FINA Bank Rwanda has recorded a 98.9 per cent increase in profits before tax for the year ending 2011, attributing it to cost effective management.The lender’s profit before tax grew from Rwf553 million ($926,298 million), in 2010, to Rwf1.1 billion ($1.8 million), the year ended December 2011.FINA Bank Managing Director, Rao G. Balivada, told Business Times that the lender did extremely well in 2011 as deposits increased to Rwf48 billion ($80.4 million) from Rwf39 billion ($65.3 million)."Our loan portfolio grew by 28 per cent, last year, from Rwf25 billion ($41.8 million), in 2010, to Rwf32 billion ($53.6 million) in 2011,” Balivada noted.He attributed the healthy results to increased channels of income and improved recovery.The bank managed to cut its Non-Performing Loans figures from 21 per cent as of December 2010 to 8 per cent last year.The MD disclosed that, this year, the lender targets to post an increase in profits before tax to Rwf1.5 billion ($2.5 million).FINA bank is recognised as the leading SME bank that encourages entrepreneurship in Rwanda.As a way of bringing services closer to their clients, FINA Bank plans to open up six more branches by the end of this year, including one in Kigali and five branches upcountry.The lender has embarked on introducing products that seek to address the challenges of lack of access to credit. Last week, the bank launched a new product targeting particularly women, entrepreneurs, and cooperatives.The product, dubbed ‘Fina Sugira’, provides a unique opportunity for women to save portions of their money at calculated intervals so their deposits can grow at favourable rates.