BK Group Plc registers Rwf43.5 billion net income in first nine months of 2022

On 30 November 2022 at 12:13

BK Group Plc has reported Rwf43.5 billion net income in the first nine months 2022 representing an increase by 18.4% as at 30th September 2022 compared to the same period last year.

BK Group Plc is the mother company of four subsidiaries including Bank of Kigali, BK General Insurance, BK TechHouse and BK Capital Ltd.

As per released figures, the lender recorded Rwf134.8 billion total operating income and Rwf43.5 billion after-tax profit in the first nine months.

As for the third quarter, the group registered Rwf15.2 billion after-tax profit.

Commenting on the performance, the CEO of BK Group Plc, Béata Habyarimana said: “BK Group Plc recorded strong results in Q3 and first nine months of 2022; reporting a net income of Rwf43.5 billion. We are happy to see improvement in asset quality despite a turbulent macroeconomic environment. We remain Rwanda’s leading financial group with over 30% market share on all key metrics teams remain committed to delivering great results and we are confident and optimistic that we will continue to meet shareholder’s expectations.”

Subsidiaries’ performance in the first nine months

Bank of Kigali Plc

As at September 2022, the bank served 439,690 Retail customers and over 21,561 corporate clients, expanded the Agency Banking Network to 4,086 agents and processed over 1.8 million transactions worth Rwf357.0 billion.

The lender has 68 branches, 13 outlets, 9 mobivans; 97 ATMs and 3,197 POS terminals that accept most international cards including VISA and MasterCard.

Among others, retail clients’ balances and deposits reached Rwf309.3 billion as at September 30th, 2022 while business banking clients’ balances and deposits were Rwf818.0 billion as at September 30th, 2022.

BK Quick now has 125,112 registered customers and has disbursed over Rwf1.8 billion as at September 30th, 2022 while IKOFI wallet has registered over 1,853 agro-dealers/agents and over 264,082 registered farmers.

BK General Insurance

As one of BK Group’s subsidiaries, BK Insurance registered a profit of Rwf2.1 billion in quarter three compared to Rwf1.8 billion registered in same period last year, representing 15% growth in profitability.

Gross Premium decreased from Rwf10.4 billion in the third quarter of 2021 to Rwf8.9 billion in 2022 reflecting a growth of 15%.

Underwriting profit grew from Rwf1.7 billion to Rwf1.9 billion year-on-year, which represents a 12% growth.

Total assets also increased by 9% y-o-y from Rwf21.7 billion to Rwf23.5 billion.

BK TecHouse

As for the performance of BK TecHouse, sales revenue grew from Rwf735.7 million to Rwf867.2 million; representing an 18% increase while Net Operating Income reached Rwf1.1 billion; representing a 37% growth.

BK Capital Ltd

The company’s total revenues for the period stood at Rwf677.0 million. Assets under management grew by 128.3% YTD to Rwf2.4 billion; mainly due to improving product awareness, investment returns and consistent customer service.

With RSE Market Share of 36.6%; the subsidiary sustained market share growth attributed to deepening client relationships and growth in related businesses.

BK Group Plc has registered Rwf43.5 billion net income in the first nine months of 2022.