Deposits from clients of lender, Equity Bank Rwanda’s customer deposits more than doubled during the first nine months of this year, a statement from the bank indicates. The figures went up to Rwf69 billion at the end of September this year, from Rwf27.7 billion in September last year. This led to a growth in the firm’s loan book from Rwf23.5 billion to Rwf40.2 billion during the reporting period. Its total assets also more than doubled, increasing from Rwf42.6 billion to Rwf90.7 billion during the period. The bank, which opened shop in Rwanda in 2011, made investments in property and equipment worth over Rwf1 billion during the period as it sought to strengthen its position in the local market. The firm’s total operating income stood at Rwf5.8 billion in September this year, from Rwf3.5 billion last year. However, its total operating expenses increased, from Rwf4.5 billion to Rwf5.3 billion during the period. The Equity Bank Rwanda is a subsidiary of Kenya-based commercial bank Equity Group. The bank’s net profit was Rwf305.3 million at the end of September, a huge leap from a Rwf950.7 million loss in September last year.
