Equity Bank records Rwf1.3b profit

Kenyan bank subsidiary, Equity Bank Rwanda, has rebounded from a Rwf1.1 billion loss in 2013 to record Rwf1.3 billion profit last year, a financial statement from the lender indicates.

Kenyan bank subsidiary, Equity Bank Rwanda, has rebounded from a Rwf1.1 billion loss in 2013 to record Rwf1.3 billion profit last year, a financial statement from the lender indicates.

The bank’s parent company, Equity Group Holdings Limited is listed at the Nairobi Stock Exchange and is also cross-listed at the Rwanda Stock Exchange.

It saw its total assets grow by almost 85 per cent during the year, from Rwf48.1 billion in 2013 to Rwf88.8 billion last year. The lender opened shop in Rwanda in 2011.

According to the statement, its customers deposits grew from Rwf36.9 billion to Rwf66.3 billion, while loans and advances to clients increased from Rwf28.2 billion to Rwf47.6 billion during the reporting period.

Net interest income was also up at Rwf4.6 billion last year, from Rwf2.6 billion in 2013. This greatly contributed to the bank’s total operating income, which rose to Rwf8.2 billion from Rwf5.2 billion during the period.The firm’s total operating expenses increased marginally during the year, closing at Rwf6.9 billion from Rwf6.2 billion.

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