BCR profits up 35.2%
By Saul Butera, The New Times
Rwanda Commercial Bank (BCR) registered huge growth in net earnings in quarter two of this year, signalling a major turn around in one of the country’s largest lenders previously marred by a series of poor risk management practises stretching from 2007 to 2009.
The bank announced that net profits rose by 35.2 per cent to Rwf1.3b between April and June this year, up from Rwf961.3m at the same period last year as it increased its lending to the economy, mainly Small and Medium Enterprises (SMEs).
“We expect the bank to have great results this year as our corporate SMEs, retail clients are doing very well,” BCR’s Managing Director, Sanjeev Anand, said in an interview with Business Times.
The subsidiary of UK’s private equity investor, Actis, targets a net profit of Rwf 2.6b by the end of this year.
SOURCE: The New Times
