FINA Bank projects a rise in its earnings for the second quarter of this year compared to the first quarter on account of business growth.
In a period between January and March, the lender realised Rwf160 million.
FINA Bank’s Managing Director, Rao G. Balivada, told Business Times the bank’s financial reports are still being audited but preliminary results depict a better financial position.
“The bank attributes the achievement to improved recovery, cost control and additional noninterest income channels,” Balivada explained.
Last year, the bank recorded a net profit of Rwf550 million and projects a 50 per cent rise in net profits for the full financial year in 2011.
Balivada also noted the bank’s Non Performing Loan (NPL) stands at 8.5 per cent compared to 85 per cent in 2004.
FINA bank is recognised as the leading SME bank that encourages entrepreneurship.