Bank of Kigali 2015 net profit increases to Rwf20.5bn

Bank of Kigali recorded Rwf20.5 billion net profit last year, which is an increase of 11.7 per cent compared Rwf18.3 billion in 2014. The increase was mainly driven by 17.8 per cent growth in net interest income amounting to Rwf46.2 billion,” according Dr Diane Karusisi (right), the Bank of Kigali chief executive officer. Karusisi attributed the bank’s sustained growth over the years to customer loyalty and confidence, as well as strong market positioning. Karusisi, who was addressing reporters after the lender’s annual general meeting in Kigali on Monday, said the loan book increased to Rwf313.9 billion from Rwf233.4 billion in 2014. SME loans rose to Rwf69.7 billion over the reporting period. Speaking at the event, the bank’s board chairman, Mark Holtzman, said the firm’s total assets rose to Rwf561.2 billion from Rwf482.6 billion, indicating 16.3 per cent growth. He attributed the increase to continued investment by the bank in distribution channels. “Our total assets grew by 16.3 per cent, while shareholder equity was up by 10.8 per cent over the period under review,” he said. Dr. Diane Karusisi (L), BKs Chief Executive Officer with Mark Holtzman, BKs Chairman of the Board of Directors during their Annual General meeting. (Appolonia Uwanziga) The Rwanda Stock Exchange listed bank has 75 branches across the country, and growing network of agents and mobile banking vans. The bank served over 29,500 corporate customers last year, with deposits held growing by 18.5 per cent. With the retailing banking segment, the bank served 327,441 customers with loans and advances totaling Rwf61.7 billion and Rwf84.3 billion deposits. Meanwhile, shareholders have approved a dividend payout of Rwf12.15 per share or a total payout of Rwf8.2 billion for the year ended 2015. The dividend will be paid on or about June 30. The shareholder’s register will close on Friday June 10. Only those members that will be in the register on June 14 will benefit. Valentine Mushyimiyimana, a shareholder from Nyarugenge District, is optimistic about the bank’s performance, going forward. She said she will acquire more shares in the lender. In a related development, the bank has also announced plans to start insurance services. BK General Insurance company has already secured the central bank approval, according to Karusisi. business@newtimes.co.rw

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Bank of Kigali 2015 net profit increases to Rwf20.5bn