The New Times (Kigali)

10 May 2013

Rwanda: Agaseke Registers Loss

Agaseke bank, has posted a Rwf12m loss after tax, the bank's 2012 financial statement released yesterday has indicated.

It showed that the bank's performance dropped when compared to Rwf185m profit after tax earned in 2011. The bank was started in 2003.

According to the statement, the bank was weighed down by mainly huge staff and operating expenses. The staff costs rose from Rwf448m in 2011 to Rwf701m last year, while operating expenses were Rwf657m in 2012, up from Rwf519m the previous year.

But not all was as gloom as the bank's customer deposits expanded from Rwf4.9b in 2011 to Rwf6.6b last year. Its assets also grew from Rwf7.4b in 2011 to Rwf9.2b last year.

The institution also retained Rwf371m earnings last year, up from Rwf181m the previous year.

The bank's total liabilities and equity stood at Rwf9.2b, representing a 24 per cent rise compared to Rwf7.4b in 2011.

Agaseke Bank's main target is to support small-and-medium businesses that are not served by the mainstream banks to bolster their growth.

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