The Rwanda Development Bank’s (BRD) net profits rose by 87 percent to Rwf1.5 bn in 2009 from Rwf846 million in 2008.
This was announced last week during the bank’s General Assembly where the Board of Directors was meeting shareholders.
“Our annual results to December 2009 are so exciting having made an increase in profit…our income has doubled to Rwf6.6 bn,” said Jack Kayonga the Managing Director of BRD.
According to the bank authorities, the good performance was attributed to the proper management of the projects that it funded and the efficient bank management.
The loan portfolio registered a 40 percent increase to Rwf36 bn from Rwf25 bn in 2008 as loan approvals rose from Rwf10 bn to Rwf26 bn.
“Last year was a challenging year globally and we could not be happier at the end of the day coming out with such positive results,” said Fabien Majoro the Chairman, Board of Directors.
BRD has been investing in various sectors of the economy including energy, health, tourism, agriculture among others.
In a bid to improve and serve their clients, BRD has introduced a number of products which include the BRD service charter, the BRD advisory service, and creation of a BRD Development Fund and a BRD-managed fund for SMEs among others.
Last year, the financing operations of the bank created an estimated 1,400 new jobs and injected about Rwf17 bn as added value to the economy.
The microfinance sector also benefited tremendously from the bank with approvals of projects worth Rwf1.6 bn and disbursed Rwf773m, creating 135 jobs and indirectly impacting the lives of 20,059 members of co-operatives and 29,159 clients of microfinance institutions.
Kayonga also said that the total portfolio for the bank was about Rwf40 bn with its asset base growing by 19 percent.