Rwanda | BK bank makes profit of Rwf 8.2billion
Bank of Kigali (BK) saw its profit levels jump by more than Rwf 2billion for last year alone, compared to 2010 – following its listing on the Rwanda Stock Exchange (RSE).
The company managing director, James Gatera, announced at a press conference February 15 that the bank attracted some Rwf 8.2billion in profit. For the year before, BK, Rwanda’s largest bank in terms of assets, earned Rwf 6.2billion.
The bank’s profits rose by 32.8 percent during the past year, said Gatera.
The bank’s total assets grew by 47.4 percent in 2011 from Rwf191.7 billion in 2010 to Rwf 291.3 billion.
While net loans also grew from Rwf 101.4 billion in 2010 to Rwf 124.1 billion in 2011, return on average equity fell from 24.5 percent to 17.9 percent.
BK has 46 branches across the country and offers retail and commercial banking services to over 100,000 individuals and over 13,000 legal entities. BK has also been working on products that attract the Diaspora in a way that they currently own accounts with the lender.
The bank is also beginning to give dividends to its share holds with effect from mid this year.
Officials at the local banking giant said the growth was influenced the massive resources got from the shareholders as well as capital raised through the bank’s Initial Public Offer (IPO) back in June last year.