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BK Group Plc Reports $ 41.8 M Net Income  

by Emmy Nuwamanya
12:32 pm

BK Group Plc limited has announced a net income of Rwf  43.5 billion ($ 41.8 million), with an increment of 18.4% year on year change on Rwandan franc values, as at September 30th, 2022.

The overall net interest income growth was at 5.3%.

In a press conference, November 30, BK Plc limited announced total assets increment by 13.4%; Rwf 1,755.9 billion ($ 1,685.1 million), net Loans and Advances by 4.4% meaning Rwf 1,032.4 billion ($ 990.8 million).

Client balances and deposits increased by 21.5% to Rwf 1,127.1 billion ($ 1,081.6 million) while shareholders’ Equity increased by 11.2% to Rwf 309.1 billion ($ 296.6 million) as at September 30th, 2022.

The percentage of COVID-19 related loans on halt reduced to 2.74% of the gross loans from 47% and Shareholders’ Equity increased to Rwf 309.1 billion, an increase from 42.5% in the same period last year.

BK Group has also expanded banking network to 4,086 agents and processed over 1.8 million transactions worth Rwf 357.0 Billion.

Under the BK General Insurance, the company registered a profit of Rwf 2.1 billion in quarter 3 of 2022 compared to Rwf 1.8 billion registered in same period last year, representing 15% growth in profitability year change on Rwandan franc values.

Worth noting also is that BK’s IKOFI wallet has registered over 1,853 Agro-Dealers/Agents and over 264,082 registered farmers, with sales revenue growing from Rwf 735.7 million to Rwf 867.2 million; representing a 18% increase.

There has been also increase in the digital consumers up to 3.1 million across BK’s digital platforms; UrubutoPay where merchants increased from 430 to 503, representing a 17% growth. with transaction value increased by 22% to Rwf 15.5 billion BK Capital Ltd.

The Bank served 439,690 retail customers and over 21,561 Corporate clients through their 68 branches, 13 outlets, 9 mobivans, 97 ATMs and 3,197 POS terminals that accept most international cards including VISA & MasterCard.

On the Rwanda Stock exchange (RSE) Market BK’s Share of 36.6% sustained market share growth attributed to deepening client relationships and growth in related businesses.

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