2022 Financial Report

The exercise 2022 has been a good year for BANK OF AFRICA – RWANDA (BOA–RWANDA) in terms of growth as well as profitability. The balance sheet grew significantly consecutive to increase in financial instruments.

The growth was facilitated by clients’ deposits which increased up to 80.1%. The good deposits collection made the Bank to reduce its high recourse to borrowings, which allowed reduction in interest expenses.

BOA-RWANDA preferred limiting placements with other banks by emphasizing on long term investments where interest rates were attractive.

The low level of commission in 2022 was compensated by the high volume of interest income consecutive to increase in interest bearing assets. On the other side, the Bank managed to squeeze its operating expenses reducing the cost to income ration from 66.8% in 2021 to 54.1% in 2022.

The year 2022 was closed with a global net profit which exceeds far the budgeted one in spite of sudden increase in the cost of risk in relation to high volume of loans to corporate clients.

BANK OF AFRICA – RWANDA is on a good trail, and there is much expectation to keep growing.

Download the report