Rwanda’s Amy bank, Zigama CSS has announced that it earned a total net profit worth Rwf6.8 billion ($8.3 million) in 2016 compared to Rwf5.2 billion ($6.3million) in 2015, representing an increase of 31%.
The bank’s net profit represents 8% of the $100 million total net profit made by commercial banks in 2016.
Dr. James Ndahiro, chairman of Zigama CSS told a General Assembly chaired by Defence Minister Gen. James Kabarebe at the army headquarters in the capital Kigali that the bank has been growing at a steady pace and projection for this year will yield good results.
James Ndahiro told the General Assembly that the bank’s loan portfolio grew from Rwf102 billion ($124 million) in 2015 to Rwf124 billion ($150 million) last year.
Founded in 1997 with a mission of improving the welfare of soldiers and their families, Zigama CSS’s assets have grown to Rwf215 billion ($261 million) from Rwf10 billion ($14 million) in 2011.
Dr. Ndahiro told KT Press that the banks shining performance since its inception is greatly attributed to its customers.
This means that CSS has maintained a clean sheet in terms of bad loans, despite the bank’s Rwf4 billion ($5 million) available for bad debts last year.
Currently, the bank has nearly 20 branches across the country.
In 2011, the central bank granted license to Zigama CSS to operate as a commercial bank and immediately accepted membership to all members of the National Police Force and the National Correctional Services.
Dr. Ndahiro told KT Press that the bank’s continued impressive performance will continue to directly benefit its members.
For instance, he said, “We have set aside an education fund in which we believe that some of our members are still young and will need to save for their children’s education.”
Dr. Ndahiro added that in other investments in the pipeline, the bank plans to increase technology like e-banking, to contribute to the country’s cashless economy policy.
Meanwhile, without disclosing the monetary value, Ndahiro told KT Press that the closed-door General Assembly discussed and approved the bank’s business plan for 2017.