Bank of Kigali Total Assets Grew By 47.4%

The Bank of Kigali (BK) Board of Directors announced the 2011 full year financial highlights.

The announcement was made today at Serena Hotel,Kigali saying that the bank’s net income of 2011 full year financial highlights comes up to 8.2 billion Rwandese Francs (us$13.6 million) A total of 33% increase since 2011.

BK’s total assets grew by 47.4% making it a total of 291.3 billion Rwandese francs at the end of December 2011.

BK has for over the last three years maintained its credit rating becoming the second domestic company to be listed in the Rwandan stock exchange.

Since 2009 its recognition has only grown in stature, its recognitions shown through it awards ranging from, “Best Bank in Rwanda” by Emeafinance and the Bank of the year award by the Banker in 2011.

The BK board of directors has formulated recommendation on the dividend policy in accordance with the law, as well as for the preparation of the AGM, where the AGM will adopt the dividend policy calling for the payout of 50% of the banks audited IFRS-based income of 2011, 2012 and 2013.

Under tax law in Rwanda, dividends paid on ordinary shares which are listed on the Rwandan stock exchange are subject to withholding tax of 5 % for resident taxpayers of Rwanda and the East African community.

The forward looking statements and future expectations include but are not limited to; the general market, technological developments, competitive pressures, macroeconomic government policies, financial and credit worthiness of their customers as well as many other contributing factors.

The date set for the AGM formally known as the Annual General Meeting will be held on the 27th of April 2012 which also coincides with the investor’s day.

Some of the banks management’s key targets for 2012will be; return on average equity, total assets growth, gross loans by 2012 and its new branches that will be opened in 2012.

With the increase in the percentage since 2011, the banks key targets will be used in order to ensure it maintains profitable growth while still maintaining its’ leading position in the Rwandan market.

The presentation team consisted of the managing manager James Gatera and the chief operation officer Lawson Naibo made it clear that their presentation contains statements from the unaudited IFRS financial highlights of 2011 that constitute and relate to the implementation of strategic initiatives as well as the banks financial performance as well as its business developments.

Gatera stated “ we are pleased to have been able to create shareholder value of over 6,000 shareholder by generating earnings per share of 12.29 Rwandese francs in 2011”, “ we relish the challenge of achieving the key management targets set for 2012 by the board of directors.

Lado Gurgenidze, chairman finished by saying “Having completed the budget planning cycle for 2012, we look forward to continued success of the management team in delivering profitable growth”.

The bank which had opened over 11 new branches in 2011 now has 12 branches.

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