BPR Bank Rwanda recorded Rwf29.7 billion profit after tax in 2024 representing 14.7 per cent increase year-on-year, mainly driven by a 23 per cent increase in net interest income which rose to Rwf80.3 billion and other growth in other business segments.
The financial statement released by the second-largest bank in Rwanda by assets indicates that total assets increased to Rwf971.8 billion. The loan book expanded by 8 per cent to Rwf620.6 billion, while customer deposits grew by 13 per cent to Rwf757.1 billion.
Patience Mutesi, BPR Bank Rwanda’s Managing Director, said that the financial results reaffirm the bank’s market position and commitment to the development of the country through a strengthened investment portfolio and improved business products, especially SME financing.
“This year, we have enhanced our digital banking platforms, strengthened our lending to SMEs, and expanded our sustainability agenda through green finance initiatives. We are excited about the future and remain dedicated to providing value to our customers, shareholders, and the communities we serve.”
On operational efficiency, Mutesi noted that the cost-to-income ratio has declined over the last three years, from 56 per cent in 2022 to 52 per cent in 2023 and 48 per cent in 2024, which has helped the lender to become more sustainable.
She also indicated that the growth in customer deposits is from individuals, corporates and international organizations, whereas the loan book expanded as the bank injected money in the economy and fostered partnerships, namely the $40 million financing package from International Finance Corporation to enhance SMEs lending.
“We also signed a credit guarantee agreement with the Danish development agency that would help us increase SME financing that do not have collateral by providing a 70 per cent portfolio cover for SME customers.”
According to the bank’s Chief Finance Officer, Vincent Ngirikiringo, the capital ratio increased to 20.8 per cent, well above the central bank’s threshold of 15 per cent, as well as a liquidity coverage ratio which stood at 237 per cent at the end of the year.
He explained that the central bank rate, which was reversed towards the end of 2024, did not have any immediate impact on the bank’s lending rate to customers.
On the digital transformation front, Mutesi highlighted that the bank launched a new digital platform dubbed ‘Unified Omnichannel’ which brings together internet banking, mobile banking, and USSD channel to ensure a seamless experience for customers.
Additionally, the bank started producing its debit and credit cards in-country, reducing the time it usually took to get them as they were previously produced outside the country.
Since its establishment in 1975 as a cooperative and later turned into a commercial bank, the Board of Directors of BPR Bank has proposed a dividend payout of 13.7 per cent of the profit after tax, subject to approval during the Annual General Meeting in May.
This comes at a time when the bank has concluded the exercise to identify and register shareholders eligible for the dividends. According to the board and management, at least 200,000 shareholders out of more than 500,000 were identified and registered in the system.
George Rubagumya, Chairman Board of Directors, said: “We have always believed in delivering consistent returns to our shareholders while retaining sufficient capital for future investments.”
He reiterated the call to shareholders to identify themselves and get registered with the bank which will provide them with a shareholder certificate.
Due to the country’s tragic past of the 1994 Genocide against the Tutsi, the database of the bank was shaken, making it difficult to identify the bereaved of the shareholders who lost their lives or even those who found refuge in other countries and never came back.
BPR shareholders are basically every member who started with the bank when it was still a cooperative until 2008 when it became a fully-fledged commercial bank. Following the merger three years ago, KCB bank became the majority shareholder with more than 80 per cent shares and the rest to minority individual Rwandans.
Rubagumya called onto BPR customers to engage and use the lender’s different products which will improve its financial performance and translate into increased dividend payout.
Going forward, Mutesi said that the bank is committed to delivering sustainable growth and driving digital innovation to increase financial inclusion in the country.
