GT Bank Rwanda bounced back to profitability, recording a Rwf383.2 million net profit in the first half of the year, up from a Rwf567 million loss during the same period last year, a financial statement from the lender indicates.
The bank also registered an increase in net interest income during the period, from Rwf1.7 billion in June last year to Rwf2.6 billion this year. However, its net income from other banking activities decreased, from Rwf1.2 billion last year to Rwf1.1 billion. Its total operating expenses dropped to Rwf3.4 billion this year, from Rwf3.5 billion last year, while the firm’s operating profit stood at Rwf358.6 million at the end of June this year, up from a loss of Rwf474.4 million last year, according to the statement.
The bank’s total assets decreased to Rwf83.2 billion, from Rwf87.8 billion last year, mainly because its loan book and financial instruments held to maturity declined to Rwf42.6 billion and Rwf17.99 billion, respectively, down from Rwf43.5 billion and Rwf24.3 billion, respectively.