Cogebanque’s pre-tax profit more than doubled last year, increasing by over 105 per cent, from Rwf1.6 billion in 2013 to Rwf3.3 billion. This is the highest growth to be recorded by the lender in 15 years, the bank’s financial statement indicates.

The bank’s after tax profit stood at Rwf2.2 billion up from Rwf1.2 billion recorded in 2013. This represented a 91.55 per cent annual increase, the biggest growth to be recorded by the bank since it opened shop in Rwanda.

Its total assets increased by 25 per cent during the year, to Rwf134 billion last year, up from Rwf107 billion in 2013.

Rachid Muremangingo, the bank’s chief financial officer, attributed the excellent performance to the financial’s sound management and increased customer deposits, which also led to a growth in its loan book.

The financial institution’s customer deposits increased by 25 per cent during the year, from Rwf94.3 billion in 2013 to Rwf177.9 billion last year, while its loan portfolio grew from Rwf62.9 billion to Rwf78.8 billion over the reporting period. The good performance boosted the bank’s net income to increase by 8 per cent.

The bank’s asset efficiency ratio, which is used to analyse how well a company uses its assets and liabilities internally, stood at 1.9 per cent while its return on equity stood at 17.7 per cent, higher than the 10.8 per cent market average recorded last year.

The firm retained Rwf7.3 billion of the earnings compared to Rwf5.1 billion it retained last year.

This led to a 26 per cent growth in shareholders’ equity.

Muremangingo said the bank intends to focus primarily on using new technologies in their operations to deliver better and timely services, as well as providing innovative products that meet the needs of customers to stay competitive.

The completion of the bank’s $12 million (Rwf8.6 billion) headquarters in Kigali’s Central Business District this year will be key in easing access to banking services by all Rwandans, he said.

The bank also plans to open four more branches to expand its network that currently stands at 19 the countrywide.

ben.gasore@newtimes.co.rw