Reports & Publications · Rwanda
Annual results and sector analysis of nine commercial banks.
RG Partners in partnership with The Kigali Financial Journal · April 2026 · 12 pages
Executive summary
This report analyses nine commercial banks across their balance sheets, profit and loss, prudential ratios and market structure for FY 2025.
Operating environment
Rwanda's economy surpassed projections, with growth accelerating from 6.5% in Q1 to 11.8% in Q3 and 11.2% in Q4. Services (+9%), industry (+11%) and agriculture (+7%) all contributed.
On 18 February 2026 the Monetary Policy Committee raised the central bank rate by 50bps to 7.25%, the first hike in the current cycle, as inflation reached 8.9% in January, above the 2–8% target band. Lending rates eased slightly to 15.72% in Q4 2025, while deposit rates declined 152bps to 8.98%. BNR projects inflation to stay above 8% in H1 2026 before returning to target by end-2026.
The Financial Stability Committee confirmed that the sector remains well capitalised and liquid. NPLs stand at 2.5%, the sector liquidity coverage ratio at 358.8% and the net stable funding ratio at 149.9%. New credit by banks grew 19% to Rwf 2.7 trillion, and outstanding loans expanded 25.8% to Rwf 5.4 trillion.
Market share
Bank of Kigali controls 33.9% of assets, 40.9% of loans and 40.8% of sector profit before tax. A credit shock at the largest bank would pass straight through to the real economy.
| Bank | Assets | Loans | Deposits | Operating income | Profit before tax |
|---|---|---|---|---|---|
| Bank of Kigali | 33.9% | 40.9% | 33.7% | 39.3% | 40.8% |
| Equity Bank | 17.4% | 17.3% | 16.3% | 19.1% | 21.6% |
| BPR Bank | 16.6% | 20.2% | 15.8% | 15.8% | 15.2% |
| I&M Bank | 12.9% | 11.8% | 14.0% | 10.5% | 8.7% |
| Other five banks | 19.2% | 9.8% | 20.2% | 15.3% | 13.7% |
Profitability deep dive
A staff cost ratio of about 15.8% is among the lowest in the peer group, reflecting a digitally enabled distribution model and a lean operating structure.
A BNR regulation fixing the FX spread, effective June 2025, compressed FX trading margins across the sector. Together with digital payment growth, it contributed to the decline in non-funded income seen at seven of nine banks.
Profit after tax of Rwf 8.5B reflects a Rwf 6.5B swing in ECL impairment, from a prior-year charge to a reversal. Operating income growth of 53.5% is real, but from a low base.
FY 2025 bank scorecard
| Bank | PAT (Rwf M) | PAT YoY | Asset growth | Loan growth | NPL ratio | Signal |
|---|---|---|---|---|---|---|
| Bank of Kigali | 110,349 | +22.9% | +16.2% | +16.1% | 2.90% | Strong |
| Equity Bank | 59,191 | +9.7% | +10.5% | +28.6% | 3.09% | Efficient |
| BPR Bank | 40,891 | +37.8% | +44.6% | +34.8% | 2.74% | Breakout |
| I&M Bank | 23,150 | +24.4% | +33.4% | +37.0% | 1.84% | Challenger |
| Ecobank | 12,096 | +3.0% | +35.4% | +19.3% | 1.61% | Watchlist |
| NCBA | 8,483 | +275.1% | +31.4% | +33.8% | 2.40% | ECL-driven |
| Access Bank | 7,191 | −15.9% | +6.9% | +9.2% | 3.99% | Watchlist |
| BOA | 4,852 | +14.3% | +10.5% | +6.3% | 1.09% | Steady |
| GT Bank | 3,705 | −39.2% | +19.4% | +39.4% | 0.34% | Revenue gap |
Insights
Bank of Kigali's weight in assets, loans and profit means any credit shock there propagates into the real economy. The surcharge framework for domestically systemically important banks must stay robustly calibrated.
Bank of Kigali (−52.5% impairment), BPR (−84.6%), I&M and NCBA all benefited from ECL tailwinds in FY 2025. IFRS 9 Stage 2 and 3 migration risk is the key credit variable for FY 2026.
Seven of nine banks report declining non-funded or FX income. The FX spread regulation and digital payment growth have each compressed margins, and both trends are structural.
GT Bank (profit −39.2%), Access (−15.9%) and BOA (+14.3% from a small base) face insufficient revenue relative to their capital and cost structures. Parent group decisions on capital, strategy and product mix will be decisive in FY 2026.
BPR's 49.2% deposit growth raises liability concentration questions as its loan book seasons. Ecobank's 5.37x net stable funding ratio signals excess liquidity and under-deployment. Loan-to-deposit ratios range from 29% to 78%.
FY 2026 outlook
The 50bps hike in February 2026 to 7.25% will push lending rates higher, pressuring borrower affordability and net interest margin management across the sector.
Aggressive FY 2025 loan books enter their NPL test period. Vintage analysis of 2024–2025 disbursements is the key credit risk variable.
NCBA, BPR and I&M must show organic earnings power as headroom from impairment reversals shrinks.
GT Bank, Access and BOA face structural revenue challenges, and parent group decisions on capital and strategy will be pivotal.
Banks that build income from embedded finance, bancassurance and digital corridors should outperform on revenue diversification.
How RG Partners can support you
RG Partners provides audit, tax, investment and advisory services to organisations across Rwanda and East Africa. If you would like to discuss how these findings affect your organisation, our team is available.
DisclaimerThis report is provided for general information only and does not constitute legal, tax, investment or professional advice. Figures are taken from the report as published; refer to the PDF for the full data.
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