Africa-Press – Rwanda. In 2024, BK Group Plc reported an after-tax profit of Rwf91 billion, marking a 21.7 per cent rise from the Rwf74.8 billion recorded in the previous year.
The development is contained in the Group’s audited financial results announced on Friday, March 28, at their headquarters in Kigali.
According to the financial results, the BK Group’s Return on Average Assets (ROAA) and Return on Average Equity (ROAE) increased by 3.9 per cent and 22.6 per cent respectively for the year ended December 31, 2024.
Total assets also increased by 18.9 per cent reaching Rwf2,521.5 billion.
BK Group CEO, Uzziel Ndagijimana maintained that revenues grew in all four subsidiaries; Bank of Kigali, BK General Insurance, BK TecHouse, and BK Capital.
“2024 was another year of solid progress for BK Group Plc. We delivered strong earnings growth, maintained a healthy capital base, and expanded our customer reach, all while advancing on our strategic transformation journey.
He added; “Our performance reflects the resilience of our diversified business model and our ongoing commitment to delivering long-term value to shareholders.”
Shareholders’ equity increased by 19.7 per cent reaching Rwf438.5 billion as of December 31, 2024.
BK Group’s banking arm (Bank of Kigali) had the largest growth in 2024, recording a net income of Rwf89.7 billion, an increase of 21.8 per cent compared to 2023.
Diane Karusisi, BK’s chief executive said that the growth is a testament to the Bank’s customer-centric approach, digital innovation, and strategic investments.
She particularly pointed out that total interest income rose by 15.8 per cent to Rwf251.1 billion, buoyed by a 16.8 per cent expansion in loans and advances.
“That means we have more money going to the private sector for investors to grow their businesses, creating more jobs and contribute to the economy,” Karusisi said.
Karusisi maintained BK’s mission to bridge financial gaps while creating a lasting impact in the local communities.
“Our success is measured not just in numbers but in the lives we touch. By supporting SMEs, agribusiness, and corporate investments, we are enabling economic resilience and financial empowerment. The strong growth underscores the trust our clients place in us and our ability to deliver value.”
BK’s SME loan portfolio reached Rwf207 billion allowing businesses to purchase stock, cover import costs, and manage cash flow.
Bank of Kigali’s retail loan portfolio also surged by 36.1 per cent to Rwf276 billion, supporting personal financial needs such as housing, education, and salary advances.
Executives argued that by making financing more accessible, the Bank of Kigali continues to uplift individuals and families, fostering economic security.
The banking arm says it continues to enhance its digital banking services ensuring access to Banking Services.
In 2024, the Bank of Kigali introduced a self-onboarding feature on the BK Mobile App and Internet Banking allowing customers to open accounts remotely, and eliminating the need for branch visits.
Also introduced in 2024 is BK Quick+, a digital loan offering up to Rwf50 million, accessible via the BK Mobile App and Internet Banking.
With an automated approval process and a 15-hour disbursement, BK Quick+ prides itself in providing quick financial relief for personal growth.
BK Group in numbers – 2024
According to the results, net loan loss provisions rose by 82.9 per cent year-on-year, reflecting a more conservative provisioning stance in response to increased credit stress observed in certain segments of the loan book.
Asset quality improved, with the Non-Performing Loan (NPL) ratio declining to 3.2 per cent from 4.5 per cent at the end of 2023.
Also increased are client deposits which rose by Rwf19.5 to reach Rwf1,641.8 billion.
BK Group Plc maintained a strong capital base, with a total capital-to-risk-weighted assets ratio of 20.94 per cent.
Reacting to the current geopolitical and regional tensions, Karusisi asserted expressed optimism, citing that, “Despite unprecedented shocks, the economy remains resilient, an opportunity for the banking arm.”
Ndagijimana echoed similar sentiments, noting that; “BK Group continues to deliver robust results, thanks to our diversified portfolio, a strong economic environment, and an excellent management team. Our sustained profitability allows us to reinvest in Rwanda’s future, expanding access to finance and fostering long-term economic sustainability.”
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