Access Bank Rwanda Plc reported a 23 percent rise in net profit for the six-month period ending June 30, 2024, bolstered by strong net interest income and increased fee income despite a slight uptick in operating expenses, the lender said in its first half financial statement.
The bank’s profit for the period increased to Rwf3.69 billion from Rwf2.97 billion in the same period a year earlier, driven mainly by an 18 percent increase in net interest income to Rwf6.59 billion, up from Rwf5.58 billion in the first half of 2023. This was primarily attributed to higher interest income, which grew to Rwf8.90 billion from Rwf7.55 billion.
Net fee and commission income rose by 12 percent to Rwf2.55 billion, up from Rwf1.97 billion, as the bank saw growth in its transaction volumes and other banking services. However, foreign exchange income declined to Rwf1.07 billion from Rwf689.31 million, reflecting challenging market conditions.
Operating income increased to Rwf17.11 billion from Rwf15.84 billion, while operating expenses saw a moderate rise to Rwf5.36 billion from Rwf4.23 billion, driven mainly by higher employee benefits and administrative costs.
The bank’s total assets stood at Rwf235.69 billion, up from Rwf231.06 billion at the end of 2023, reflecting growth in its cash holdings and financial assets.
Access Bank Rwanda’s total comprehensive income for the period was Rwf3.69 billion, compared to Rwf2.97 billion a year earlier.
Looking ahead, the bank aims to sustain its growth momentum by focusing on expanding its customer base and enhancing digital banking capabilities.
