Bank of Kigali Group records 20.4B Profit for 2023 third quarter

By Antynet Ford

Bank of Kigali Group has reported a 26.7% jump in net profit to KES20.4 billion for the 9 months ended September 30, driven by robust growth in interest income.

BK Group’s total interest income rose by 10.8% to KES18.9 billion supported by higher income from loans and advances which grew by 15.8% to KES144.5 billion.

Total assets increased 13.3% in the nine months to KES240.9 billion, outpacing the total Rwandan banking sector growth of 11.2% in the period.

BK Group is listed on both the Rwanda Stock Exchange (RSE) and the Nairobi Securities Exchange (NSE).

“The notable growth we have witnessed is a result of the cohesive efforts across all subsidiaries within the Group. The synergy among these entities has played a pivotal role in driving our success and reinforcing our position in the market,” said the BK Group CEO, Béata Habyarimana.

The Board of BK Group recently approved the payment of an interim dividend, which will be disbursed at the end of December.

Read Also: Bank of Kigali investors get1 billion dividend payout

“These dividends are a testament to our commitment to shareholder value. We appreciate the ongoing support of our stakeholders and look forward to continued success in the last quarter of the financial year,” said the Group CEO. 

Total operating income grew by 20% to KES7.3 billion, underscoring the strong growth in interest from customer loans, increased trade volume and economic activities.

Loan loss provisions rose by 24.6% to KES1.8 billion in tandem with the loan book growth, while holding a prudent provisioning as per International Financial Reporting Standards (IFRS 9) guidelines.

“Asset quality recorded improvement with non-performing loans ratio and cost of risk at 4.3% and 2.2% from 4.6% and 1.5% respectively year-on-year, noted the Bank of Kigali CEO Dr Diane Karusisi.

BK Group’s other subsidiaries, BK General Insurance, BK TecHouse and BK Capital Ltd all recorded strong positive growth in the nine-month period.

BK General Insurance registered a 16% growth in profitability to KES301.2 million compared to KES265 million reported in same period last year.

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