Bank of Kigali Group has achieved a significant milestone in the first quarter of 2022, with a 39.28% growth in net profit to KES1.8 billion.
According to the bank's performance, the growth was driven by an increase in lending and transactions income as well as efficiency gains enabled by the new core banking system.
As of March 31, 2022, the bank's non-interest income grew by 33.1% to KES1.1 billion, reflecting growth in macroeconomic activities helped by continued recovery from the effects of the Covid-19 pandemic.
Net interest income rose by 4.3% to KES3.8 billion, while the loans book grew by 8.8 percent to KES120.1 billion.
Client balances and deposits grew 21.7% to KES115.8 billion in the first quarter, while shareholders' equity went up 10.8% to KES33.1 billion.
Dr. Diane Karusisi, the BK Group chief executive officer, expressed confidence in the bank's performance, saying, 'This first-quarter performance gives us great confidence and optimism about the entire year 2022, our teams are committed to continuing to ensure client satisfaction.'
Dr. Karusisi also noted that the bank's asset quality continues to improve, with the non-performing loans ratio and cost of risk at 5.2% and 0.7% compared to 8.0% and 4.7% respectively in the first quarter of 2021.
The bank's digitization efforts continued to pay off, as BK Quick's registered customers grew to 11,841 while the BK IKOFI wallet registered over 1,844 agro-dealer agents and 263,900 registered farmers.
