BK Group Plc Sees 28.5% Increase in Client Balances & Deposits, Driving Strong Performance in 2023
- What financial metric showed the most growth for BK Group Plc in the year 2023?
- Client Balances & Deposits showed the most growth, increasing by 28.5% year-on-year.
Summary:
- Total assets for BK Group Plc rose by 14.8% y-o-y to FRw 2,127.3 billion ($1,749.9 million) as of December 31, 2023.
- Net Loans and Advances increased by 9.7% y-o-y to FRw 1,244.8 billion ($1,024.0 million) as of December 31, 2023.
- Client Balances & Deposits saw a 28.5% y-o-y increase to FRw 1,381.3 billion ($1,136.3 million) as of December 31, 2023.
- Shareholders’ Equity rose by 14.6% y-o-y to FRw 365.9 billion ($301.0 million) as of December 31, 2023.
- Total interest income and net loan book grew by 20.0% and 9.7% respectively.
- Total operating income increased by 23.6% while total operating expenses rose by 15.8%.
- Loan loss provision increased significantly from FRw 13.1 billion in 2022 to FRw 22.2 billion in 2023.
- NPLs ratio and cost of risk stood at 4.5% and 1.5% respectively, while cost to income ratio stood at 42.8%.
- Profit after tax saw a considerable increase of 25.0% y-o-y to FRw 74.8 billion.
- In terms of key profitability ratios, ROAA and ROAE improved to 3.8% and 21.8% respectively, up from 3.5% and 19.8 % in 2022.
- Bank of Kigali Plc expanded their Agency Banking Network to 4,470 agents and processed over 7.2M transactions worth FRw 1.8 Trillion.
- Retail clients’ balances and deposits reached FRw 310.5 billion as of December 31, 2023.
- Corporate banking clients’ balances and deposits were FRw 1 Trillion as of December 31, 2023.
- BK General Insurance registered a Profit of FRw 3.1 billion in 2023, reflecting a growth of 9% y-o-y.
- BK TecHouse digital platforms registered a 18% increase in total user base, surpassing 4.2 million users.
- BK Capital Ltd recorded a profit before tax of FRw 500.8 million in 2023, a growth of 64 % y-o-y.
- BK Foundation Ltd provided over 400 scholarships, supported a program that led to 30,000 trees being planted and incubated 25 SMEs, among others.
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About BK Group Plc (BKG.ke)
BK Group Plc formerly (Bank of Kigali Limited) is Rwanda’s largest commercial bank by assets and licensed by the country’s banking regulator, National Bank of Rwanda. It offers a full spectrum of products and services for retail banking, corporate banking and central treasury. Bank of Kigali SA commenced operations in 1967; initially as a joint venture between the government of Rwanda and Belgolaise, with each owning 50% of the ordinary share capital. In 2007, the government of Rwanda acquired the Belgolaise shareholding which increased its direct and indirect shareholding in the Bank of Kigali to 100% of the entire Issued Shares. The Bank changed its name to Bank of Kigali Limited in 2011 under a new law relating to companies. Bank of Kigali Limited now has 79 branches located in the main towns and cities of Rwanda with its head office in the capital city, Kigali. BK Group Plc has a primary listing on the Rwanda Stock Exchange and a secondary listing on the Nairobi Securities Exchange
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