Bank of Kigali

Ticker code BOK Industry Regional Banks Bank of Kigali Building
Avenue de la Paix
P.O. Box 175
Kigali, Rwanda
ISIN RW000A1JCYA5 Sector Financial
Initial Listing 1 September 2011 Financial Year End 31 December
Website www.bk.rw Results Released Quarterly
Please note: Bank of Kigali's summarized, audited IFRS-based Q4 & FY 2015 results, released 22 February 2016, are available for download here
31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14
  RWF '000s RWF '000s RWF '000s RWF '000s RWF '000s
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 
Assets
Government and other securities 5,492,770 8,408,979 13,337,780 51,039,145 58,818,332
Loans and advances to customers 101,402,657 123,130,687 185,066,752 199,025,241 233,439,509
Property and equipment 18,313,417 19,554,303 21,627,964 21,018,894 20,503,423
Other assets 72,467,802 136,805,905 102,761,718 151,276,793 169,846,700
Total Assets 197,676,646 287,899,874 322,794,214 422,360,073 482,607,964
Liabilities        
Customer deposits 135,677,746 181,019,654 211,865,068 280,489,463 324,601,160
Due to banks 18,920,636 19,090,060 18,418,926 17,345,024 15,214,461
Other liabilities 11,208,377 26,205,828 29,402,927 53,761,902 53,244,609
Total Liabilities 165,806,759 226,315,542 259,686,921 351,596,389 393,060,230
Total Equity 31,869,887 61,584,332 63,107,293 70,763,684 89,547,734
TOTAL LIABILITIES AND EQUITY 197,676,646 287,899,874 322,794,214 422,360,073 482,607,964
CONSOLIDATED INCOME STATEMENT
Interest income 16,368,740 22,671,124 32,069,789 45,210,752 51,909,827
Interest expense -4,182,666 -6,075,680 -8,338,615 -10,015,908 -12,654,600
Net interest income 12,186,074 16,595,444 23,731,174 35,194,844 39,255,227
Non-interest income 8,960,955 12,859,426 14,544,906 18,558,396 18,925,317
Operating income 21,147,029 29,454,870 38,276,080 53,753,240 58,180,544
Total recurring operating costs -10,089,356 -14,206,721 -20,161,882 -26,003,005 -27,878,882
Net impairment on loans and advances -2,376,281 -4,544,321 -3,647,289 -8,993,999 -7,542,957
Operating expenses -12,465,637 -18,751,042 -23,809,171 -34,997,004 -35,421,839
Profit before tax 8,681,392 10,703,828 14,466,909 18,756,236 22,758,705
Income tax expense -2,502,810 -1,965,143 -2,685,573 -3,926,001 -4,441,880
Profit for the year  6,178,582 8,738,685 11,781,336 14,830,235 18,316,825

Please note: Bank of Kigali's summarized, audited IFRS-based Q4 & FY 2015 results, released 22 February 2016, are available for download here
Period ended: 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14
Unit: RWF '000s RWF '000s RWF '000s RWF '000s RWF '000s
Statement type: Audited Audited Audited Audited Audited
View original statement: Download Download Download Download Download
Interest Income 16,368,740 22,671,124 32,069,789 45,210,752 51,909,827
Interest Expense -4,182,666 -6,075,680 -8,338,615 -10,015,908 -12,654,600
Net Interest Income 12,186,074 16,595,444 23,731,174 35,194,844 39,255,227
Net Fee & Commission Income 3,022,031 4,326,856 6,797,680 10,801,253 10,899,154
FX Related Income 5,247,543 7,643,851 7,031,504 7,476,135 7,724,325
Other Non-interest Income 691,381 888,719 715,722 281,008 301,838
Net Non-Interest Income 8,960,955 12,859,426 14,544,906 18,558,396 18,925,317
Total Operating Income 21,147,029 29,454,870 38,276,080 53,753,240 58,180,544
Recurring Operating Costs
Personnel Cost -5,038,341 -7,070,435 -9,615,156 -11,707,238 -14,427,737
Administration and General Expenses -3,513,232 -4,703,966 -6,868,628 -9,656,130 -9,787,611
Depreciation & Amortisation -1,537,783 -2,432,320 -3,678,098 -4,639,637 -3,663,534
Total Recurring Operating Costs -10,089,356 -14,206,721 -20,161,882 -26,003,005 -27,878,882
           
Pre-Provision Operating Profit 11,057,673 15,248,149 18,114,198 27,750,235 30,301,662
Net Impairment on Loans & Advances -2,376,281 -4,544,321 -3,647,289 -8,993,999 -7,542,957
Profit Before Tax 8,681,392 10,653,908 14,466,909 18,753,236 22,758,705
Income Tax Expense -2,502,810 -1,965,143 -2,685,573 -3,926,001 -4,441,880
Net Income 6,178,582 8,688,765 11,781,336 14,827,235 18,316,825

Period ended: 31/12/2014 31/03/2015 30/06/2015 30/09/2015 31/12/2015
Period length: 3 months 3 months 3 months 3 months 3 months
Unit: RWF b RWF b RWF b RWF b RWF b
Statement type: Audited Unaudited Unaudited Unaudited Unaudited
View original statement: Download Download Download Download Download
Interest Income 13.1 14.1 14.3 15.5 16.1
Interest Expense 3.0 3.1 3.4 3.5 3.8
Net Interest Income 10.1 11 10.9 12.0 12.3
           
Net Fee & Commission Income 2.5 2.5 2.8 2.9 3.2
Net Income from Documentary Operations 0.1 0.1 0.1 0.1 0.2
FX Related Income 1.6 1.5 1.8 1.2 0.8
Other Non-interest Income 0.2 0.0 0.1 0.2 0.1
Net Non-Interest Income 4.4 4.1 4.8 4.4 4.3
Total Operating Income 14.5 15.1 15.7 16.4 16.6
           
Recurring Operating Costs
Personnel Cost -2.2 -3.0 -3.1 -3.0 -3.0
Bonus Pool -0.9 -0.5 -0.5 -0.9 -1.1
Administration and General Expenses -2.4 -2.2 -2.5 -2.9 -3.9
Depreciation & Amortisation -1.2 -0.9 -1.0 -1.0 -0.9
Total Recurring Operating Costs -6.7 -6.6 -7.1 -7.8 -8.9
Pre-Provision Operating Profit 7.8 8.5 8.6 8.6 7.7
Net Loan Loss Provisions -4.2 -2.1 -2.1 -2.5 -3.1
Gains on Recovery 1.3 0.3 0.4 0.5 0.9
Net Impairment on Loans & Advances -2.9 -1.8 -1.7 -2.0 -2.2
Profit Before Tax 4.9 6.7 6.9 6.6 5.5
Income Tax Expense -0.9 1.4 1.5 1.3 1.0
Net Income 4.0 5.3 5.4 5.3 4.5

Please note: Bank of Kigali's summarized, audited IFRS-based Q4 & FY 2015 results, released 22 February 2016, are available for download here
Period ended: 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14
Unit: RWF '000s RWF '000s RWF '000s RWF '000s RWF '000s
Statement type: Audited Audited Audited Audited Audited
View original statement: Download Download Download Download Download
Assets
Cash on hand 6,881,845 8,123,088 9,595,769 11,110,210 12,020,669
Balances with the National Bank of Rwanda 22,562,505 61,621,376 54,304,202 24,855,050 46,938,373
Due from banks 38452178 51994652 25898920 107377523 102988217
Held to maturity investments 5,224,395 8,190,524 13,119,325 50,820,690 58,596,907
Loans and advances to customers 101,402,657 123,130,687 185,066,752 199,025,241 233,439,509
Equity investments 268,375 218,455 218,455 218,455 221,425
Other assets 4,390,670 14,920,439 12,624,707 7,695,005 7,665,385
Property and equipment 18,313,417 19,554,303 21,627,964 21,018,894 20,503,423
Intangible assets 180,604 146,350 338,120 239,005 234,056
Total assets  197,676,646 287,899,874 322,794,214 422,360,073 482,607,964
Liabilities
Due to banks 18,920,636 19,090,060 18,418,926 17,345,024 15,214,461
Deposits and balances from customers 135,677,746 181,019,654 211,865,068 280,489,463 324,601,160
Tax payable 496,815 137,024 320,745 1,828,573 692,518
Deferred tax liability 3,870,437 2,345,641 2,454,218 1,620,650 1,431,391
Dividends payable - - 5,894,345 7,416,579 5,469
Other liabilities 6,841,125 18,725,051 14,788,641 8,705,581 11,185,264
Long-term finance - 4,998,112 5,944,978 34,190,519 39,929,967
Total liabilities  165,806,759 226,315,542 259,686,921 351,596,389 393,060,230
Capital and reserves
Share capital 5,005,000 6,673,370 6,673,370 6,684,500 6,713,706
Share premium - 18,233,653 18,108,176 18,236,171 18,572,040
Revaluation reserves 7,150,542 7,763,446 7,354,844 6,946,241 6,537,638
Statutory credit risk reserves 2,800,890 - 19,100 - -
Other reserves 10,734,873 19,714,345 24,058,727 29,949,395 37,364,514
Retained earnings 6,178,582 9,199,518 6,893,076 8,947,377 20,359,836
Total equity  31,869,887 61,584,332 63,107,293 70,763,684 89,547,734
Total liabilities and equity  197,676,646 287,899,874 322,794,214 422,360,073 482,607,964

Period ended: 31/12/2014 31/03/2015 30/06/2015 30/09/2015 31/12/2015
Unit: RWF b RWF b RWF b RWF b RWF b
Statement type: Audited Unaudited Unaudited Unaudited Audited
View original statement: Download Download Download Download Download
Cash 12.0 11.4 11.4 12.7 15.0
Balances with National Bank of Rwanda 31.9 24.7 18.6 23.7 32.6
Cash balances with banks 103.0 100.2 94.0 90.5 62.6
Treasuries 15.0 12.4 24.7 3.8 12.0
Other fixed income instruments 58.6 67.1 77.4 69.0 93.5
Gross loans 246.7 263.6 291.5 303.1 324.8
Loan loss reserve 13.3 11.3 10.6 8.1 10.9
Net loans to clients 233.4 252.3 281.0 295.0 313.9
Net investments 0.2 0.2 0.2 0.2 0.2
Net property, plant and equipment 20.5 20.7 21.2 22.6 22.8
Intangible assets 0.2 0.2 0.3 0.3 0.4
Net other assets 7.8 8.8 10.7 7.3 8.2
Total assets 482.6 498.0 539.5 525.1 561.2
Interbank deposits 15.2 16.6 18.6 16.5 22.6
Client balances and deposits 324.6 338.9 383.9 358.3 384.7
Borrowed funds 39.9 39.1 37.5 44.2 42.5
Dividends payable - - - - -
Other liabilities 13.4 8.4 10.0 11.4 12.2
Total liabilities 393.1 403.0 450.0 430.4 462.0
Ordinary shares 6.7 6.7 6.7 6.7 6.7
Reserves 58.0 76.6 65.7 65.8 65.9
Revaluation reserve 6.5 6.4 6.3 6.2 6.1
Retained earnings 18.3 5.3 10.8 16.0 20.5
Shareholders' equity 89.5 95.0 89.5 94.7 99.2
Total liabilities and shareholders' equity 482.6 498.0 539.5 525.1 561.2

Please note: Bank of Kigali's summarized, audited IFRS-based Q4 & FY 2015 results, released 22 February 2016, are available for download here
Period ended: 31-Dec-10 31-Dec-11 31-Dec-12 31-Dec-13 31-Dec-14
Unit: RWF '000s RWF '000s RWF '000s RWF '000s RWF '000s
Statement type: Audited Audited Audited Audited Audited
View original statement: Download Download Download Download Download
Cash flows from operating activities
 
Profit before tax 8,681,392 10,653,908 14,466,909 18,756,236 22,758,705
Adjusted for:
Depreciation of property and equipment 1,357,181 2,285,972 3,466,258 4,304,344 3,469,943
Amortisation of intangible assets 180,602 146,348 211,840 336,593 193,591
Gains on disposal of fixed assets - - -51,182 -24,753 -84,496
Loss on revaluation of long-term finance - - - 392,446 400,937
Impairment of equity investments 46,733 49,920 - - -
Dividend received -10,477 -33,180 -96 - -54,254
Cash flows before changes in working capital  10,255,431 13,102,968 18,093,729 23,763,566 26,684,426
           
Changes in working capital 
Increase in loans and advances -24,306,791 -21,728,030 -61,936,066 -13,958,489 -34,414,268
Increase in other assets -1,112,872 -10,529,769 2,295,732 4,929,704 29,620
Increase in clients balances and deposits 26,194,942 45,341,908 27,404,925 68,624,395 44,111,697
Increase/Decrease in other liabilities 2,452,533 11,822,067 -208,848 -6,370,132 2,479,683
Income tax paid -2,911,451 -2,714,134 -2,578,194 -2,862,521 -5,665,044
Net cash generated from operating activities 10,571,792 35,295,010 -16,928,722 74,126,523 33,226,114
           
Investing activities
Purchase of intangible assets -344,313 -112,094 -403,610 -237,478 -188,642
Purchase of property and equipment -3,080,383 -3,526,858 -5,594,737 -3,874,221 -3,049,369
Proceeds for sale of fixed assets - - 106,000 205,000 179,393
Increase in held to maturity investments 7,088,511 -2,916,209 -4,928,801 -37,701,365 -7,776,217
Purchase of investment shares - - - - -2,970
Dividends received 10,477 33,180 96 - 54,254
Net cash flows from investing activities 3,674,292 -6,521,981 -10,821,052 41,608,064 -10,783,551
           
Financing activities
Increase in share capital - - - 11,130 29,206
Increase in share premium - 19,902,023 -125,477 127,995 335,869
Receipts from long term finance - 4,998,112 946,866 27,853,095 5,338,511
Dividends paid -2,643,482 - -4,340,706 -5,892,885 -7,411,110
Net cash flows from financing activities -2,643,482 24,900,135 -3,519,317 22,099,335 -1,707,524
Net increase/decrease in cash and cash equivalents 11,602,602 53,673,164 -31,269,091 54,617,794 20,735,039
Cash and cash equivalents at 1 January 37,373,290 48,975,892 102,649,056 71,379,965 125,997,759
Cash and cash equivalents at 31 December 48,975,892 102,649,056 71,379,965 125,997,759 146,732,798