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Bank Of Kigali Selling Like Hot Cake, Cross Lists On Nairobi Securities Exchange, Issues Over Rwf500 Billion In Loans

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Bank Of Kigali Selling Like Hot Cake, Cross Lists On Nairobi Securities Exchange, Issues Over Rwf500 Billion In Loans

BK Group Plc announced on Friday its reviewed financial results, reporting Net Income of Rwf 19.7 billion (US$ 22.5 million), an increase of 11.1% year on year; with return on average assets (ROAA) and return on average equity (ROAE) reaching 3.5% and 20.4% respectively for the period ended 30 September 2018.

Total Assets increased by 0.3%  to Rwf 763.5 billion.

Net Loans and Advances increased by 10.6% to Rwf 500.7 billion.

Client Balances and Deposits increased by 3.1% to Rwf 492.3 billion while shareholders’ equity increased by 12.71% to Rwf 134.5 billion.

The Bank’s COO, Desire Rumanyika, said that its performance for quarter three 2018 is in line with the annual projection.

He said the management of the bank is pleased with the results of the rights issue with the subscription of above 100%, indicating strong endorsement of the BK Group growth strategy from the existing shareholders and new investors.

BK Group Plc also successively cross listed to the Nairobi Securities Exchange.

The cross-listing follows the bank’s issuance of 222.22 million new shares through a rights issue in which current shareholders were eligible to buy one new share for every three they own.

Over 500 million shares are available for trading on both markets, with 76.07 million allocated to new investors on the NSE.

“We shall maintain focus on the loan book growth, expand Retail and SMEs deposits, and promote digital banking drive and grow our subsidiaries,” Rumnayika said.

The Bank’s Chairman Marc Holtzman said  that, “This is a heavy experience for all of us to be here as the first Rwandan company to list on an international exchange and take the vision of president Paul Kagame. What has happened in the 2 decades in the Rwandan economy is nothing short of miraculous.”

“I have been an emerging markets investor, investment banker, owner of my own firm, vice chairman of Barclays, and I can tell you, in the last 30 years I have never seen a more exciting, dynamic and transformational market than existing Rwanda today,” Holtzman said.

Meanwhile, Rumanyika said that BK Group Plc delivered strong results this quarter across all businesses, at the same time investing in innovative solutions that will not only drive up our profitability but will also greatly improve our customer experience.

“We saw continued double-digit growth in net income,” he said, referring to the increase of 11.1% year on year. “We registered another strong quarter in asset growth at 4.3% quarter on quarter, as well as attracting more deposits, increasing by 3.1% quarter on quarter.”

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