BK Group Plc, Rwanda’s leading financial institution, has projected a 25 percent increase in net income for the year, following a robust performance in the first half of 2024. The bank’s positive outlook is based on a strong start to the year, with net income rising by 29.5 percent to Rwf47.8 billion in the first six months.
Last year, BK Group Plc posted a net income of Rwf74.8 billion, reflecting a 25 percent growth compared to the previous year.
According to Anitha Umuhire, Chief Financial Officer of BK Group, the group is on track to meet its annual growth target.
“We expect to continue the trajectory that we are on until the end of the year. This will mainly be supported by the expectations we have on our loan book growth as well as non-funded income. We expect to do well on the foreign exchange-related income but also improve overall performance on loan-related fees that has been a little bit stagnant,” Umuhire said.
During the first half of the year, BK Group demonstrated significant growth, with a 29.5 percent increase in net income driven by the expansion of its loan book and other key performance indicators.
“In the first half of 2024, BK Group Plc showcased a great performance, reflecting the resilient rebound of the economy. The Group achieved a commendable net income of Rwf47.8 billion, marking a 29.5 percent year-on-year growth, alongside substantial improvements across all performance metrics. This solidifies our position as a robust player in the market,” BK Group, Chief Executive Officer, Uzziel Ndagijimana noted in a virtual press briefing.
Bank of Kigali, the key subsidiary of BK Group, reported strongest results, with a 28.2 percent increase in net profit to Rwf46 billion.
“The bank has continued to benefit from favorable macroeconomic conditions and has maintained growth. For net interest income, we recorded over Rwf89 billion in the first half of the year, representing a 16 percent year-on-year growth,” Chief Executive Officer of Bank of Kigali, Diane Karusisi stated.
Key Highlights
• Total Assets increased by 10.1 percent Year To Date to Rwf2,333.2 billion (US$ 1,779.5 million) as at June 30th, 2024
• Net Loans and Advances increased by 14 percent Year-To-Date to Rwf1,418.6 billion (US$ 1,082.0 million) as at June 30th, 2024;
• Client Balances & Deposits increased by 6.5 percent Year-To-Date to FRW 1,463.7 billion (US$1,116.4 million) as at June 30th,2024;
• Shareholders’ Equity increased by 13.0 percent Year-To-Date to FRW 414.2 billion (US$ 315.9 million) as at June 30th, 2024.
