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Bank of Kigali FY21 Profit Up 35% to Sh5.8 billion

The Bank of Kigali, a Nairobi Securities Exchange and Rwanda Stock Exchange-listed lender has announced a 35 percent increase in net profit to LSh5.8 billion for the year ended December 2021 driven by a 20.8 percent rise in total interest income and double-digit growth in all key performance metrics.

The Bank of Kigali, a Nairobi Securities Exchange and Rwanda Stock Exchange-listed lender has announced a 35 percent increase in net profit to LSh5.8 billion for the year ended December 2021 driven by a 20.8 percent rise in total interest income and double-digit growth in all key performance metrics.

It has recorded a 41.4 percent year-on-year growth in non-interest income to Sh4.2 billion, on the back of increased trade volumes and economic activities.

“We recorded another strong performance in 2021, reflecting economic recovery with improved asset quality and profitability,” Bank of Kigali, Chief Executive Officer, Diane Karusisi said.

The group delivered earnings per share of Sh6.44 and a full dividend of Sh3.22 per ordinary share in a show of strong commitment to stakeholders.

Rwanda Financial is expected to remain stable and sound. The inflation rate stood at 1.9 percent while the Rwanda currency’s depreciation against the dollar stood at -3.8 percent as of 31 December 2021.

Karusisi said that the Bank’s focus remains on non-funded income, deposit mobilization, and asset quality improvement.  

They served 424, 011 retail customers and 36, 700 corporate clients in 2021 largely helped by an expanded agency banking network of 3,504 agents who processed over Sh5.9 million transactions worth Sh76.2 million.  

Its IKOFI Wallet registered over 1,850 agro-dealers and over 263,700 farmers at the end of the year.

Other key performance metrics that saw a double-digit growth were the Total interest expenses which went up by 23.3 percent year-on-year to Sh4.5 billion in line with growth in Customer deposits to Sh109 billion.

Its net loan book also grew by 16.2 percent to Sh111 billion year-on-year while asset quality continues to improve with NPLs ratio and cost of risk at 5.3 percent and 3.4 percent in 2021 compared to 6.7 percent and 4.5 percent in 2020 respectively.


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