Bank of Kigali posted a 21.3 per cent rise in net profits during the first half of this year. The bank registered Rwf7.3b in profits, Rwf1.3 billion more than was posted during the same period last year, James Gatera, the bank’s chief executive officer, has said.
He said despite the increasing competition, the bank’s total assets grew by 5.9 per cent quarter-on-quarter and 13.9 per cent year-on-year to Rwf356.3b by the end of June this year.
Net loans fell by 15 per cent in the last quarter compared to the first quarter of this year, but increased by 37.1 per cent year-on-year to Rwf195.5b.
Client balances and deposits rose by 8.5 per cent quarter-on-quarter and 8.7 per cent year-on-year to Rwf227.9b at the end of June this year.
Gatera attributed the growth to a steady business environment the country is experiencing and innovation that has enabled them to deploy new IT-based solutions to reach more people. He projected the bank, the biggest by asset size and clients, would most likely double its profit by the end of the year if the situation does not change.
“We will open six more branches, deploy more mobi vans and agency banks to be able to reach the unbanked masses in the rural areas,” he said.
Gatera said over 2,500 accounts were opened through its agency banking outlets, with net deposits mobilised amounting to Rwf13.5b since its launch in October last year.
He said the bank would continue to deploy new technology solutions like the mVisa platform to access customers financial services using their mobile phones.
Lawson Naibo, the Bank of Kigali chief operating officer, said the bank would continue employ IT innovations to extend services to the unbanked masses to consolidate their position in the market.