ReNaissance already compliant with new capital requirements

ReNaissance Merchant Bank, which started operations in 2002, had a net profit of $13.7 billion, up from $1.2 billion in 2002. And it is in such a financially sound condition that though merchant banks are required to have a minimum paid up capital of $7.5 billion by September it complied with the new limit at the beginning of March.

The bank says in its report for the year ending December, interest income increased from $1 billion to $13.3 billion with net income shooting up from $823.2 million to $11.5 billion.

Advisory fees grew from $1.4 billion to $16.6 billion with operating income rocketing from $2.6 billion to $29.2 billion.

The bank says it has a performance based remuneration package as well as several corporate responsibility projects.

Its main focus in community service is orphans and widows. It is currently assisting 350 people with education, health, groceries, rent and counselling.

It also has a deliberate policy of supporting the small enterprise sector. It purchased products and services worth $1.25 billion last year, up from $300 million in 2002.

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