After three years of posting losses,Equity Bank Rwanda which recently listed at the Kigali Securities Exchange has finally posted a 66% Growth in Pre-Tax profit in it’s 2015 full year results of 2.1 billion Rwandan Franc up from Frw 1.2 billion recorded the previous year.
This is the Bank’s best Performance since setting foot in the Rwandan soil in 2011.
Equity Bank Group Posts a 0.6% Increase in Profit After Tax to KES 17.3 Billion
Key Highlights
Customers’ deposits grew from Frw 4.3 Billion as at end of Dec 2011 to Frw 68.5Billion as at end of December 2015.
Customer base now at 390,000 clients.
Total assets grow from Frw 12.1Billion in Dec 2011 to 92.8Billion last year.
Net customer loans and advances have grown from Frw 305Million in Dec 2011 to Frw 61.4Billion in 2015.
The Bank’s SME loan book now standing at Fwr 11.6Billion last year, now represents 19% of the total loan portfolio.
Equity Bank Rwanda’s Foreign Exchange income grew by a significant 8% to Frw 1.3Billion 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.
“Equity Bank Rwanda’s future growth will be anchored on our unique position that allows us to develop and deliver to market innovative Banking products and solutions. The Bank, is also developing loan products targeting the agriculture sector to enable farmers’ access to financing. This include rice farmers, Daily farmers and tea and coffee farmers,” he said.
Equity Bank Rwanda New MD
Taking over at the helm of Equity Bank Rwanda is Hannington Namara, a career Private Sector Development Specialist who has joined Equity Bank from TradeMark East Africa – Rwanda Country Programme.
Prior to joining Trademark in 2012, Hannington served as the Chief executive officer of the Rwanda Private Sector Federation, an umbrella organization that coordinates, promotes and represents the interests of the Business community in Rwanda.
He worked with Commercial Bank of Rwanda (BCR) – a private commercial bank where he served the bank for over eight years in various capacities including heading the bank’s corporate banking division, marketing and business development functions.
He also served as a senior officer in charge of Special Projects at the Rwanda Investment Export Promotion Agency (RIEPA-now known as Rwanda Development Board).
“Plans are already afoot to further deepen our relationship with local corporates, public sector organizations, SME’s, to grow our offering of consumer loan products, roll out group lending to women at encouraging terms and offer financial literacy to this groups,” said Namara while being officially introduced as the new Managing Director, Equity Bank Rwanda.
Equity Bank
