Bank of Kigali is Rwanda's largest lender by assets with 79 branches and 1,427 agents at the end of December 2018. PHOTO | NMG
Bank of Kigali Group has announced a net profit rise of 17.2
percent to Rwf27.4 billion ($30.7 million) for the full year ended
December 2018, buoyed by higher interest incomes.
BK Group's net interest income rose 14.2 percent to Rwf75.8 billion ($84.9 million).
The lender is Rwanda's largest bank by assets and has 79 branches and 1,427 agents.
Its total assets increased by 20.7 percent to $983.6 million with customer deposits growing by 16.9 percent to $596.4 million.
“We
saw a significant increase in gross loans of 13.9 percent in quarter
four alone. We achieved this growth following a successful capital raise
that will enable us to grow further and invest in the future,” Diane
Karusisi, the chief executive officer told a press conference on
Thursday.
Net loans and advances grew by 20.4 percent to $636.9 million.
The bank, which listed on the Rwanda Stock Exchange, cross-listed on the Nairobi Securities Exchange in November last year.
“The
benefits from listing on the NSE are that we have new shareholders
coming from Nairobi because they have a much bigger base than the
Rwandan Stock Exchange,” said Nathalie Mpaka, the chief financial
officer.
Ms Mpaka added that the lender has no plans of expanding into the regional market yet.
“At
the moment there is still a lot to be done in the country. We are going
to concentrate on the local market for now,” she said.
BK Group has an insurance agency, and an investment bank, BK Capital, launched in March this year.
“All
our subsidiaries reported strong performance leading to over $31
million in quarter four alone. We are focused on delivering higher value
for our shareholders and plan to report even better numbers this year
2019,” Mr Marc Holtzman, the Board chairman said.
The
Board has proposed a dividend payout of 40 percent or $12.3 million,
which will see shareholders get Rwf12.2 (US$ 0.014) per share.
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