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Rwanda's Bank Of Kigali Profit Up A Fifth On Buoyant Lending
29/08/2013
KIGALI (Reuters) - Bank of Kigali, Rwanda's biggest bank by assets, reported a 21 percent rise in net profit for the first half of 2013 compared to last year, boosted by growth in corporate and retail lending.
It reported net income of 7.3 billion Rwandan francs for the period. Net interest income grew 57 percent in the period to 16.1 billion francs.
During the second quarter, the bank formally launched an agency banking service that began with a testing phase in October 2012. Customers can now open accounts through small agents across Rwanda, leading to some 2,500 new accounts.
It has also launched a service that gives households or individuals with a mobile access to financial services.
Agents and mobile phone banking have been used across Africa, notably in Kenya, to expand financial services to remote areas and poorer communities.
"We received additional long-term lines of credit amounting to $20 million which will complement our deposit base and enable us to continue providing long-term financing in the market," the bank's chief executive, James Gatera, said in a statement.
Rwanda sold its 45 percent stake in Bank of Kigali for $62.5 million in a heavily oversubscribed initial public offer in 2011. Rwandan assets have been attracting broad interest from foreign investors, particularly a debut Eurobond this year.
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