Bank of Kigali Plc has emerged as Rwanda’s top-performing bank for the first nine months of 2024, leading across all five key metrics: profitability, deposits, assets, lending, and net interest income. The bank’s results underscore its dominance in the competitive Rwandan banking sector and its ability to capitalize on economic growth trends.
BK recorded a remarkable profit of Rwf67.61 billion, a 24 percent increase from Rwf54.40 billion in the same period of 2023, far surpassing its closest competitors. Equity Bank followed distantly with Rwf36.60 billion, while BPR Bank ranked third at Rwf22.79 billion. The other players, including I&M Bank and Ecobank, trailed significantly, highlighting BK’s commanding position.
In deposits, BK’s Rwf1.56 trillion represents a significant 12 percent growth from 2023, reaffirming customer trust and its expansive market reach. Equity Bank came second with Rwf847.03 billion, with BPR Bank and I&M Bank posting Rwf576.63 billion and Rwf553.47 billion, respectively. BK’s robust deposit mobilization strategy cements its role as the primary custodian of Rwandan savings.
BK also outpaced rivals in total assets, reporting Rwf2.37 trillion, a 15 percent year-on-year rise. Equity Bank secured second place with Rwf1.22 trillion, with BPR Bank at Rwf954.89 billion. I&M Bank and the Development Bank of Rwanda posted respectable figures but remained well below BK’s staggering scale.
In terms of lending, BK extended Rwf1.44 trillion in loans, representing a 15 percent increase from 2023, solidifying its position as the primary driver of credit in Rwanda. Its closest challenger, BPR Bank, posted Rwf664.26 billion, followed by Equity Bank at Rwf484.76 billion. BK’s ability to grow its loan book without compromising on asset quality further differentiates it from its peers.
Lastly, BK’s net interest income reached Rwf137.16 billion, up from Rwf118.25 billion in 2023, a growth fueled by efficient interest rate management and loan portfolio expansion. Equity Bank placed second with Rwf60.20 billion, while BPR Bank’s Rwf57.31 billion highlighted its improving performance.
Bank of Kigali’s consistent leadership in profitability, deposits, assets, lending, and net interest income underscores its unrivaled stature in Rwanda’s banking landscape. As the sector continues to grow, BK remains the benchmark for operational excellence and financial resilience.
