Home » Diane Karusisi-led Bank of Kigali reports 33-percent increase in profit, earnings surge above $35 million

Diane Karusisi-led Bank of Kigali reports 33-percent increase in profit, earnings surge above $35 million

by Omokolade Ajayi

Rwanda-based financial services conglomerate Bank of Kigali (BK) Group Plc has declared a 33-percent increase in profit for the first nine months of its 2021 fiscal year, which ended on Sept. 30.

Figures contained in the holding’s latest filings revealed that its profit for the period increased by 33 percent to R₣36.7 billion ($36.6 million) in the nine-month (9M) period ending Sept. 30, from the R₣27.6 billion ($28.6 million) that it reported in profit during the same period last year.

The group’s 9M profit was supported by a 20.1-percent growth in its interest income driven by higher income from loans and advances, which grew by 21 percent to R₣1.1 trillion ($1.1 billion) in the period.

BK Group Plc is a non-operating holding registered with the Rwanda Development Board. The group operates a subsidiary commercial bank that has evolved into the largest bank in Rwanda.

Since BK Group was founded 54 years ago, it has grown into a leading financial services provider in East Africa.

In recent times, the group has been able to build on its leading position in the country under the leadership of Rwandan statistician and economist Diane Karusisi, who was appointed as CEO in February 2016.

BK Group’s resilient financial performance was driven by a strong growth across its operating segments as the East African nation recovers from shocks and disruptions triggered by the COVID-19 pandemic.

In her statement regarding the group’s financial performance in the nine-month period, Karusisi said BK Group recorded a significant growth in Q3 2021 and the first nine months of the year driven by a strong recovery in the economy.

“We have recorded double digit growth on all key performance metrics and have kept a prudent stance with regards to impairments,” she said. “We are happy to see improvement in asset quality which allows us to look forward to close the year with a solid performance.”

As a result of the substantial growth in profits and the improvement in assets quality, the value of the group’s assets rose by 28.5 percent from R₣1.21 trillion ($1.25 billion) to R₣1.55 trillion ($1.54 billion).

As of press time on Nov. 9, shares in the Rwanda-based group were trading at Ksh27 ($0.2415) per share, 189-basis points higher than its opening price this morning.

At the current share valuation, BK Group’s market capitalization on the Nairobi Stock Exchange is valued at Ksh24.2 billion ($216.5 million).

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