In 2020, BANK OF AFRICA – RWANDA (BOA-RWANDA) pursued its growth with a total asset which increased by 74%. Many efforts were particularly made in interest bearing areas with the aim to improve the profitability.
There was increase in loans to clients by 46% from 2019 while investment in financials instruments went up by 78%. The above growth was facilitated by clients’ deposits which grew by 24%.
BOA-RWANDA maintained its strategy of contracting short and long-term borrowings which are used to generate income either by placing them with other commercial banks or through loans to clients at a higher interest rate.
Despite the Covid-19 pandemic, BANK OF AFRICA – RWANDA performed well in 2020 where interest income, fees and commission income increased significantly compared to the previous years; there was also a strict control of operating expenses and a decrease in the cost of risk.
All these combined factors made the bank to have positive results in 2020, it has been the first time for BOA-RWANDA to be profitable since its creation.
BANK OF AFRICA – RWANDA is targeting to be more and more present on the Rwandan financial market as well as to improve its profitability.