Bank of Kigali continues to dominate Rwanda’s banking sector, reporting a 28.2 percent increase in profit after tax, rising from Rwf36.1 billion in the first half of 2023 to Rwf46.3 billion in the first half of 2024. The bank also achieved growth across all major financial indicators, solidifying its market leadership, according to data compiled by The Kigali Financial Journal.
BK’s total assets increased from RWF 2.06 trillion in H1 2023 to Rwf2.28 trillion in H1 2024, representing an 11 percent rise. Deposits grew by 6.5 percent to RWF 1.47 trillion, while loans and advances expanded by 14.5 percent to Rwf1.42 trillion. The bank’s net interest income climbed 15.9 percent to Rwf89.39 billion, reflecting its effective lending strategies and strong interest margins.
I&M Bank Rwanda posted impressive growth with a 72.1 percent surge in profit after tax to Rwf8.01 billion. The bank’s deposits increased by 27 percent to Rwf593 billion, and its lending activities grew by 12 percent to Rwf353 billion. Equity Bank Rwanda also demonstrated resilience, with profits rising to Rwf23.29 billion, despite only a modest 1 percent increase in deposits to Rwf743.9 billion and a slight contraction in total assets to Rwf1.02 trillion.
BPR Bank Rwanda maintained its upward trajectory, with a profit increase to Rwf12.36 billion, up from Rwf10.13 billion in H1 2023. The bank experienced substantial deposit growth of 44.2 percent to Rwf674.8 billion and expanded its asset base to Rwf971.6 billion. The lending portfolio grew by 33.1 percent to Rwf659.42 billion, contributing to a rise in net interest income to Rwf38.7 billion.
However, the sector showed mixed results, with some banks experiencing declines. GTBank Rwanda’s profit fell by 6.6 percent to Rwf2.6 billion, reflecting challenges in maintaining profitability. NCBA Bank Rwanda faced a more significant downturn, with profits declining by 42.3 percent to Rwf1.5 billion, underscoring the pressure faced by smaller players in the market.
Access Bank Rwanda showed steady performance, with a profit increase to Rwf3.6 billion, while Ecobank Rwanda saw a 62.3 percent rise in profitability to Rwf4.8 billion, driven by a significant increase in net interest income to Rwf11.2 billion. Development Bank of Rwanda recorded modest profit growth to Rwf4.7 billion, with total assets reaching Rwf681.7 billion.
These results highlight a competitive and varied banking landscape in Rwanda, where Bank of Kigali, founded in 1966, remains the dominant force. The bank’s extensive branch network, innovative product offerings, and focus on digital transformation continue to drive its strong performance amid a challenging environment.
