Global Credit Ratings (GCR) has affirmed Bank of Kigali’s long-term and short-term national scale ratings at AA-(RW) and A1+(RW), respectively with stable outlook. The ratings are valid until September 2018 and reflect the bank’s “long history and leading domestic market position by assets,” said Dr Diane Karusisi (pictured left), the Bank of Kigali chief executive officer. The bank’s strong capitalisation, comfortable liquidity position and resilient earnings performance in a challenging economic climate are key rating factors as well, she added. According to Karusisi, the ratings also reflect potential support from the Rwandan authorities, if required, given its domestic systemic importance because of its relatively large balance sheet size and client base. The rating firm considered the government’s controlling stake in BK (29.5 per cent directly and 25 per cent through the Rwanda Social Security Board) and the bank’s role in broadening access to banking channels and products in Rwanda. The bank’s half year profit after tax rose to Rwf11.4 billion, up from Rwf10.9 billion in the same period last year. Recently, Bank of Kigali scooped the Best Bank in Rwanda for 2017 in the African Bankers’ Awards for the East Africa region organised by EME.
