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BK Group Plc nets Rwf 25 billion in 2019 third quarter, cements clients’ confidence with solid growth

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With its four subsidiaries, BK Group Plc has maintained strong growth with high turnovers capacitating the group’s unwavering consistency cementing clients’ and shareholders’ confidence, supporting enterprises to generate increased income and promote employment.

The Group’s four subsidiaries are: Bank of Kigali Plc which provides corporate and retail banking services; BK TecHouse for digital innovation; BK General Insurance that offers insurance packages and BK Capital Ltd that offers advisory and investment services.

BK Group Plc recent financial results released as Rwanda’s Vision 2020 (Rwanda’s development blueprint designed in 2000) deadline draws near, reflect the Group’s commitment to being at the financial fulcrum of propelling Rwandans to greater economic heights

Recent results show that BK Group Plc recorded net profit, after tax, of Rwf 25 billion for the period ending 30th September 2019, an increase of 27.0% with the third quarter contributing 66.6 per cent of the total profit.

On the whole, the quarter witnessed improved performance in different portfolios of the Group thus; total assets increased by 23.7% to Rwf 944.3 billion.

The bank expects a dividend payout of Rwf 8.9 billion.

The results reflect expended efforts that saw the Bank tremendously growing assets gradually and supporting the economy as well.

For instance, the group’s assets grew from US$ 200 million in ten years to over US$ 1 billion in assets. 

“We are the first bank in Rwanda to achieve that milestone. But more importantly, it is about serving the population, financial inclusion and taking our products to people that could be helped to continue to grow the economy, “says Bank of Kigali Board Chairman, Marc Holtzman.

The successes are indeed part of Bank of Kigali’s significant whereby it introduced agile ways or working to maximize productivity as well as emphasis on innovation across all business lines.

Among numerous drivers of the success numerous; the bank continued to enjoy a supportive business and macroeconomic environment.

At micro level, it has decentralized loan procedures and reduced application time from 168 hours to 48 hours.

The bank also reviewed lending terms to increase the limit of unsecured loans from Rwf 10 million to Rwf 30 million to improve customer experience.

As a result, the loan book expansion reached Rwf 200 billion in various sectors of the economy like energy, manufacturing, trade, government infrastructure projects, among others.

BK CEO, Dr. Diane Karusisi says the results are commendable and lauds all stakeholders including the staff but mainly clients who have contributed to the success.

She observed that the performance reflects improved services delivered to clients especially lending to the private sector, facilitating its growth and enabling creation of jobs.

“In line with Rwanda’s stellar economic progress, BK Group PLC continues to deliver solid financial performance. We remain the largest financier of the economy as shown by the growth of our loan book, that amounted to Rwf 651.1 billion, registering an annual increase of 14.6%. Other lines of business, BK General Insurance in particular, have continued to grow significantly,” said Dr. Karusisi.

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