Earnings UpdateBank of Kigali (BK Group) Records a 33% Increase in Net Income to Kes 4.1 Billion

Bank of Kigali (BK Group Plc) has reported a Net Income of Kes 4.1 billion (US$ 36.6 million) an increase of 33.0% year on year with a return on average total assets and return on average total equities reaching 3.4% and 18.2% respectively for the period ended September 30th, 2021.

In its Audited financial results, BK Group Plc reported an increase in total interest income by 20.1% as compared to a similar period last year to Kes 14.3 billion supported by higher income from loans & advances, which grew by 21.4% to Kes 119.6 billion

Total interest expenses increased by 18.9% to Kes 3.3 billion in line with a 19.9% growth in customer deposits to Kes 102.7 billion. Overall, net interest income growth recorded in the bank was at 20.5% to Kes 11.0 billion.

Total operating income in the group rose by 22.5% to Kes 14.1 billion, while the total operating expenses rose by 26.3% to Kes 4.9 billion. Loan loss provisions rose to Kes 3.1 billion in line with the loan book growth while holding prudent provisioning in their IFRS 9 Models.

Total Assets in the group stood at Kes 171.5 billion as of 30th September 2021, a 28.5% rise compared to a similar period last year.

Shareholders’Equity in the BK Group increased to Kes 30.8 billion during the period a 16.4% rise compared to a similar period last year. Liquid Assets by Total Deposits stood at 42.5% as of September 30th, 2021 an increase from 37.9% in the same period last year.

BK Group Plc Outlook and Dividend

“BK Group Plc recorded strong growth in Q3 & 9M 2021; we have recorded double digit growth on all key performance metrics and have kept a prudent stance with regards to impairements. 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 pandemic dissipate. We are happy to see improvement in asset quality which allows us to look forward to close the year with a solid performance.”  Dr Diane Karusisi, Chief Executive Officer.

BK Group declared a total dividend payable of FRw 31.4 billion, which include FRw 13.3 billion payable dividends for 2019 and a 50% payout ratio for the current year’s profit.

 

 

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