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Welcome to COGEBANQUE,

Dear Shareholders, Twenty years ago, a group of committed and hard-nosed Rwandans joined hands to set up a bank from scratch. This was a very bold move at the time but looking back they have every reason to be proud of their achievement. The journey has not been easy but nonetheless worthwhile. Today Cogebanque is a well-known brand and an important player in the financial sector space with a balance sheet size of Frw 227 billion (from just over Frw 1bn at the end of 1999). What a difference 20 years can make! I congratulate you from the bottom of my heart.

I am extremely delighted to present to you the annual report of Cogebanque at such a historical moment. The bank is in a strong financial position judging by its recent performance. With this and its previous achievements, we have every reason to strive even harder and bolder and fight for our rightful place in the ever-changing financial sector landscape. We will be guided by our strategy to drive shareholder value and pursue other meaningful objectives as good corporate citizens.

In 2019, the bank registered a profit after tax of Frw 4bn (2018: Frw 3.3bn), a 20% increase from last year’s results. Interest income grew by 14% mainly driven by growth in the loan book and net interest margin was 9.3%, a 24% increase from 2018 levels. Our efforts at containing our cost of funds is bearing positive results. We closed the year with cost of funds of 5.2%. Moreover, we believe that our push for operational efficiency will translate into lower cost to income ratio in the medium to long term. The Balance Sheet grew by 11%, with the biggest driver being net loans and advances which grew by 16%. The bank return on equity was strong at 14.6% which compares favorably with the industry average of 12.5%.

“A customer is the most important visitor on our premises; he is not dependent on us. We are dependent on him. He is not an interruption in our work. He is the purpose of it. He is not an outsider in our business. He is part of it. We are not doing him a favour by serving him. He is doing us a favour by giving us an opportunity to do so” ~ Mahatma Gandhi

We know at COGEBANQUE that banking is basically a service business, and service businesses are about people. One of the most important performance indicators of COGEBANQUE will always be the quality of service. To be able to achieve it, we are committed to consistent transparent management, competitive and flexible pricing, strong technological capability and effective advisory services.

When COGEBANQUE was established by its initial shareholders, it had a dream of becoming a true Rwandan bank at the service of Rwandans. Today that dream is being realized. COGEBANQUE is fully owned by Rwandan shareholders at the service of Rwandans. In its current strategic plan, the focus is for the bank to become more competitive, to maximize profits, to continue to improve

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