BK Group Plc announces net profit of Rwf 25 billion in 2019

On 28 November 2019 at 04:27

BK Group Plc has announced a Rwf 25 billion net profit in the period ended 30th September, 2019. The Bank has recorded a total asset annual growth of 27% compared to 2018.

In a report that was shared this Thursday, 28th November, BK Group Plc recorded a Rwf 10.4 billion net profit in the third trimester that is equal to a 66.6% growth comparing to Rwf 6.3 billion reported in 2018.

Diane Karusisi, BK Group Plc, Chief Executive Officer says that all subsidiaries of BK Group Plc including Bk Capital, Bk General Insurance, Bank of Kigali and Bk TechHouse recorded profit in 2019.

“The Bank offers preferential rates on loans to entrepreneurs and business owners in a bid to contribute to the development of the country. We have recorded an increase in profit of 20% and an 80% profit increase in BK General Insurance. Combining all our subsidiaries, there was a 27% profit increase only by September, 2019”

This profit is also partly due to very low non-performing loans with a growth from Rwf 30.1 billion to Rwf 651.1 billion coupled with IKOFI services that continue to help farmers easily access financial services.

Dr. Karusisi added that the Bank strives to reduce its cost of operations in order to generate sustainable value for shareholders and customers and bigger profit on shares.
In BK Insurance, profit escalated to Rwf 1039 billion in the third quarter of 2019 compared to Rwf 559 million in 2018. BK TechHouse recorded a Rwf 788 million net profit in 2019 compared to Rwf 458 million in 2018 while BK Capital recorded a 27% growth.

To this date, Bank of Kigali owns 28% of all banking services in Rwanda. On this Thursday, BK Group Plc also welcomed Rohit Dhawan who joined the team as the Chief Information Officer in September 2019.