In 2019, BANK OF AFRICA -RWANDA (BOA-RWANDA) registered a significant growth in its assets which show an increase of 54%. The year was characterized by intensive investments in interest bearing assets to the detriment of non-productive assets.
Loans to clients went up by 24% from 2018 whereas investment in financials instruments grew by 163%. All this was made possible by clients’ deposits which increased up to 42%.
With the aim to benefit from placements with other commercial banks, BOA-RWANDA recoursed to short term borrowings at a lower interest rate compared to gain realized.
2019 financials show good performances in terms of revenue where net interest income as well as net fee and commission income went up by 37% and 62% respectively.
However, the profitability was hampered by the cost of risk which suddenly increased consecutive to loan granted to corporate customers.
BANK OF AFRICA – RWANDA keeps its objective of increasing the market share with regards to loan lending and deposit collection.