Bank of Kigali profit up 33pc on income rise
Monday November 08 2021
Bank of Kigali CEO Diane Karusisi. PHOTO | FILE | NMG
Bank of Kigali (BK) weathered Covid-19 shocks to register a 33 percent growth in net profit for the nine months to September 30, 2021 helped by growth in both interest and non-interest income.
The group’s net profit increased to Rwf36.73 billion ($35.66 million) from Rwf27.62 billion ($26.81 million) in the same period last year.
“We recorded double-digit growth on all key performance metrics and kept a prudent stance with regards to impairments,” said Diane Karusisi, the group’s chief executive.
“The economy is projected to rebound in the current year with positive outlook through to 2022, supported by high infrastructure project spending and a pickup in the manufacturing and service sectors as the effects of the Covid-19 pandemic dissipate,” she added.
Net interest income grew by 20.52 percent to Rwf99.56 billion ($96.67 million) from Rwf82.61 billion ($80.21 million) in the period while non-funded income increased by 41.73 percent to Rwf31.59 billion ($30.67 million) from Rwf22.28 billion ($21.63 million).
“The financial sector is expected to remain sound and stable. BK’s focus remains on non-funded income, deposit mobilisation and asset quality improvement. Our core banking system has gone live, we are excited about crossing this big milestone of our digital transformation journey,” said Ms Karusisi.
The group’s loans and advances to customers rose by 16.19 percent to Rwf988.96 billion ($960.26 million) from Rwf851.09 billion ($826.39 million) in the nine months while total assets increased by 18.74 percent to Rwf1.54 trillion ($1.49 billion) from Rwf1.3 trillion ($1.26 billion).