For the second consecutive year, Equity Bank Rwanda has received the top award as the Bank of the Year Rwanda 2021 during the Bank of the Year Awards 2021 by The Banker.
The Bank of the Year Awards celebrates the best of global banking and are regarded as the industry standard for banking excellence.
The 2021 edition highlights those institutions that have taken a lead over their peers in terms of performance, strategic initiatives and response to the COVID-19 pandemic.
Equity Bank Rwanda was recognized for its solid commitment to the country’s small and medium-sized enterprise (SME) community during a challenging year for the country’s economy.
In the period under review, Equity Bank Rwanda increased its Tier 1 capital by 27% from Rwf 36.2 Billion in 2019 to Rwf 46 Billion in 2020, assets grew by 25% from Rwf 276.1 Billion in 2019 to Rwf 345.3 Billion in 2020, and net profits by 20% to a double digit of Rwf 11.1 Billion from Rwf 9.2 Billion from the previous financial year. To demonstrate a healthy portfolio, Equity’s non-performing loan ratio reduced to 3.58% compared to 3.99% in 2019.
According to The Banker, the 2021 edition of the awards set out to recognize institutions that have risen to the challenge and come through the worst of the COVID-19 pandemic stronger and more resilient.
Banks have reacted quickly, changed their ways of working and how they deliver services to customers. Importantly, institutions have rethought their purpose and role in society, effectively supporting the business and financial interests of their customers when needed most.
While acknowledging the win, Equity Bank Rwanda Managing Director, Hannington Namara said, “We are greatly honoured and humbled to receive this recognition of Bank of the Year Rwanda 2021 award by The Banker. The award is a clear demonstration of a bank that remains relevant even during the trying times.
A testament of operating true to our commitment to provide inclusive financial services that transform livelihoods, give dignity, and expand opportunities for wealth creation.”
The performance was mainly driven by strategic initiatives that were positively impactful to the society during the pandemic year. The Bank established partnerships with Enterprise Partner Solutions (ESP) and Mastercard Foundation in the creation of a COVID-19 Recovery and Resilience program which committed US$2.5 million to support small and medium enterprises (SMEs) in the tourism and hospitality sector being one of the hardest- hit sectors.
This is in line with the business focus on […]