{"id":68725,"date":"2024-03-28T18:29:41","date_gmt":"2024-03-28T18:29:41","guid":{"rendered":"https:\/\/www.africa-press.net\/rwanda\/all-news\/bk-groups-net-profit-grew-25-in-2023"},"modified":"2024-03-29T16:40:21","modified_gmt":"2024-03-29T16:40:21","slug":"bk-groups-net-profit-grew-25-in-2023","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/rwanda\/economy\/bk-groups-net-profit-grew-25-in-2023","title":{"rendered":"BK Group\u2019s net profit grew 25% in 2023"},"content":{"rendered":"

Africa-Press – Rwanda. <\/strong><\/span>BK Group Plc, the parent company of Bank of Kigali Plc, announced Thursday, March 28, it registered a 25 per cent annual increase in net profit, reaching Rwf74.8 billion in 2023.<\/p>\n

Group executives attributed the increase to a good growth recorded both in non-interest and interest income.<\/p>\n

Non-interest income \u2013 revenue generated from sources other than the traditional interest earned on bank loans \u2013 grew 34.8 per cent to Rwf59 billion in 2023.<\/p>\n

The group\u2019s total interest income rose by 20 per cent year-on-year to Rwf165.4 billion, while net loan book grew by 9.7 per cent to Rwf1.2 trillion in the same period.<\/p>\n

According to Diane Karusisi, CEO of Bank of Kigali Plc, the lender has been trying to diversify income streams over the past years, away from interest income which remains the main driver of growth.<\/p>\n

Karusisi speaks at a past event. File.<\/p>\n

The Group invested in digitisation and staff training to drive productivity and efficiency, which incurred heavy costs. However, Karusisi indicated that the costs have been contained during 2023 and relatively increased at a slower pace compared to income growth.<\/p>\n

She highlighted that the lender benefited from the increase in interbank rate to 7.5 per cent in 2023 from 5.92 per cent in 2022. This suggests that an increase in interest rate at which banks lend each other allowed BK to charge more interest on loans.<\/p>\n

This allowed the lender to maintain a strong liquidity position, taking advantage of the increased interest rates to invest more in government securities.<\/p>\n

Apart from Bank of Kigali Plc, BK Group has other subsidiaries including BK General Insurance, BK TecHouse, and BK Capital. The banking arm has been, for a long time, the driver of the group\u2019s growth.<\/p>\n

The bank\u2019s financial statements indicate deposits increased to Rwf1.38 trillion from Rwf1.08 trillion during the period under review.<\/p>\n

The bank\u2019s total assets grew by 14.3 per cent to Rwf2 trillion mainly funded by a growth in customer deposits and other placements.<\/p>\n

\u201cNon-funded income also experienced a formidable consolidated growth of 34.8 per cent year-on-year which is now contributing 26.3 per cent to total operating income, up from 24.1 per cent the previous year,\u201d Anita Umuhire, Bank of Kigali\u2019s Chief Finance Officer, told the press.<\/p>\n

Umuhire highlighted that the increase in digital channel usage and higher transfer of remittance volume contributed to the growth in non-lending fees of Rwf5 billion.<\/p>\n

\u201cNon-performing loans ratio increased to 4.5 per cent, which is higher than the previous year but still within our appetite, linked to the downgrade of key exposures,\u201d she said.<\/p>\n

She added, \u201cWe also significantly increased our placements into foreign banks, especially for foreign currency funds mainly in US Dollars.\u201d<\/p>\n

The Group CEO, Beata Habyarimana said that Rwanda\u2019s economic resilience against inflation and depreciation supported the group\u2019s activities across all subsidiaries.<\/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, the parent company of Bank of Kigali Plc, announced Thursday, March 28, it registered a 25 per cent annual increase in net profit, reaching Rwf74.8 billion in 2023. Group executives attributed the increase to a good growth recorded both in non-interest and interest income. Non-interest income \u2013 revenue generated […]<\/p>\n","protected":false},"author":84,"featured_media":68724,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[760,763,3877,5418,3717,5411,777,5419,758],"class_list":["post-68725","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-rwanda","tag-bank-of-kigali","tag-bank-of-kigali-group","tag-bk","tag-financials","tag-kigali","tag-proft","tag-rwanda"],"yoast_head":"\nBK Group\u2019s net profit grew 25% in 2023 - Rwanda<\/title>\n<meta name=\"description\" content=\"BK Group Plc, the parent company of Bank of Kigali Plc, announced Thursday, March 28, it registered a 25 per cent annual ...\" \/>\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-groups-net-profit-grew-25-in-2023\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BK Group\u2019s net profit grew 25% in 2023\" \/>\n<meta property=\"og:description\" content=\"BK Group Plc, the parent company of Bank of Kigali Plc, announced Thursday, March 28, it registered a 25 per cent annual ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/rwanda\/economy\/bk-groups-net-profit-grew-25-in-2023\" \/>\n<meta property=\"og:site_name\" content=\"Rwanda\" \/>\n<meta property=\"article:published_time\" content=\"2024-03-28T18:29:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-29T16:40:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/rwanda\/sites\/23\/2024\/03\/sm_1711645037.804203.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"579\" \/>\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-groups-net-profit-grew-25-in-2023#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/bk-groups-net-profit-grew-25-in-2023\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"BK Group\u2019s net profit grew 25% in 2023\",\"datePublished\":\"2024-03-28T18:29:41+00:00\",\"dateModified\":\"2024-03-29T16:40:21+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/bk-groups-net-profit-grew-25-in-2023\"},\"wordCount\":473,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/bk-groups-net-profit-grew-25-in-2023#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/rwanda\/sites\/23\/2024\/03\/sm_1711645037.804203.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Rwanda\",\"Bank of Kigali\",\"Bank of Kigali Group\",\"BK\",\"Financials\",\"Kigali\",\"Proft\",\"Rwanda\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/rwanda\/economy\/bk-groups-net-profit-grew-25-in-2023#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/bk-groups-net-profit-grew-25-in-2023\",\"url\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/bk-groups-net-profit-grew-25-in-2023\",\"name\":\"BK Group\u2019s net profit grew 25% in 2023 - 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