This was revealed on Friday when it announced reviewed IFRS-based 3Q & 9M 2018 results in the first three months of 2018.
The event coincided with its cross-listing on the Nairobi Securities Exchange (NSE) the Nairobi Stock Exchange Market. The cross-listing marks the entrance of the first Rwandan company in the Kenyan capital market, which is considered to be the biggest in the region.
Head of Finance and Budget at BK, Samuel Nshimiyimana attributed the good performance to the increase in the number of loans issued and savings.
“There has been an increase in the loans we give to our customers which grew by 10.6% compared to the same period last year, up to Rwf500.7 billion. Meanwhile, savings also increased by 3.1% to Rwf492 billion,” he said.
BK Group Chief Commercial Officer General, Vincent Gatete said that among the reasons for the increase in savings and loans, including the fact that they have been increasingly approaching their customers and effort invested in easing access to services by means of technology.
He added that after establishing a system known as BKQuick, customers were interested in applying for loans by means of a mobile phone and in short period of time.
BK Group Plc, which is comprised of the Bank of Kigali, BK General Insurance, BK TecHouse which offers ICT services, and BK Capital which offers stocks and exchange market services.
The number of people using technology that facilitates farmers to access fertilizers provided by BK TecHouse known as ‘Smart Nkunganire’ hit Rwf1.5 million from Rwf1.2 million in the first six months of 2018.
Meanwhile, a technology known as ‘Urubuto Education system’ that is used to monitor child behavior at school is used by about 160000 people.
At BK General Insurance, the amount of money from insurances hit Rwf4.9 billion, equivalent to an increase of 66% compared to the previous year.
Profits expected from cross-listing on Nairobi Securities Exchange
Bank of Kigali’s Chief Operating Officer, Desire Rumanyika said that aside from being proud of the profits the bank has earned, they are also delighted to benefit from Kenya’s Securities Exchange market.
He also highlighted that the goal they set to rise BK Group PLC’s core capital which started with domestic stock and exchange market was achieved since the shares dedicated to existing shareholders were all bought and those who applied for the shares exceeded around 8% of available shares.
“More than 200 million shares we had floated were all purchased, and oversubscribed; we got Rwf60 billion. This shows that those who invested in the BK are financially optimistic, and they support our program to develop BK,” he added.
Aside from the rise in profitability, BK Group Plc’s total assets amounted to Rwf763.5 billion, an increase of 5% compared to the previous year.
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