Bank of Kigali Makes Rwf11.4 billion pre-tax Profit

By IGIHE
On 26 August 2017 at 05:50

Bank of Kigali Group Rwanda’s largest bank by assets, has announced a pre-tax profit of Rwf11.4 billion approximately 4.8% increase compared to the same period last year.
Dr. Diane Karusisis, Chief Executive Officer told the press that the Bank’s profit before tax raised to Rwf16.7 compared to Rwf15.8 billion in the same period last year.
"If you look at the share price of the bank on the Rwandan Stock Exchange Market the price has grown over time. It shows that confidence is growing. We (...)

Bank of Kigali Group Rwanda’s largest bank by assets, has announced a pre-tax profit of Rwf11.4 billion approximately 4.8% increase compared to the same period last year.

Dr. Diane Karusisis, Chief Executive Officer told the press that the Bank’s profit before tax raised to Rwf16.7 compared to Rwf15.8 billion in the same period last year.

"If you look at the share price of the bank on the Rwandan Stock Exchange Market the price has grown over time. It shows that confidence is growing. We understand that there are more customers who want to buy BK shares; this shows that the bank is doing well in terms of customers a service which shows a positive sign of doing business,” reads a statement.

According to the bank’s statement, total assets of June 30 grew by Rwf 719.3 billion, while net loans and fees increased to Rwf 450 billion Meanwhile the bank’s deposits stand at Rwf 483 billion.

Considering an increase in customer loyalty, the bank says its number of active banking retail customers is 258,000 retail with its services distribution channels expanded by opening 4 new branches. The banks ATM increased to 89 point of sale machines, 1082 machines receive cards like Visa and MasterCards.
BK was offered a 5-year tax holiday when it listed on the Stock Exchange six years ago, but taxes kept hiking as the holiday expired.

Dr. Karusisi further said that BK will continue to keep an open eye on more customers targeting to expand its growth by offering new services.


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