[PHOTOS]: BK's 2015 profitability surges to Rwf20.5bn

Bank of Kigali (BK) has pledged to bring to the market more innovative technologies and products to boost efficiency and increase its presence in the region. According to the bank’s outgoing chief executive officer Dr James Gatera, the bank wants to expand its foot print and become a significant player within the East African Community. Gatera who was speaking during the presentation of the bank’s 2015 audited financial statements, yesterday, in Kigali, said the bank has the capacity and recourses to continue supporting the country’s economic development and increase its presence within the East African Community market. Dr. James Gatera, the BKs outgoing CEO briefs the media yesterday. “I am pleased with the management and staff that have worked diligently to ensure that 2015 was a successful year at Bank of Kigali. Our net income grew by 11.7 per cent y-o-y and Total Assets by 16.3 per cent. We managed to grow our Net Loan book to Rwf313.9 billion a 34.5 per cent increase. The figures show that the bank has sustainably defended its position as a market leader in Rwanda across all key balance sheet metrics, with market share over 30 per cent,” Gatera said. According to the bank’s 2015 financial statement, BK’s total assets grew by 16.3 per cent year- on-year to Rwf561.2 billion up from a mere 14.3 per cent in 2014. The bank’s Net Income increased by 11.7 per cent (Rwf20.5 billion) with return on average total assets (ROAA) and average total equity (ROAE) reaching 3.9 per cent and 21.7 per cent, respectively for the period ended December31, 2015. Dr Diane Karusisi, the new BKs CEO speaks to the media yesterday. Net Loans and advances increased by 34.5per cent to Rwf313.9 billion with client balances and deposits increasing by 18.5 per cent (Rwf384.7 billion) in the same period. Equally the bank’s shareholders’ equity increased by 10.8 per cent to Rwf99.2billion during 2015. The impressive growth according to Marc Holtzman, Board Chairman Bank of Kigali, is a reflection of the bank’s commitment to respond to the needs of its customers. The bank is committed to make more returns for shareholders as indicated by the 10.8 per cent Y-o-Y increase in shareholders’ equity without sacrificing the company’s profitability that was recorded in 2015,” Holtzman, said. Marc Holtzman, BKs Board Chairman speaks as Dr Gatera (L) and Dr Karusisi look on. More financial highlights Meanwhile, the Bank’s Net Interest Income increased by 2.7 per cent during the 4th quarter of 2015 to Rwf12.3 billion. Net Non-Interest Income amounted to Rwfw4.3billion, reflecting a decrease of 2.0 per cent during compared to the same quarter of 2014. The decrease was mostly impacted by lower Forex exchange related margins However, total operating income rose to more than Rwf6 billion increasing by 1.4 per cent on quarterly basis. Total operating costs increased by 14.2% q-o-q to Rwf8.9 billion mostly relating to an increase in administration and general expenses. Dr Gatera (L) chats with Marc Holtzman during the press briefing in Kigali yesterday. (All photos by Timothy Kisambira) Overall, Gross Loans increased by 31.6% y-o-y to Rwf324.8 billion with Net Loans increasing by 34.5per cent Rwf313.9 billion. Gross Loans/Total Assets ratio stood at 57.9 per cent increasing from 51.1 per cent in the same quarter 2014. 2015 Business Highlights As at 31 December2015, the Bank served 327,441 retail customers and 29,518 corporate clients. Overall Retail clients’ balances and deposits reached Rwf84.3billion up by 15.0 per cent. “2015 results confirm Bank of Kigali’s industry leadership and consistence in delivering universal financial service which has contributed to the bank’s solid growth,” said the bank’s new chief executive officer, Dr Diane Karusisi. editorial@newtimes.co.rw

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[PHOTOS]: BK's 2015 profitability surges to Rwf20.5bn