On May 31, 2022, Bank of Kigali revealed that it has had to adjust its strategy following the entry of Kenya's largest bank, KCB, into the region.
The lender plans to invest more in digitization to grow its market share amidst increasing competition.
Despite this, the bank's first quarter performance was boosted by a 33.1% growth in non-interest income to Sh1.1 billion, reflecting growth in macroeconomic activities helped by the continued recovery from the effects of the Covid-19 pandemic.
Net interest income rose by 4.3% to Sh3.8 billion, while the loans book grew by 8.8% to Sh120.1 billion.
Bank of Kigali's Group Chief Executive Officer, Dr. Diane Karusisi, noted that the bank's asset quality continues to improve, with non-performing loans ratio and cost of risk at 5.2% and 0.7% respectively, compared to 8.0% and 4.7% in the first quarter of 2021.
The bank's digitization efforts have also paid off, with BK Quick's registered customers growing to 11,841, and the BK IKOFI wallet registering over 1,844 agro-dealer agents and 263,900 registered farmers.
