Bank of Kigali records Rwf14.1bn net profit

Bank of Kigali registered a net profit of Rwf14.1 billion for the year ending September 30, an increase from Rwf10.8 billion over the same period last year. James Gatera, the Bank of Kigali managing director, said the bank’s total assets grew by 23.5 per cent on annual basis, and 14.8 per cent in the third quarter or Rwf485 billion compared to Rwf477.5 billion recorded in the second quarter and Rwf392.7 billion during the third quarter of last year. Gatera attributed the banks good performance to excellent business planning, new bank products and expansion of its branch network. “We opened up more branches in the third quarter, introduced our point of master sale cards and increased agency banking. We have also started working on new products like e-commerce that will be launched by the year’s end,” Gatera said while releasing the bank’s third quarter financial report on Thursday in Kigali. The bank’s shareholders equity grew by 24.2 per cent on yearly basis, while it expanded by 20.5 per cent for the period to September 30, representing Rwf85.3 billion. The bank registered Rwf223.1 billion net loans or an increase of 14.1 per cent year-on-year, up from 7.5 per cent last year. The loan book grew by 12.1 per cent over the past nine months of this year. Gatera said client balances and deposits expanded by 34.9 per cent year-on-year, up from 32.4 per cent last year to Rwf328.1 billion, driven by corporate client balances and deposits. He promised to expand the bank’s loan portfolio to enhance private businesses, but cautions clients against delaying loan repayments. “We urge customers to pay back in time because it affects both the operations of the bank and businesses… we need these funds to facilitate other activities,” he said. Gatera said Bank of Kigali, which has a representative office in Nairobi, would open shop in Uganda before 2018, subject to completion of an enabling law by Uganda’s central bank. business@newtimes.co.rw

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Bank of Kigali records Rwf14.1bn net profit