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Rwanda: BRD Records Frw744m Profits As Bank Increases Equity Investment
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The New Times (Kigali)
3 June 2008
Posted to the web 3 June 2008
John Gahamanyi
Kigali
Development Bank of Rwandan (BRD) has registered Frw744 million in net profits, the bank's ordinary general assemble was told. Henry Gaperi, the Bank's Chairman Board of Directors, said the profits represent 19 per cent increase from Frw596 million recorded in 2006.
The performance is largely attributed to the increased investment in different sectors and the general performance of the Rwandan economy, which grew by 6.5 per cent.
Gaperi in the meeting on Friday last week, announced that the bank has purchased more shares in other companies to a tune of Frw12 billion.
The Managing Director of BRD, Théogène Turatsinze, said that the Frw12 billion equity investment was in projects like the Rwanda Free Trade Zone.
In agribusiness, part of the money was allocated to the multi-million Nyagatare Dairy Factory.
The bank also plans to invest in constructing students' hostels around major institutions of higher learning.
Recently a risk-sharing facility worth Frw2.6b to help develop private schools was signed between the World Bank's International Finance Corporation (IFC) and the Development Bank of Rwanda (BRD).
Management also announced an increase in loan portfolio of 31 per cent from 18.4 billion in 2006.
Average interest rate of BRD in 2007 was recorded at 13.1 per cent while the market rate was 15.57 per cent.
The loans to customers increased from Frw15.6bilion in 2006 to Frw22 billion in 2007.
Turatsinze said that 30 per cent of the net profits will be allocated as guarantee fund while another 30 per cent will be paid to shareholders in dividends.
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A few months ago, African Development Corporation (ADC), a Germany group acquired a 25 per cent in Rwanda Development Bank (BRD).
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