BPR Bank Rwanda Plc reports an increase of 24.88 percent to Rwf6.8 billion in net income for the first quarter of 2024, the lender reported in the financial statement.
The growth is attributed to increase in net interest income which grew by 31 percent year on year to Rwf18.4 billion, largely driven by the corresponding 30 percent increase of loans and advances, and 15.75 percent growth of investments in Government securities.
According to the lender’s Financial Statement, its foreign exchange income during the period jumped notable 73 percent year on year, underscoring the bank’s efforts to diversify Non-Funded Income.
While the bank maintained a healthy Non-Performing Loans (NPL) ratio of 3.48 percent in the period, net impairment charges were increased to cater for the growth in the loan book. The Bank has benefitted from substantial recoveries of written-off loans and improved loan book quality.
Net loans and advances increased 30 percent year on year reflecting BPR’s commitment to taking advantage of market opportunities and actively supporting Rwanda’s economic transformation through investments in priority sectors.
During the period, the bank’s customer deposits rose 27 percent reinforcing the continued trust that customers have in BPR following the merger and upgrade of the Core Banking System in 2023.
The bank’s total assets increased by 19 percent year on year driven by loan book growth funded by customer deposits.
The bank maintains a robust financial position underpinned by strong liquidity and capital strength ratios, demonstrated by Net Stable Funding Ratio of 185 percent and Tier 1 Ratio of 19.71 percent, well beyond regulatory requirements.
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