Equity Bank Rwanda, has announced a 66% Growth in Pre-Tax profit in its just announced 2015 full year results.
In its best financial results yet, Equity Bank Rwanda, posted a profit before tax of Frw 2.1Billion up from Frw 1.2Billion recorded the previous year.
Speaking when he released the results in Kigali, Rwanda, Equity Bank Rwanda, outgoing Managing Director, Samuel Kirubi, said, the positive results have now placed the fast growing Bank on a profit path following a three year trading loss streak.
Kirubi, attributed the Bank’s growth to profitability in just 4 years to a steady growth trajectory on its customers’ deposits from Frw 4.3 Billion as at end of Dec 2011 to Frw 68.5Billion as at end of December 2015.
Kirubi thanked the Government of Rwanda for creating a conducive business environment that has seen the Banks customer base grow to over 390,000
Equity Bank Rwanda, which recently listed at the Kigali Securities Exchange, saw its total assets grow from Frw 12.1Billion in Dec 2011 to 92.8Billion last year.
In a development that closely mirrors its Kenyan peer, Equity Bank Rwanda’s Net customer loans and advances have grown from Frw 305Million in Dec 2011 to Frw 61.4Billion last year. The Bank’s SME loan book now standing at Fwr 11.6Billion last year, now represents 19% of the total loan portfolio.
Equity Bank Rwanda’s Foreign Exchange income grew by a significant 8% to Frw 1.3Billion in 2015, up from 1.2Billion recorded in 2014, representing 12% of the Bank’s total income which grew to 10.9B in 2015 up from 8.6B in 2014.
Speaking during the event, Dr. James Mwangi, CEO and MD of equity Group Holdings pointed out that the bank has also continued to play a key role in facilitating national growth.
“Equity Bank Rwanda’s future growth will be anchored on our unique position that allows us to develop and deliver to market innovative Banking products and solutions. The Bank, is also developing loan products targeting the agriculture sector to enable farmers’ access to financing. This include rice farmers, Daily farmers and tea and coffee farmers,” Mwangi further added.
The Bank is also running projects geared at supporting ongoing efforts to digitize public transport services, in line with Government objective to further foster Rwanda’s regionally renowned cashless economy.
During his farewell speech, outgoing Managing Director Samuel Kirubi said “ I leave behind a great partnership between the customers and our staff to continuously make this bank a source of empowerment to the people of Rwanda and to walk with them in the journey of self-empowerment in line with the government’s development agenda. These partnerships have resulted in the bank winning several awards such as being the 2nd best bank in financial services during the PSF Expo 2014. ”
Taking over at the helm of the Bank, is Hannington Namara, a career Private Sector Development Specialist who has joined Equity Bank from TradeMark East Africa – Rwanda Country Programme.
Prior to joining Trademark in 2012, Hannington served as the Chief executive officer of the Rwanda Private Sector Federation, an umbrella organization that coordinates, promotes and represents the interests of the Business community in Rwanda.
He worked with Commercial Bank of Rwanda (BCR) – a private commercial bank where he served the bank for over eight years in various capacities including heading the bank’s corporate banking division, marketing and business development functions. He also served as a senior officer in charge of Special Projects at the Rwanda Investment Export Promotion Agency (RIEPA-now known as Rwanda Development Board).
“Plans are already afoot to further deepen our relationship with local corporates, public sector organizations, SME’s, to grow our offering of consumer loan products, roll out group lending to women at encouraging terms and offer financial literacy to this groups,” said Namara while being officially introduced as the new Managing Director, Equity Bank Rwanda.