News Column

GT Bank Posts Rwf209 Million Profit

June 5, 2014

Ben Gasore

GT bank recorded a 8.6 per cent increase in net profit during the first quarter of this year compared to the same period last year, the financial institution has indicated in a statement.

According to the statement, the bank registered Rwf208.8m profit after tax in the last quarter, up from Rwf192.2m in the first quarter of 2012. Its net income from banking activities went up to Rwf1.9b from Rwf1.7b last year, according to Rao Balivada, the GT Bank Rwanda managing director. The loan book grew from Rwf46.95b to Rwf47.3b, while assets declined from Rwf80.8b to Rwf77.8b over the period.

GT Bank recently completed the acquisition of a 70 per cent stake in former FinaBank Group through a combination of capital injection, as well as the acquisition of shares from the previous shareholders for a total cash consideration of $100m (about Rwf69b).

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Source: AllAfrica