FINA bank posts a 35% profit increase in 2009

Despite all the financial difficulties in the country attributed to the lack of liquidity, FINA BANK Rwanda (FBR) managed to register an increase in profits after tax, from Rwf570 million in 2008 to over Rwf770 million in 2009. Steve Caley, the bank’s Managing Director said on Wednesday that the bank is finalising the auditing process and so far the company has register in a profit of over Rwf200 million after taxes. The institution was recently awarded as the best bank in financial service sector in the year 2009 by the Rwanda Development Board (RDB). The awards were held to promote and support the private sector in Rwanda. “This year we are planning to capitalise on the award. This will motivate us more towards working better this year,” Caley added. He also revealed that the bank is targeting Rwf1 billion profits after taxes as the bank is striving to consolidate its self as a leader in the banking sector. FINA bank is recognised as the leading SME bank that encourages entrepreneurship. On the other hand the bank is also engaged in other projects like helping orphans and sponsoring the Project Rwanda Cycling Team. The Managing Director also revealed that the bank is advocation for the reduction of the non-performing loans which was a big setback when FINA BANK took over the bank. Currently the banks non-performing loans stand at 14 percent as compared to the 85 percent when FINA bank acquired privately-owned commercial bank known as BACAR in 2004. “This year we are focusing much on the recovering bad debts and we have a team in place and we believe we will work out a solution with our clients and the figures will defiantly come down,” Caley explained. As a way of improving better service delivery in the line with Information Technology, Caley revealed that this year the bank will invest in new systems, improve the work flow and introduce an automated credit process. Fina Bank’s entry into the market is part of an ambitious expansion plan that seeks to see it become the regional SME bank of choice. The bank plans to open up three more branches in the country. So far it has five branches including the main branch. Ends

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FINA bank posts a 35% profit increase in 2009