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Bank of Kigali Announces Q1 2011 Audited Results Q1 2011 US$ 10.6 4.3 6.3 (0.8) 3.2 2010 US$ 35.5 17.1 18.4 (3.0) 10.4 Change Q-o-Q Y-o-Y 3.2% 38.7% -13.2% 27.0% 18.6% 48.1% 54.8% -61.5% -9.1% 125.4% Change Y-o-Y 32.1% 56.1% 15.5% 20.1% 16.9% Change Q-o-Q 6.8% 3.5% 8.8% 7.6% 2.9%
Millions, unless otherwise noted Total Operating Income (Revenue) Total Recurring Operating Costs Profit Before Provisions Net Provision Expense Net Income (Loss)
Total Operating Income (Revenue) Total Recurring Operating Costs Profit Before Provisions Net Provision Expense Net Income (Loss)
Total Assets Net Loans Client Deposits Total Liabilities Shareholders' Equity
As at 31 March 2011 US$ RwF 351.8 211,123 174.8 104,902 246.1 147,666 297.2 178,338 54.6 32,785 As at 31 March 2011 49.7% 71.0% Q1 2011 3.7% 23.7%
ROAA ROAE
Q1 2011, Q4 2010 and Q1 2010 numbers in this press release are audited interim numbers.
About Bank of Kigali Established in 1966, Bank of Kigali is the largest bank in Rwanda by total assets, with a 28.2% market share as of 31 March 2011. The bank has 33 branches in Rwanda and provides commercial banking services to over 56,000 individuals and over 6,000 legal entities. For further information, please visit www.bk.rw or contact: Frances Ihogoza Head of Corporate Affairs/Company Secretary Tel: +250 252 593 100 or +250 252 593 200 Fax: +250 252 575 504 or +250 252 573 461 Email: fihogoza@bk.rw SWIFT: BKIGRWRW R.C. A 019 Kigali TIN n 10.000.3458 B.P. 175 - KIGALI Parcelle 6112, Avenue de la Paix Kigali (Rwanda)
Bank of Kigali (the Bank), the leading bank in Rwanda, announced today its non-IFRS results, reporting Net Income of RwF 1,915 million (US$3.2 million) in Q1 2011, down 9.1% q-o-q and up 125.4% y-o-y. Q1 2011 Financial Highlights Total Assets grew by 6.8% q-o-q and 34.9% y-o-y to RwF 211,123 million as at 31 March 2011
Total Assets Growth Bank of Kigali The Rwandan Banking Sector YTD 2011 6.8% 3.8% 2010 30.1% 26.1%
Net Loans grew by 3.5% q-o-q and 24.1% y-o-y to RwF 104,902 million as at 31 March 2011
Net Loan Book Growth Bank of Kigali The Rwandan Banking Sector YTD 2011 3.5% 9.5% 2010 31.5% 13.1%
Client Deposits grew by 8.8% q-o-q and 29.8% y-o-y to RwF 147,666 million as at 31 March 2011
Client Deposits Growth Bank of Kigali The Rwandan Banking Sector YTD 2011 8.8% 3.1% 2010 24.2% 27.8%
Bank of Kigali Growth vs. Rwandan Banking Sector Growth in 2010 and Q1 2011
35.0% 30.1% 30.0% 26.1% 25.0% 20.0%
6.0% 12.0%
15.0% 10.0% 5.0% 0.0% Total Assets Bank Of Kigali Growth In 2010
13.1%
4.0% 2.0% 0.0% 3.8% 3.5% 3.1%
Net Loans
Client Deposits
Net Loans
Client Deposits
Net Interest Income equalled RwF 3,627 million in Q1 2011, down 4.1% q-o-q and up 25.3% y-o-y. Net Fee & Commission Income amounted to RwF 779 million in Q1 2011, down 0.7% q-o-q and up 69.5% y-o-y. Total Operating Income (Revenue) reached RwF 6,375 million in Q1 2011, up 3.2% q-o-q and up 38.7% y-o-y. Total Recurring Operating Costs decreased by 13.2% q-o-q and grew by 27.0% y-o-y to RwF 2,588 in Q1 2011. Cost/Income ratio reached 48.2% in Q1 2011 as compared to 46.8% in Q1 2010. Annualised ROAA reached 3.7% in Q1 2011, whereas annualised ROAE reached 23.7% in Q1 2011. Total Assets grew by 6.8% q-o-q and 34.9% y-o-y, reaching RwF 211,123 million as at 31 March 2011. Net Loans grew by 3.5% q-o-q and 24.1% y-o-y, reaching RwF 104,902 million as at 31 March 2011. The relatively low q-o-q Net Loan Book growth rate was due to repayment of a large facility in order to comply with the single obligor requirement and the booking of general provisions of RwF 1,000 million. Client Deposits amounted to RwF 147,666 million, up 8.8% qo-q and 29.8% y-o-y. Net Loans/Total Assets ratio stood at 49.7% as at 31 March 2011 vs. 54.0% as at 31 March 2010. Net Loans/Client Deposits ratio reached 71.0% as at 31 March 2011 vs. 74.3% as at 31 March 2010. In Q1 2011, we have proven yet again we can continue our growth without sacrificing the profitability. A lot of preparatory work has been done for the upgrade and expansion of our ATM channel and card products, to enable us to reach out to unbanked and under-banked individuals in Rwanda, the results of which will be evident in the nearest few months, commented James Gatera, Managing Director.
Total Assets
RwF mln 250,000 200,000
+38.7%
6,375
+34.9%
211,123
4,595
Q1 2010 Q1 2011
Net Loans
RwF mln 120,000
+27.0%
2,588
+24.1%
84,509
104,902
100,000
Q1 2010
Q1 2011
Net Income
RwF mln 2,500 2,000 1,500 1,000 500 Q1 2010 Q1 2011 850
Client Deposits
RwF mln 160,000
+29.8%
113,727
147,666
+125.4%
1,915
Notes: (1) Growth calculations are based on RwF values (2) US$ values have been derived from period-end RwF/US$ exchange rates set out on page 1 of this news report
Notes: (1) Growth calculations are based on RwF values (2) US$ values have been derived from period-end RwF/US$ exchange rates set out on page 1 of this news report
KEY RATIOS
Q1 2011 Q1 2010 Profitability Return on Average Assets, Annualised, % Return on Average Equity, Annualised, % Net Interest Margin , Annualised, % Loan Yield, Annualised,% Interest Expense/Interest Income, % Cost of Deposits, Annualised,% Efficiency Cost/Income Ratio Costs/Average Assets, Annualised, % Personnel Costs/Total Recurring Operating Costs Personnel Costs/Average Total Assets, Annualised Personnel Costs/Total Operating Income Net Income/Total Operating Income Liquidity Net Loans/Total Assets,% Liquid Assets / Total Deposits Interbank Borrowings / Total Deposits Short Term Liquidity Gap Gross Loans / Total Deposits Asset Quality NPLs / Gross Loans, % NPL Coverage Ratio Large Exposures / Gross Loans Cost of Risk, Annualised Leverage (Total Liabilities/Equity), Times Capital Adequacy Core Capital / Risk Weighted Assets Total Qualifying Capital / Risk Weighted Assets Off Balance Sheet Items / Total Qualifying Capital Large Exposures / Core Capital NPLs Less Provisions / Core Capital Market Sensitivity Forex Exposure / Core Capital Forex Loans / Forex Deposits Forex Assets / Forex Liabilities Selected Operating Data Full Time Employees Assets per FTE (RwF) Number of Active Branches Number of ATMS Number of POS Terminals
Note: ratios for Q1 2011 and Q1 2010 are annualised
21.9% 16.1% 18.7% 23.1% 16.1% 20.1% 452.3% 441.5% 402.8% 31.6% 62.6% 27.9% 19.0% 20.9% 15.3%