Equity Bank Rwanda has announced a 66% Growth in Pre-Tax profit in it’s just announced 2015 full year results.
In its best financial results yet, Equity Bank Rwanda posted a profit before tax of 2.1 billion Rwandan Franc up from Rwf1.2 billion recorded the previous year.
Speaking when he released the results in Kigali, Rwanda, Equity Bank Rwanda, outgoing Managing Director, Samuel Kirubi, said, the positive results have now placed the fast growing Bank on a profit path following a three-year trading loss streak.
Kirubi, attributed the Bank’s growth to profitability in just 4 years to a steady growth trajectory on its customers’ deposits from Rwf4.3 Billion as at end of Dec 2011 to Rwf68.5Billion as at end of December 2015.
Kirubi thanked the Government of Rwanda for creating a conducive business environment that has seen the Bank’s customer base grow to over 390,000
Equity Bank Rwanda, which recently listed at the Kigali Securities Exchange, saw its total assets grow from Rwf12.1Billion in Dec 2011 to 92.8Billion last year.
In a development that closely mirrors its Kenyan peer, Equity Bank Rwanda’s Net customer loans and advances have grown from Rwf 305Million in Dec 2011 to Rwf 61.4Billion last year. The Bank’s SME loan book now standing at Rwf11.6Billion last year, now represents 19% of the total loan portfolio.
Equity Bank Rwanda’s Foreign Exchange income grew by a significant 8% to Rwf1.3Billion in 2015, up from 1.2Billion recorded in 2014, representing 12% of the Bank’s total income which grew to 10.9B in 2015 up from 8.6B in 2014.
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