Bank of Kigali presents Quarter 3 report
BK Group Plc – Rwanda’s largest financial institution has announced a Rwf19.7 billion ($22.5 million) net profit in the 3rd quarter of 2018.
The bank’s latest profit represents 11.1% increase year-on-year, its officials announced Friday.
The Bank, which officially cross-listed on the Nairobi Stock Exchange, also registered Return on average assets (ROAA) and Return on average equity (ROAE) standing at 3.5% and 20.4% respectively for the period ended 30 September 2018.
ROAA is an indicator used to assess the profitability of a firm’s assets while ROAE is a financial ratio that measures the performance of a company based on its average shareholders’ equity outstanding.
According to BK officials who announced the bank’s latest performance this afternoon, the bank’s total assets increased by 0.3% year-on-year to Rwf763.5 billion, while its Net Loans and Advances increased by 10.6% year-on-year to Rwf500.7 billion.
The lender’s Client Balances and Deposits also increased by 3.1% year-on-year to Rwf492.3 billion.
The bank which recently issued 222.2 million new discounted shares, announced an increase in Shareholders’ Equity by 12.71% year-on-year-to Rwf134.5 billion.
Speakig to journalists shortly after announcing the results, Desire Rumanyika, the Bank’s Chief Operating Officer, said that the latest performance is in line with the annual projection.
“The management of the Bank is pleased with the results of the rights issue with the subscription of above 100%. This shows strong endorsement of the BK Group growth strategy from the existing shareholders and new investors,” he said.
To keep the current profit growth, Rumanyika said, “We shall maintain focus on the loan book growth, expand Retail and Small Medium Enterprises deposits and promote digital banking drive and grow our subsidiaries.
