Ecobank Rwanda recorded Rwf7.6 billion net profit in 2023, representing a 240 percent increase from Rwf2.2 billion recorded in 2022. Carine Umutoni, Managing Director of Ecobank Rwanda, attributed the performance to the bank's continued efforts to build scale across all digital channels and platforms through active client acquisition, superior merchant solutions, and financial intermediation. “Investments in infrastructure and systems continued to support the bank’s digitalization agenda, and most of the transaction volumes are being delivered through digital channels such as Ecobank Mobile app, Ecobank Online, cards, Omni Plus and Omni Lite, ATM, and POS.” The lender’s financial statement indicates it realized revenue growth of Rwf25.9 billion, up from Rwf19.6 billion registered in 2022. The 32 percent increase was mainly driven by improved economic activities reflected by the growth in loans and advances, cards business, trade, and cash management activities. It further details that net loans and advances grew by 37 percent to Rwf73 billion from Rwf53 billion in the previous year. The non-performing loans amounted to Rwf375 million. Consequently, interest income grew by 33 percent owing to the performing loans and advances as well as returns on investments, whereas non-interest income grew by 32 percent due to improved foreign exchange transactions, card, acquiring business, and trade finance activities. On the other hand, customer deposits increased by 47 percent during the period under review, highlighting the bank’s strong market brand and leveraging on its footprint to onboard new customers. Ecobank Rwanda’s total assets also grew to Rwf370 billion in 2023, up from Rwf252 billion in 2022. With a capital adequacy ratio of 23 percent and liquidity ratio of 499 percent, the bank’s officials noted that the focus remains to deepen financial intermediation and financing of the economy. Umutoni reiterated the bank’s continued focus on digital banking that will enable it to reach more customers, reduce cost to serve, and improve the bank’s efficiency.
