Banks register mixed fortunes in first quarter

Local banks have posted impressive results for the first quarter of this year. According to their financial statements for the months of January-March, most of the banks realised profits. Bank of Kigali’s pretax profits rose 7 per cent over the period to Rwf3.5b compared to Rwf3.24b made during the same period last year. The bank, with a 34 per cent market share, said its net interest income rose 34 per cent from Rwf4.4b last year to Rwf5.8b. Its loan book grew from Rwf132.4b last year to Rwf198.4b in March. Commercial Bank of Rwanda (BCR) posted a net profit of Rwf1.3b, while its net interest income rose over 11 per cent from Rwf2m in March last year to Rwf2.23b over the last quarter. Cogebanque first quarter’s balance sheet showed a 68.1 per cent increase in net profit as it moved up from Rwf93m made in last year’s first quarter to Rwf731m made in this year’s. Its net interest income stood at Rwf1.6b this year, up from Rwf779m the same period last year. Equity Bank Rwanda saw its loan book grow tremendously up from Rwf 2 billion in last year’s first quarter to Rwf 14 billion this year. This also led to an increase in net interest income of Rwf 445.9 million as at the end of this year’s first quarter up from Rwf 111 million made in 2012’s first quarter. The bank also enjoyed a 24 per cent decline in net losses made in the same period, down from Rwf706.5m to Rwf534m. However, Fina Bank’s first quarter results showed a 36 per cent decline in net profit as compared to March last year as it fell from Rwf301m in March 2012 to Rwf192m this year. The bank’s net income also fell from Rwf1.2b March last year to Rwf862m this year. Urwego Opportunity Bank saw a decline in year-on-year net profit from Rwf15.6b to Rwf14.25b. This could have been due to poor performance of its loan book, the bank’s statement indicated. The loan book fell from Rwf10.6b during the first quarter last year to Rwf9.35b this year. Ecobank Rwanda’s net income rose from Rwf1.4b in last year’s first quarter to Rwf1.75b this year. This represents a 26.2 per cent increase in profit which went up from Rwf 176.5 million to Rwf640.3m during the same period. Rwanda Development Bank net interest increased from Rwf2.2b to Rwf2.5b over the same period. The bank earned Rwf1.5b last quarter, representing an 18.3 per cent increase as compared to last year’s Rwf534m realised over the same period last year.