Agaseke Microfinance Bank earnings dropped for the second year running, reflecting hard times the banking sector faced last year. 

The bank recorded a Rwf239.2m loss last year compared  Rwf12.2m decline it suffered the previous year. Its net income (from banking activities) fell by 15.8 per cent during the year, from Rwf1.36b in 2012 to Rwf1.15b.

Customer deposits went down by Rwf196.4m, from Rwf6.64b in 2012, to Rwf6.4b last year, while loans and advances to customers dropped from Rwf7b to Rwf5.46b over the same period. 

However, not all was gloom as the firm was able to reduce operating expenses during the year, from Rwf657.4m in 2012 to Rwf620.5m last year.