BPR Bank Rwanda Plc has announced a remarkable 16.2 percent year-on-year increase in profits after tax, reaching Rwf25.8 billion in the financial year 2023.
This growth is attributed to the expansion of total assets, as stated by the bank today.
Patience Mutesi, the Managing Director of BPR Bank, expressed satisfaction with the achievement, highlighting the bank’s resilience and commitment to progress despite global economic challenges and tough macroeconomic conditions.
In addition to the surge in net income, profits before tax saw a notable 18 percent rise to Rwf37.8 billion, with total operating income also increasing by 13 percent over the same period.
The bank’s total assets experienced a significant growth of 15.2 percent, reaching Rwf860 billion, propelled by a 25.4 percent increase in loans across various sectors including trade, personal, manufacturing, agriculture, and construction.
“This financial performance is an indication of the bank’s commitment to accelerate our contribution to economic development, financial inclusion, and access to credit for special segments like MSMEs, Agriculture, Women and youth-owned business,” Mutesi said.
This expansion underscores the bank’s dedication to supporting key sectors aligned with Rwanda’s strategy for transformation.
Mutesi emphasized the bank’s role in fostering economic development, financial inclusion, and access to credit for special segments such as MSMEs, agriculture, women, and youth-owned businesses.
Notably, the bank achieved a below-industry average non-performing loan ratio of 3.4 percent through effective credit management strategies, resulting in a positive total impairment with a net write back of Rwf733 million.
Customer confidence in BPR Bank was evident, with a substantial 33.4 percent growth in customer deposits throughout the year.
Mutesi acknowledged the efforts of the Rwandan government in facilitating import and export activities for SMEs, which aided businesses in navigating economic shocks.
“We recognize the continued efforts of the Government of Rwanda to provide viable import and export facilitations for SMEs and support business recovery, our customers in various sectors have benefited from these interventions which have aided them to withstand the economic shocks,” Mutesi said.
Looking ahead, BPR Bank aims to continue innovating new products and solutions tailored to customer needs across various sectors.
With the recent launch of a new core banking system and an omnichannel mobile and internet banking platform, the bank is committed to providing efficient services to its customers.
The bank’s newly unveiled strategy, “Transforming Today Together” for the years 2024-2026, focuses on customer-centric value propositions and leveraging group capabilities for sustainable growth and returns.
BPR Bank remains dedicated to building upon its achievements, investing in future development, and creating value for its customers and shareholders alike.
