Equity Bank Rwanda seems to have put the bad days behind after posting over Rwf81.2m in profits after tax during the first quarter of this year compared to a Rwf534.3m loss recorded in the same period last year.

The bank’s total operating income was Rwf1.8b as at the end of March, while its expenses stood at Rwf1.7b, the bank indicated in a financial statement on Tuesday.

This performance is relatively better than last year, where the bank’s expenses were almost double its income at Rwf1.3b compared to Rwf752.6m operating revenue. 

According to the statement, the increase in operating cash was driven by the growth in net interest income, foreign exchange gains and other incomes. The bank’s total loan book stood at Rwf31.5b in the last quarter compared to Rwf14.1b in the first quarter last year. 

However, the bank’s non-performing loans rose significantly to Rwf804.6m this year from Rwf136.1m last year.