{"id":18657,"date":"2022-05-31T14:48:41","date_gmt":"2022-05-31T14:48:41","guid":{"rendered":"https:\/\/www.africa-press.net\/rwanda\/all-news\/bk-group-net-income-up-by-40-percent"},"modified":"2022-05-31T15:30:44","modified_gmt":"2022-05-31T15:30:44","slug":"bk-group-net-income-up-by-40-percent","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/rwanda\/economy\/bk-group-net-income-up-by-40-percent","title":{"rendered":"BK Group net income up by 40 percent"},"content":{"rendered":"

Africa-Press – Rwanda. <\/strong><\/span>BK Group Plc reported an after tax profit of Rwf15.6 billion in the first quarter of 2022, a 40 percent increase compared to the same period last year.<\/p>\n

The growth also reflects a 3 percent increase compared to the fourth quarter reported last year.<\/p>\n

The outlook is contained in the group\u2019s financial statement announced Tuesday, May 31, by the Chief Executive Dr Diane Karusisi accompanied by the bank\u2019s Chief Finance Officer Nathalie Mpaka.<\/p>\n

The group registered notable performance across all its business lines and its four subsidiaries, Bank of Kigali, BK General Insurance, BK TecHouse and BK Capital, according to the statement.<\/p>\n

However, the main driver of growth, Karusisi said, was the significant reduction of the cost of risk to 0.7 percent down from 3.4 percent last year.<\/p>\n

\u201c…And that means the asset quality has improved. We have seen a lot of upgrades from watch class to normal class and this has helped us to reduce our impairment charge,\u201d she said.<\/p>\n

Watch class clients are those in arrears who fail to make payments on their loans within at least 30 days while normal class are those that pay regularly.<\/p>\n

The target is to stabilize the cost of risk around 2 percent given that the group has a couple of facilities still in non-performing loans.<\/p>\n

Profit before tax grew by 44 percent, total assets also increased by 22.4 percent while deposits grew by 21.7 percent, all compared to the same period last year.<\/p>\n

While breaking down the numbers, CFO Mpaka said the group reported net loans and advances of Rwf987.4 billion, an increase of 9.99 percent compared to the same period last year.<\/p>\n

BK Group also reported a 10.8 percent growth in shareholders\u2019 equity compared to the same period last year.<\/p>\n

Karusisi expressed confidence that this reflects recovery in the economy, especially looking at the current government spending for the preparation of Commonwealth Heads of Government Meeting (CHOGM) slated for June 20 in Kigali.<\/p>\n

\u201cWe believe this year CHOGM is a really big driver of performance in the first quarter but also very optimistic for the rest of the year,\u201d she said, noting that it is despite a very difficult macro environment.<\/p>\n

\u201cWe have seen inflation accelerating to 10 percent, and this is the first time we see high inflation numbers in the past five years. We are now mulling ways to align our business in this inflationary environment,\u201d she added.<\/p>\n

According to Mpaka, the Group also registered a 49.7 percent increase in operation costs mainly driven by human resource activities in the second quarter last year and increase in partnerships such as the recent naming rights deal with the former Kigali Arena, now BK Arena.<\/p>\n

\u201cWe still maintain very strong liquidity, with liquid assets at around 38 percent of total assets, and when you compare our gross loan to total deposit we have reduced this to 87 percent from 94 percent last year end,\u201d Mpaka said.<\/p>\n

Despite a difficult macro-economic environment characterized by high inflationary pressures, Karusisi is optimistic that BK Group will meet its target for the year 2022.<\/p>\n

\u201cOur teams remain committed to delivering on our customers\u2019 promise and this quarter\u2019s performance gives us great confidence and optimism that we will meet shareholder\u2019s expectations.\u201d Karusisi reiterated.<\/p>\n

In 2021, BK Group Plc recorded an after-tax profit of Rwf51.9 billion, a 35 per cent growth compared to the previous year when it registered Rwf38.4 billion.<\/p>\n

For More News And Analysis About Rwanda<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Rwanda. BK Group Plc reported an after tax profit of Rwf15.6 billion in the first quarter of 2022, a 40 percent increase compared to the same period last year. The growth also reflects a 3 percent increase compared to the fourth quarter reported last year. The outlook is contained in the group\u2019s financial […]<\/p>\n","protected":false},"author":84,"featured_media":18656,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15,28],"tags":[760,763,758],"class_list":["post-18657","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-africa-press","tag-africa-press-rwanda","tag-rwanda"],"yoast_head":"\nBK Group net income up by 40 percent - Rwanda<\/title>\n<meta name=\"description\" content=\"BK Group Plc reported an after tax profit of Rwf15.6 billion in the first quarter of 2022, a 40 percent increase compare ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/rwanda\/economy\/bk-group-net-income-up-by-40-percent\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BK Group net income up by 40 percent\" \/>\n<meta property=\"og:description\" content=\"BK Group Plc reported an after tax profit of Rwf15.6 billion in the first quarter of 2022, a 40 percent increase compare ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/rwanda\/economy\/bk-group-net-income-up-by-40-percent\" \/>\n<meta property=\"og:site_name\" content=\"Rwanda\" \/>\n<meta property=\"article:published_time\" content=\"2022-05-31T14:48:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-05-31T15:30:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/rwanda\/sites\/23\/2022\/05\/postQueueImg_15-62963479b4e1d.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1458\" \/>\n\t<meta property=\"og:image:height\" content=\"972\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/bk-group-net-income-up-by-40-percent#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/bk-group-net-income-up-by-40-percent\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"BK Group net income up by 40 percent\",\"datePublished\":\"2022-05-31T14:48:41+00:00\",\"dateModified\":\"2022-05-31T15:30:44+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/bk-group-net-income-up-by-40-percent\"},\"wordCount\":566,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/bk-group-net-income-up-by-40-percent#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/rwanda\/sites\/23\/2022\/05\/postQueueImg_15-62963479b4e1d.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Rwanda\",\"Rwanda\"],\"articleSection\":[\"all news\",\"Economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/rwanda\/economy\/bk-group-net-income-up-by-40-percent#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/bk-group-net-income-up-by-40-percent\",\"url\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/bk-group-net-income-up-by-40-percent\",\"name\":\"BK Group net income up by 40 percent - 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