Bank of Kigali (BK) has been ranked by London based Financial Times (FT) Magazine as Rwanda’s bank of the year in terms of financial performance and business growth. 

Januario Mucyo, BK’s Marketing Manager said the ranking was based on good financial performance, business growth and customer care service.

"Because of our good customer care services the bank increased its customer base and retained the old ones,” Mucyo told Business Times yesterday.

According to FT, Bank of Kigali scooped this year’s Rwanda award yet again due to its sound approach to lending and efficient policies, a note from The Banker’s website reads.

The FT magazine indicates that the Bank of Kigali’s efforts are particularly laudable as the bank chose not to increase lending rates following the liquidity crisis.

This in turn helped the bank retain its customer base and attract more new clients.

It is said that the bank continues to boast of strong market positioning, with shares of 26, 27 and 26 percent in total assets, loans and customer deposits, respectively.

Non-performing loans fell from 15.4percent in 2008 to 8percent in 2009.

FT also notes that BK’s profits accounted for 70percent of the entire Rwanda banking sector’s profits and, as a result, the bank continues to enjoy a solid reputation.

As of September this year, Bank of Kigali has recorded an increase of Rwf173, 520billion in total assets from Rwf145, 97 billion compared to the same period last year.

Recently BK was also ranked as one of Africa’s banking institutions that are consolidating their positions and on their way to recovery following the financial meltdown that affected the global banking sector.

According to African Business Magazine that listed Africa’s top 100 banks in 2010, BK is among the 15 leading banks in the East African region.

Ends