FY 2022: Bank of Kigali Plc Full Year Financial Results

Financial Highlights 

Total interest income rose to FRw 137.8 billion as at FY 2022 while our net loan book grew by 14.6% to FRw 1,134.5 billion y-o-y. Total interest expenses increased by 23.2% y-o-y to FRw 49.7 billion in line with the growth in customer deposits of 10.3% to FRw 1,075.2 billion. Overall, Net Interest margin decreased to 9.7% from 10.9% in 2021. Non-interest income totalled FRw 46.5 billion; an increase of 22.8% y-o-y. Total operating income increased by 5.8% to FRw 184.3 billion, while total operating expenses rose by 35.7% to FRw 85.8 billion. Loan loss provision decreased to FRw 13.1 billion from FRw 37.7 billion in 2021. 

Asset quality has significantly improved with NPLs ratio and cost of risk at 2.6% and 0.9% compared to 5.3% and 3.4% respectively in 2021. The percentage of COVID-19 related loans on moratorium reduced to 0.5% of the gross loans from 1.7% restructured facilities. Cost to income ratio stood at 46.6% from 36.3% in 2021. Profit after tax increased by 15.1% y-o-y to FRw 59.7 billion. 

As at December 31st, 2022, BK Group Plc is adequately capitalized with Total Capital to Risk Weighted Assets at 24.4%. The Group’s Total Assets stood at FRw 1.9 trillion; up 16.6% y-o-y, supported by strong liquidity from customer deposits growth. Net Loans/Total Assets ratio stood 61.2% down from 62.3% in the same period last year. Dividend payable balance stood at FRw 30.7 billion; as per approved pay-out ratio of 50%. Shareholders’ Equity increased to FRw 319.1 billion, up 11.8% y-o-y. Liquid Assets divided by Total Deposits increased to 47.3% as at December 31st, 2022, from 44.5% in December 2021. 

The Group’s key profitability ratios- ROAA and ROAE improved to 3.5% and 19.8% respectively, from 3.6% and 19.1% in 2021.

Dividend Pay-out 

The Board of Directors have recommended a final and full dividend of FRw 32.5 for each ordinary share, on the issued and paid-up share capital of the company at the Annual General Meeting (AGM). This represents a 50% pay-out ratio of the Group’s Net Income for the year ended December 31st, 2022. The dividend will be payable on or around July 1 st, 2023 to the members of the company on the share register at the close of business on Tuesday June 13th, 2023.

Source: https://bk.rw/investor-relation