Equity Bank Rwanda losses have increased marginally, the bank’s financial results for the first half of this year indicate.
The bank’s losses grew to Rwf806.2m from Rwf798.2m, representing a one per cent year-on-year increase, the bank indicated in a statement released on Friday. According to the statement, total operating expenses increased to Rwf2.8b over the reporting period, from Rwf1.98b in the same period last year.
The bank noted that the increase in operating expenses was occasioned by high staff costs, which went up to Rwf1.13b from Rwf749.5m year-on-year, as well as depreciation of property and equipment, and amortisation of intangible assets.
The bank’s non-performing loans stood at Rwf209.9m compared to a clean sheet in the same period last year.
In spite of the loss, the bank made gains in net income from Rwf362.8m last year to Rwf948.3 in the same period this year.