Bank of Kigali has reported a profit after tax of Rwf 17.7 billion in the first nine months of the year, representing an increase of 7.3% year-on-year. The bank’s profit before tax was Rwf 9.4 billion representing an increase of 7.2% quarter on quarter and 3.6% year on year.
BK’s net interest income increased by 7.5% year-on-year to Rwf 46.1 billion while as of September, the lender’s total assets stood at Rwf 761.3 billion client’s balance and deposits reached Rwf 477.3 billion representing an increase of 21.5% year on year.
According to Chief Financial Officer Nathalie Mpaka, during the period, the bank served over 244,000 retail customers and over 23,000 corporate clients, and targets 500,000 retail customers next year.
“Total dividend payable balance stood at Rwf 7.1 billion which is a provision of 40% from current year profits as per the dividend payout policy and shareholders’ equity equaled Rwf119.4 billion,” Mpaka explained
BK’s Chief Operation Officer, Desire Rumanika said the bank’s performance has exceeded expectations across all key balance sheet metrics with total assets growing by 19.3% to Rwf 761.3 billion.
He said the performance indicates that 2017 has been a productive year as the bank launched different products in celebration of its 50th anniversary.
During the first nine months of the year, the bank expanded its agency banking network to 1,398 agents and registered over 1 million transactions worth Rwf 56.3 billion.
Rumanika also called on BK’s clients, and especially those who are not yet clients, to participate in its ongoing ‘Bigereho na BK,’ which was launched in August and in which people who open a BK savings account or deposit money in an existing one can win prizes worth hundreds of millions of francs.