BK profit surge by 17.3%

Bank of Kigali (BK), Rwanda’s leading bank by profitability posted Rwf6.1b net profit in 2010 compared to Rwf5.2b in 2009, according to its management. The Bank said that the 17.3 percent increment was aided by development of innovative products and services, especially internet banking, SMS banking and VISA cards. “Based on the 2010 figures, our profits were… very close to 50 percent of the total profits made by all banks,” BK’s Managing Director, James Gatera, said during a function to appreciate the Bank’s customers last week. The performance, he said, was also boosted by the bank’s improved access to its products and services through branch expansion, where 10 new branches were launched in 2010.BK’s total assets are estimated at over Rwf197b with a market share of more than 27 percent, Gatera said. “BK’s loan portfolio stood at Rwf101 billion, which represents 31 percent of the total loans of all banks and our growth in loans represented 64 percent of the total loans disbursed by all banks.” According to the figures from the bank, deposits increased by 124 percent from Rwf69 billion in 2006 to Rwf136 billion in 2010, representing 25 percent of the total deposits by all institutions.Officials also said the bank installed 20 Automated Teller Machines (ATMs) and that this year they are planning to install more advanced machines, which allow more transactions. Ends

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BK profit surge by 17.3%