The bank’s Managing Director, Steve Caley attributed the achievement to the opening up of more branches in the country side and the up-grading of the technology which made work easier.

“Last year, we invested Rwf570 million ($1 million) in upgrading the technology, introduction of new modules and more products. This made our profits to grow tremendously and we are pleased with the positive trend,” Caley explained.

Caley also revealed that to achieve its targets this year, the bank is planning to open-up three more branches in the country.

He also added that they (FBR) are working on the introduction of Internet banking which will help them consolidate themselves in the country’s banking sector.

So far the bank has six branches; the main branch, one of Remera, Gisenyi, Kibungo, Kibuye and  Ruhengeri.

The Managing Director also revealed that the bank is in a campaign of reducing the percent of the non-performing loans which was a big setback when FBR took over from BACAR.

Currently the banks nonperforming loans stand at 14 percent as compared to the 85 percent in 2004.

FINA BANK is a network of three SME banks that operate in the region. FINA BANK Kenya (FBK), in Uganda as FINA BANK Uganda (FBU) and FINA BANK Rwanda (FBR).

Recently, FBR was awarded the best bank in financial service sector 2009. The awards were organised by Rwanda Development Board (RDB) in the effort to promote and support the private sector in Rwanda.

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