Rwanda’s Biggest Bank Posts $20m Profit

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Bank of Kigali, the country’s biggest lender by total assets, has posted a profit of Rwf17.7 billion ($20 million) in the first nine months of 2017, a 7.3 percent year-on-year increase from 2016, according to the bank’s latest performance report released yesterday.

The bank reported a profit before tax of Rwf26.1 billion in nine months, an increase of 5.1 percent from the corresponding year.

Nathalie Mpaka, the chief financial officer of the Bank, said the performance exceeded their expectations across all key balance sheet metrics.

“We have grown our loan book, we have grown our fees and commission, and we have good numbers in terms of expectations. Our target has in fact been exceeded. For the asset to grow by 19 percent when the country is doing 5.2 percent GDP projections, we are doing very well,” she noted.

The Bank of Kigali was started in 1966 to provide commercial banking services to individuals, small businesses, and large corporations. The bank was 50 percent owned by Banque Belgolaise before the Government of Rwanda purchased that shareholding in 2007.

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