The Bank of Kigali (BK) has announced that it has registered a 20 percent growth in its total assets as of 30th September compared to the same period in 2008 attributing it to the focus on customer services and relationships.
A statement published in the press say the financial institution has also profited a profit of Rwf4.5 billion profit after tax for the period ending 30th September 2009.
The statement also said that, this result was due to higher interest income which has grown by 24 percent compared to the same period last year and it also says that the profits for nine months is higher than the 2007 profit for the whole year.
With this performance, the bank also expects to see this year’s total profits surpass the Rwf5.6 billion which they earned last year.
“Branch expansion also helped realize more deposits and increase in access to banking services,” the statement says.
The bank has also managed to reduce its non performing ratio to 11 percent from 23 percent in 2007.
The bank’s total deposits as of 30th September 2009 hit Rwf117 billion and the growth of 17 percent deposit was mainly due to efforts made by the bank to diversify the structure of their deposits.
The bank’s ability to recover loans also had a hand in increasing its profitability.
By strengthening their risk management department, a process that begun last year Management said it has also enabled the bank to be more profitable.
The marketing campaigns which the bank employed increased the savings especially to the under banked population hence a growth in deposits.