Kigali — Members of the military savings scheme, Zigama-Credit and Savings Society (Zigama-CSS), were yesterday informed during a general assembly, that profits had surpassed the target of Rwf 1.9 billion to earn over 2 billion.
Presenting the 2009 financial report, Maj. Innocent Gashugi revealed that CSS made a profit Rwf 2,090,470,107. According to a balance sheet presented, CSS had a total asset value of Rwf 41.9 billion in 2009, up from Rwf 22.3 billion in 2006. The loan portfolio stood at Rwf 28.6 billion while in 2006 it stood at Rwf 13.2 billion.
According to Gashugi, the society's performance indicated a 109 percent variance in the net profits for the year 2009. Speaking during the meeting held at the Ministry of Defence headquarters in Kimihurura, the Chairman of the Board of Directors, Dr. James Ndahiro, said the scheme performed impressively last year.
"Looking at how we performed last year, one observes that the bank's assets increased impressively, there was a 19 percent increase in credit extended to our members and even deposits increased by nearly 27 percent," Ndahiro said.
The assembly, chaired by the Minister of Defence, Gen. Marcel Gatsinzi, was also attended by the Chief of Defense Staff (CDS) Gen. James Kabarebe, Army Chief of Staff, Lt. Gen. Charles Kayonga, and the Commissioner General of Police, Emmanuel Gasana, among others.
Presenting the impact assessment report, Capt. Kisangani Sekoko also pointed out the role played by Zigama-CSS in improving the welfare of its members.
Zigama-CSS has gradually expanded its network all over the country and now counts over 14 branches and 60,000 members.