Rwanda's Bank of Kigali pretax profits rose 8.8 per cent year-on-year in
the first quarter to $6.8 million and the bank expects the opening of
an office in Kenya to help it tap more opportunities. File.
Rwanda's Bank of Kigali pretax profits rose 8.8
per cent year-on-year in the first quarter to $6.8 million and the bank
expects the opening of an office in Kenya to help it tap more
opportunities.
The bank, which is the largest in the small
African state by assets and has a 34 per cent market share, said its net
interest income rose 48 per cent from a year ago to $11.6 million as
loans expanded.
"With our entry into Kenya, we look to extend our
broad product offering to corporate entities in East Africa as we seek
to unlock further trade and investment opportunities in the region,"
Chief Executive Officer James Getara said in a statement.
The bank opened a representative office in Nairobi
during the period under review, bucking the trend in the region, where
Kenyan banks have been expanding around the region, at a time when
lenders of other nations were not expanding into Kenya.
Rwanda, which has a population of just over 10
million, borders the bigger east African states of Uganda and Tanzania
with Kenya just to the east.
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