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BOA RWANDA 2017 FINANCIAL STATEMENTS

For BANK OF AFRICA – RWANDA (BOARWANDA) 2017 was marked by an investment process begun in 2017 and a decrease in net income of 510%, due to overly high fixed costs.

The network did nevertheless expand, with the opening of two new branches. Its structure has been strengthened, with the total balance sheet up 58% thanks to an increase in customer loans and fixed assets of 55% and 48% respectively. Deposits grew 118%.

Headcount increased, leading to an increase in operating expenses of 104%. Depreciation and amortisation expenses were up by 185% year-onyear, mainly as a result of increased investments.

Loans were up 55% compared to the previous year, resulting in a provisioning rate of 39%. The cost of risk was down slightly, by 0.1% (from 2.2% to -2.1%).

BANK OF AFRICA – RWANDA’s objective is still to give stability to the network, while continuing to attract deposits and loans, control operating expenses and increase net operating income to improve profitability.

 

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