Cogebanque registered a 27 per cent decline in net profit in the first half of the year compared to the same period last year, the bank’s financial statement indicates.

The bank recorded Rwf655.9 million after tax profit in the first six months of the year, down from Rwf907.5 million last year.

Its operating income increased slightly to Rwf4.3 billion during the period from Rwf4.2 billion last year. However, its operating expenses increased from Rwf2.9 billion as at the end of June last year to Rwf3.4 billion this year, which took a toll on the financial institution’s profits.

The bank’s loan book grew from Rwf 62.9 billion in December last year to Rwf73.3 billion in June, mainly due to an increase in mortgage loans which went up to Rwf23.3 billion in the reporting period, from Rwf22.5 billion.

However, its non-performing loans increased from Rwf2.7 billion to Rwf3.3 billion over the period.

The bank’s total assets stood at Rwf135.7 billion in June this year compared to Rwf107 billion in December last year.