With a 24.3% increase in net income year-on-year and remarkable growth across the SME, retail, agribusiness, and corporate lending, the Bank of Kigali drives inclusive growth, empowering communities, and contributing to Rwanda’s transformation goals.
Bank of Kigali’s financial performance for the nine months ending September 30, 2024, highlights its unwavering commitment to empowering communities and driving economic progress across Rwanda.
Through initiatives like the “Nanjye ni BK” (I am BK) campaign, the Bank has reached close to 431,000 retail customers and more than 195,000 corporate clients. Supported by an extensive network of close to 5,000 agents, the Bank facilitated over 3.8 million transactions valued at Rwf1,134 billion, ensuring that every loan, every investment, and every partnership translates into meaningful progress for Rwandans.
A critical driver of this progress has been the Bank’s targeted support for key sectors of the economy, reflecting how its financial performance directly benefits businesses, individuals, and national development. By September 2024, the Bank had given out loans worth Rwf1,436 billion to businesses and individuals, helping them grow, create jobs, and strengthen key industries.
Small and medium-sized enterprises (SMEs), the backbone of Rwanda’s economy, received an impressive 25.3% boost in their loan portfolio, which now totals Rwf260 billion. These loans have supported businesses in buying stock, paying for imports, and managing cash flow, allowing them to remain operational, grow, and contribute to local job creation and economic resilience.
Building on this momentum, the Bank also drove growth in retail loans, which expanded by 26.1% to Rwf256 billion. This expansion has made it easier for individuals and families to access essential services, including affordable housing, school fees financing, and salary advances.
Diane Karusisi
Dr. Diane Karusisi, the CEO of Bank of Kigali said that the strategy after this is SMES trustworthiness in managing loans, is to diversify and democratize access to finance.
“What we are trying to tell our clients and stakeholders at large, is that BK is driving access to finance in traditional segments like agribusiness, and SMEs,” Karusisi noted.
Karusisi also revealed that BK as bank of proud of two things- to see that its digital services adoption (developed by BKTech- a BK Group subsidiary) is picking up and BK bank becoming more sustainable as they have contributed to the bank’s non-funded incomes.
“We see more clients adopting digital methods to transact, and our online Nanjye ni BK has been successful, and we see more people transacting and borrowing through our digital channels,” Karusisi said.
“The second this is that we are becoming a more efficient organization when you look at our operational expenses (costs) the increase is much slow compared to increase in our revenues. And for the first time our expenses in administration, branches, and IT are much low than expenses that go to our staff,” Karusisi added, this is a good development and they are becoming a more cost efficient organization.
As the Bank continues to address diverse customer needs, its lending solutions for the Diaspora have also remained a priority. These loans empower Rwandans abroad to secure housing back home, with the Diaspora loan portfolio now totaling Rwf 1.7 billion—a testament to the Bank’s commitment to serving this important community.
The Bank’s focus on sustainable agriculture further reinforces its role in building economic resilience. It has supported farmers with essential supplies and improved food processing, resulting in an agribusiness loan portfolio that grew by 39.2% to Rwf 58 billion.
Loans have been extended to farmers, coffee processors, and cooperatives, driving sustainable farming practices and value addition. Complementing these efforts, the corporate lending portfolio grew by 10.1%, reaching Rwf972 billion. These funds were strategically invested in critical sectors such as infrastructure, transportation, tourism, hospitality, commerce, services, health, and education, contributing to the overall economic development of the region.
Empowering women continues to be central to the Bank’s mission of promoting inclusive development. In October, the Bank launched Kataza na BK, a product offering collateral-free loans to support women entrepreneurs. This initiative equips women with the resources and training needed to grow their ventures. By removing financial barriers and fostering women’s economic participation, the Bank strengthens its commitment to national goals of gender equity and wealth creation.
This year’s achievements also highlight the Bank’s ability to balance financial growth with social impact.
Bank of Kigali recorded a profit of Rwf 67.6 billion in the first nine months of 2024, a 24.3% increase from the same period last year. Beyond the numbers, this success represents real opportunities for businesses to thrive and individuals to secure their futures. Through efficient resource management, the Bank reinvests in communities, expanding access to banking services and supporting initiatives that benefit society.
Uzziel Ndagijimana
Uzziel Ndagijimana, the Chief Executive Officer of BK Group Plc said that this growth has been driven by Rwanda’s micro-economic and business environment which have been conducive for BK Group’s business with a sustained high GDP growth since the end of COVID19 in 2021 but also a supportive legal and regulatory framework.
“Within this good economic environment and good trend in the growth of our business since January, we are confident that this trend (in the last 9 months) will continue, will be maintained in the last quarter of this year,” Ndagijimana said at a press briefing held on November 29, 2024 to announce the Q3 and Nine months’ financial results.
Sustainability and community development remain deeply embedded in the Bank’s mission. For years, Bank of Kigali has consistently allocated 1% of its profit before tax to Corporate Social Responsibility (CSR) initiatives through the BK Foundation.
These efforts have supported education, environmental conservation, and innovation. In 2024 alone, 464 students accessed STEM and TVET scholarships, 1,210 individuals gained financial literacy skills, and construction began on the Gateko Early Childhood Development (ECD) Center, set to benefit 120 children.
Empowering women has also been central to these initiatives, with 25 women-led businesses receiving support through the BK Urumuri Initiative, turning entrepreneurial ideas into impactful ventures that boost economic activity.
Anita Umuhire
Commenting on the bank’s Q3 performance, Anita Umuhire, the Bank of Kigali CFO said that it was boosted by an increase in net interest income and good growth in their loan book but also diversified growth in many areas of the economy,
For instance, the BK bank loan yield grew up by 20 basis points to 14.4% and despite the increase in interest expense- due to raising cost of funds (high by 10 basis points to 3.4%), Umuhire assured that the bank will come around at the end of the year, given the current micro-economic realities.
On a postive note, Umuhire also stated that Non-Performing Loans ration at BK has improved down from 5.7% to 4.8% (Q1-Q3) due to the upgrade of some facilities, thus creating a postive economic outlook and thus building trust among more clients in the financial sector.
As Bank of Kigali approaches the final quarter of 2024, it remains focused on fostering financial inclusion through Nanjye ni BK Campaign, while empowering businesses, and driving sustainable growth. By expanding its digital platforms and introducing innovative products, the Bank is well-positioned to contribute to Rwanda’s Vision 2050, shaping a future where economic prosperity and high quality of life are shared by all.
