Kigali, Rwanda – March 27, 2025 – Ecobank Rwanda Plc has released its financial results for the year ending December 31, 2024, recording an impressive 54% growth in net profit after tax. The bank’s net earnings grew to Frw 11.7 billion in 2024, up from Frw 7.6 billion in 2023. This impressive growth was driven by a 31% rise in interest revenue and a 36% increase in non-interest revenue. The bank achieved a 31% increase in revenue, amounting to Frw 34 billion in 2024, compared to Frw 25.9 billion generated in 2023. This growth was driven by enhanced economic activities resulting in growth in interest-earning assets, card services, trade, and cash management. The bank's total assets grew by 27%, reaching Frw 471 billion, up from Frw 370 billion in 2023. This growth was fueled by strong customer deposits, which increased by 35% over the year, demonstrating our customers’ trust in the Ecobank brand as a reliable financial partner. The bank maintained a robust capital position with a capital adequacy ratio of 21% and a liquidity coverage ratio of 351%, both exceeding the minimum statutory requirements of 15% and 100%, respectively. Financials Commenting on the performance, Mrs. Carine Umutoni, Managing Director of Ecobank Rwanda, highlighted several key drivers behind the positive results. She emphasized continuous expansion of product offerings to meet the evolving needs of customers. This expansion included cross-border settlement, trade, FX, cash management, and payments, leveraging Ecobank’s footprint on the continent to provide end-to-end financial solutions. Mrs. Umutoni also noted the bank's steadfast commitment to embracing digital technologies to enhance accessibility and efficiency in banking services. This included expanding digital banking solutions to improve customer experience and operational efficiency through various digital channels such as the Ecobank Mobile app, Ecobank Online, Omni Plus, Omni Lite, ATM, and POS. Furthermore, she pointed out the deepening of customer relationships through personalized services focusing on strategic retail and SME segments. She also highlighted the bank's commitment to promoting financial inclusion by providing accessible banking services to underserved population. Mrs. Umutoni addressed the bank's focus on sustainability and innovation, particularly in areas such as women’s empowerment through the women-led Ellevate product as well as cross-border payments leveraging on Ecobank's extensive footprint across Africa. She reiterated the bank's commitment to supporting economic development and contributing to the prosperity of Rwandans. Looking ahead, Mrs. Umutoni expressed optimism about Rwanda’s economic prospects, highlighting strong GDP growth projections and government-led transformative initiatives as key opportunities for the banking sector. “We are better positioned to leverage on these opportunities to drive financial inclusion and digital transformation by leveraging advancements in technology to reach more customers, improve efficiency and enhance customer experience” Mrs. Umutoni reiterated.
