Rwanda | Rwanda Development Bank Shareholders approve 2011 profit, loss account
Rwanda Development Bank (BRD) shareholders held their Ordinary General Assembly (OGA) and approved the balance sheet on profit and loss account for the 2011 fiscal year.
The 2011 external auditors report was presented to Ordinary General Assembly that sat banks board room.
The shareholders approved and signed a new memorandum and articles of association of Rwanda Development Bank in accordance with the company act.
Addressing shareholders during the OGA, the chairman of the Board of Directors of Rwanda Development Bank, Mr. Fabien MAJORO said that the Bank had performed well during the year 2011 with a 61percent rise in net interest income, 42percent increase in loan portfolio and 85percent growth in deposit income.
Mr. MAJORO told shareholders that this remarkable performance enabled Rwanda Development Bank to declare a record net profit after tax of Rwf2.7 billion while return on shareholders’ funds also went up from 5percent in 2010 to 14percent in 2011—well above the industry average of 10percent.
The chairman noted that during the past year, Rwanda Development Bank continued to implement its mandate as the financing arm of the government by approving 219 loans amounting to Rwf 31.5 billion.
This represents 18percent growth from the previous year. “Therefore, the year 2011 ended with Rwanda Development Bank’s loan book growing by 42percent to Rwf 66 billion from Rwf 45 billion,” he said.
He concluded by thanking the management for a good job. “I would like to take this opportunity to salute the Board, Management, Staff and Shareholders for a job well done,” he concluded.