Cogebanque profits surge, Access tumbles

Cogebanque has posted close to a two-fold increase in profits, while Access Bank stumbled by 11.6 per cent, 2012 performance statements from the two banks have indicated. Cogebanque made Rwf2b profits after tax last year, which is an increase of 66 per cent compared to 2012. The bank registered a surge in net profits from Rwf1.2b in 2011, up to Rwf2.04b last year, the statement released on Tuesday showed. Cogebanque board of directors attributed their impressive performance to the growth of the banking sector and money markets-related trade. The bank registered a 35.9 per cent increase in net revenues, posting Rwf8.5b for the year ended December 2012. This compares to Rwf6.3b registered in 2011. Its total assets expanded by 22 per cent to Rwf84.9b, whereas the loan book rose by 31 per cent. Over the year, the bank disbursed Rwf51b loans and advances, the statement indicated. However, its non-performing loans went up from Rwf3b the previous year to Rwf3.3b in 2012. Meanwhile, Access Bank recorded dismal fortunes, with profits falling from Rwf0.7b in 2011 to Rwf0.6b last year. The bank earned Rwf5.4b in revenues last year, down from Rwf5.5b the previous year. The bank attributed the poor performance to a rise in payroll bill and operating expenses. “Staff costs for 2012 stood at Rwf1.9b, up from Rwf1.8b, while other operating expenses increased from Rwf2.2b to Rwf2.3b,” the bank’s statement indicated. Rwanda’s banking sector continues to grow at an impressive rate and most of the financial institutions recorded good performance last year.

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Cogebanque profits surge, Access tumbles