Bank of Kigali has approved a dividend of Rwf 8,302,347,000 for the year 2016, a 40 per cent payout on the bank’s audited International Financial Reporting Standards (IFRS)-based net income for the year 2016.
This was announced in an annual general meeting of the Bank of Kigali Ltd yesterday in Kigali, where the bank met with its shareholders to approve the dividends, elect new directors, receive the annual report and audited financial statements for the year ended 2016, among other things.
The figure represents a marginal increase from 2015 when the dividends totalled Rwf8,187,324,992.
Speaking to the shareholders, Marc Holtzman, the chairman board of directors referred to the dividend as “nice” adding that he believes in the future of stock market in the country.
“I believe that Rwanda will follow the path of other dynamic and exciting commercial markets, and the liquidity in the market will improve and, when it does, Bank of Kigali as the national champion in the market will probably be the biggest beneficiary,” he said.
“I personally bought stock shares in September 2011. I have never sold a share and I don’t ever expect to sell a share as long as I am alive. I believe in the future of the bank,” he added.
Dr Diane Karusisi, the chief executive officer of BK, said that the company is currently the most profitable in stock market in Rwanda. She thanked the shareholders as well as BK customers and staff for their contribution towards the bank which has risen from its “humble beginnings” to become “a strong brand on the Rwandan market”
She cited several achievements made in the last year among which the bank’s net profit grew to 20.8 billion Rwanda francs from the 20.5 billion Rwanda francs recorded in 2015, establishing an insurance company (BK Insurance), BK tech house, among others, and expressed confidence for better performance in 2017.
She promised that the bank will continue to pursue the universal financial services model strategy, innovation in its range of services and products as well as provision of superior customer service.