Bank of Kigali recorded a net profit of over Rwf16 billion during the first nine months of the year, up from Rwf14.1 billion in the same period last year, indicating an increase of 13.7 per cent.

James Gatera, the Bank of Kigali chief executive, attributed the performance to the expansion that included opening up of new branches in different parts of the country.

"We have expanded our reach to ensure that more Rwandans access the bank, especially in areas that other financial institutions previously shunned,” Gatera said while presenting the financial results at the bank’s headquarters in Kigali on Thursday.

The bank’s net non-interest income fell by 11 per cent, from Rwf14.8 billion last year to Rwf13.2 billion this year.

However, its net interest income rose to Rwf33.9 billion, indicating a 16.9 per cent upturn from Rwf29.0 billion during last year.

Total assets grew to Rwf525 billion, an 8.3 per cent increase, from Rwf483 billion in the same period in 2014.

Loans and advances rose to Rwf294 billion from Rwf233 billion last year ,while client’s balances and deposits grew by 9.2 per cent to Rwf358 billion from Rwf324 billion over the period.

"We achieved these results because we have been able to mobilise and extend more loans to Rwandans in the private sector to support business growth,” Gatera pointed out at the event.

The bank’s total equity increased by 11.1 per cent, from Rwf89.5 billion to Rwf 94.7billion.

Gatera said their agency banking processed Rwf43.3 billion, indicating increasing popularity of its 1,006 agent-banking network.

Mobi-serve users grew to 269,334, up from 230,636, with Gatera saying that most of the mobile transactions were for airtime and power.

Nathalie Mpaka, the bank’s chief finance officer, said the good performance assures shareholders of better returns.

"If you look at how we started, the returns that we are giving to our shareholders are stable now. That’s why we encourage Rwandans and other people to invest in the bank’s shares,” Mpaka said.

business@newtimes.co.rw