Home » Marc Holtzman-led BK Group posts 41.5-percent growth in net profit for H1 2021

Marc Holtzman-led BK Group posts 41.5-percent growth in net profit for H1 2021

by Omokolade Ajayi

Bank of Kigali Group Plc has announced a 41.5-percent growth in net profit to Sh2.5 billion for H1 2021 compared to the Sh1.8 billion recorded in same period last year. The bank has attributed the shift to increased interest and non-interest income.

The bank experienced a 29.9-percent growth in net interest income to Sh7.3 billion, supported by growth in net loans and advances to customers from Sh89.8 billion to Sh100.1 billion.

Non-interest income grew by 43.9 percent to Sh1 billion to support growth in the bottomline, despite a 46.1-percent rise in operating expenses to Sh1.7 billion.

Marc Holtzman is chairman of the board of the banking group. He is also chairman of CBZ Holdings, the largest financial institution in Zimbabwe.

In Zimbabwe, Holtzman will be leading the merger of top financial institutions to create the country’s largest financial services company, worth more than $2.5 billion. The institutions include CBZ Holdings, ZB Financial Holdings, First Mutual Holdings Limited and First Mutual Properties.

BK Group

BK Group (formerly Bank of Kigali Limited) is Rwanda’s largest commercial bank by assets and is licensed by the country’s banking regulator, National Bank of Rwanda. 

It commenced operations in 1967, initially as a joint venture between the government of Rwanda and Belgolaise, with each owning 50 percent of the ordinary share capital. 

Belgolaise is the only European bank dedicated entirely to Africa.

In 2007, the government acquired the shareholding belonging to Belgolaise, increasing its direct and indirect shareholding in the bank to 100 percent.

The bank, which lists on the Rwandan exchange, offers services, including retail banking, corporate banking and central treasury.

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