Professional Documents
Culture Documents
R.C. A 019 Kigali B.P. 175 - KIGALI TIN n 10.000.345 Capital : RWF 5 005 000 000 Parcelle 6112, Avenue de la Paix Kigali (Rwanda)
April 2011
YE 2009 YE 2010 265.0 134.5 190.6 32.3 332.5 170.6 228.2 53.5
64.3%
24.2% 28.2%
71.7% 45.5%
22.2%
42.2%
International & Local Recognition & Awards A+ credit rating by GCR (Global Credit Rating) in December 2010 2009 & 2010 Bank Of The year The Banker 2009 & 2010 Best Bank in Rwanda - EMEA Finance Magazine 2009 Diamond Quality Service Summit Award 2002 through 2009 Best Tax Payer Award
16.1% 73.6%
15.9%
Decline in market share evolution in 2008 was due to entry into the market of new competitors. Bank of Kigali Contributed 15.9% of the growth in Net Income of the banking sector lower than our absolute market share of 48.6%, due to expansion strategy.
April 2011
Investment Highlights
Sound Operating Environment Politically stable country with the government widely admired for fostering socioeconomic progress, rooting out corruption and effective absorption of foreign aid Young population base of around 10 million, PPP-adjusted GDP per capita of US$1,150 Robust economic growth of 9%-6%% in 2005-2009, GDP growth of 7% in 2010 Diversifying export base, CAD contained at 7% of GDP Sensible monetary policies, manageable inflation (2010 CPI of 3.9%), managed currency float Named Top Reformer globally in the 2010 World Bank Doing Business Report Access to a large regional market through the East African Community integration initiatives Well-regulated banking sector
Early stage of development, with Banking Assets/GDP of 19.6% as at YE 2009 Sector asset growth of 12% in 2009, 26% in 2010 Over 90% of the population unbanked Highly concentrated banking sector, with Top 3 banks accounting for a 59% market share (79% for Top 5) Significant execution risks involved in capturing significant market share for a new entrant, due to large capital outlays required for building a retail footprint, limited pool of managerial talent, and a narrow base of large corporates The largest bank in Rwanda by assets (27% market share), loans (31%), deposits (25%) and equity (32%) Growing faster than the banking sector, achieving further market share gains The most profitable bank in Rwanda, accounting for 72% of aggregate sector profit in 2009 and 50% in 2010 Well-known, trusted and prestigious brand
Market-Leading Franchise
Aggressive expansion strategy aiming at achieving retail banking ubiquity and further market share capture is underway Banker of choice for large corporates for decades, complementing this traditional strength with focus on SME banking Private banking launch imminent Diversification of revenue streams sought by focusing on unfunded income sources and product innovation
Governed by an effective board comprising accomplished local leaders and seasoned international banking executives Unqualified IFRS quarterly and annual audits since 1999 when National Bank of Rwanda started requiring quarterly and annual audit of the financial statements Investor Relations outreach started in 2010 Establishing itself as an international borrower, with EIB a lender and discussions with several other IFIs Experienced and knowledgeable management team Entrenched and long-standing corporate client relationships allow for sound credit risk management Operating efficiency, with Cost-Income Ratio below 50% despite the ongoing footprint expansion Modern IT platform with all branches online and developing electronic banking channels Self-funding business model, with Loans/Deposits of 75% allowing for further substantial loan book expansion CAR of 21.9%, significantly above the current regulatory requirement of 10% Disciplined approach to business diversification, with Top 10 Borrowers and Depositors accounting for 27.8% and 26.9% of Total Loans and Total Deposits, respectively Very little uncollateralised lending NPLs comprise less than 10% of the loan book and are aggressively managed Has been rated at A+/A1 by Global Credit Rating Co. Sound AML/KYC policies and strict OR controls in effect
April 2011
2 Retail Banking Corporate Banking Trade Finance Foreign Exchange Internet Banking
2 Retail Banking Corporate Banking Trade Finance Foreign Exchange Internet Banking
2 Retail Banking Corporate Banking Trade Finance Foreign Exchange Internet Banking
5 Retail Banking Corporate Banking Trade Finance Foreign Exchange Internet Banking
6 Retail Banking Corporate Banking Trade Finance Foreign Exchange Internet Banking SMS Banking Private Banking
GCR: A+/A1 EIB Euro 5 million loan facility EIB Euro 5 million loan facility
RwF/US$ exchange rate (e-o-p) 2006 525.670 2007 533.413 2008 550.439 2009 573.231 2010 594.475
April 2011
Q-o-Q Change
Y-o-Y Change
Q3 2010
594.48
589.98
587.80
574.39
573.23
April 2011
RwF 197,677 105,527 4,124 101,403 135,677 165,846 31,870 33 26 4,831 467
RwF 173,520 97,282 4,309 92,973 126,283 150,907 22,613 31 26 4,220 467
RwF 174,901 93,524 4,373 89,151 125,838 154,151 20,750 25 6 3,694 417
RwF 156,527 89,410 4,893 84,517 113,727 137,136 19,391 19 6 1,946 370
RwF 151,896 80,914 3,818 77,096 109,282 133,355 18,541 18 6 3,527 303
594.48
589.98
587.80
574.39
573.23
April 2011
2009 3.9% 30.7% 8.2% 16.0% 24.3% 2.9% 50.8% 48.4% 12.1% 29.6% 65.1% 7.1% 58.3% 12.3% 7.7% 7.2 16.9% 16.9% 425.8% 55.8% 17.7% -5.4% 0.9% 107.0% 303 0 303 501,307 19 6 54
3.5% 24.4% 8.3% 14.4% 23.5% 3.2% 51.3% 42.9% 12.3% 11.9% 68.4% 8.4% 45.2% 5.8% 1.3% 5.2 16.5% 22.0% 402.8% 27.9% 15.3% 8.9% 1.1% 106.7% 453 0 453 436,372 31 26 97
April 2011
Net Loans
77,096 84,517
89,151 92,973
174,901
173,520
40,000 20,000
Shareholders Equity
35,000 31,870 22,613 30,000
RwF million
160,000 140,000 120,000 100,000 80,000 60,000 40,000 20,000 125,838 109,282 113,727 126,283 135,677
25,000
20,000 15,000 10,000 5,000 -
18,541
19,391
20,750
YE 2009
31-Mar-10
30-Jun-10
30-Sep-10
YE 2010
YE 2009
31-Mar-10
30-Jun-10
30-Sep-10
YE 2010
April 2011
160,000
140,000
120,000
101,403
8,954 11,812
10,329 15,341
8,331 16,294
18,921
100,000
80,000
60,000
70,184
67,780 73,121
109,282
113,727
125,838
126,283
135,677
40,000
0
YE 2009 Other Assets 31-Mar-10 Fixed Assets 30-Jun-10 Net Loans 30-Sep-10 YE 2010
20,000
YE 2009 31-Mar-10 30-Jun-10 30-Sep-10 YE 2010
Other Liabilties
Borrowed Funds
Client Deposits
4.3%
54.0%
51.0% 40.1%
53.6%
51.3%
40.0%
20.0% 0.0%
83.6%
84.6%
83.1%
83.7%
81.8%
42.7%
38.2%
39.1%
37.0%
YE 2009
31-Mar-10
30-Jun-10
30-Sep-10
YE 2010
YE 2009
31-Mar-10
30-Jun-10
30-Sep-10
YE 2010
Other Assets
Fixed Assets
Net Loans
Other Liabilties
Borrowed Funds
Client Deposits
April 2011
8,000 6,530
6,000
5,000
2009 2010
2,000
0
2009
2010
Net Income
RwF Millions 6,400 6,200 6,000 5,800 5,600 5,400 5,200 5,000 4,800
+16%
9,470
10,940
6,179
10,000
8,000
6,000
4,000 2,000
5,287
0
2009 2010
2009
2010
April 2011
10
+32%
21,133
2,000
8,382 12,751
40%
1,500 1,000
500 -
1,338
2009
2010
FX Trading Income
RwF Million
6,000
+57%
5,000
4,000
3,335
400 200
3,000 2,000
1,000
2009 2010
2009
2010
April 2011
11
6,000
Personnel Cost, 47.3%
1,538 4,525
4,000
Depreciation, 16.1%
2009 YE 2009
Personnel Cost Depreciation
2010 YE 2010
Other Operating Expenses
Cost/Income Ratio
60.0% 54.6% 51.8% 50.0% 46.8% 52.5% 50.1%
Total Employees
500 450 400 350 300 250 200 150 100 50 0 467 467
417
370
40.0%
303
30.0%
20.0%
10.0%
Q4 2009
0.0%
Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010
Q1 2010
Q2 2010
Q3 2010
Q4 2010
April 2011
12
Net Loans
RwF Millions
105,527
120,000
101,403
100,000
89,410
80,914
93,524
97,282
100,000
80,000 77,096
84,517 63,888
89,151
92,973
76,342 80,654
80,000 60,000 58,844 40,000 20,000 22,070 0 Q4 '09 Q1 '10 Q2 '10 Q3 '10 Q4 '10 22,097 16,816 17,478 21,538 79,804 83,989
73,631
67,313
76,708
56,171
20,925 0 Q4 '09
16,631 Q3 '10
20,749
Q4 '10
Term Deposits
32,498
29,916 27,270 29,146 33,180
154,598 150,000
120,000 109,282 113,727
30,000
125,838
126,283
25,000
90,000
60,000
118,239
17,753 25,406
28,593
28,968
57,983
68,735
98,474
95,140
30,000
0
51,299
44,991
27,364
31,143
36,359 Q4 '10
5,000 3,958
9,517 3,740 Q1 '10 Corporate Banking Term deposits Q2 '10 3,905 Q3 '10 Retail Banking Term deposits 4,212 Q4 '10
Q4 '09
Q1 '10
Q2 '10
Q3 '10
Q4 '09
April 2011
13
20.0%
15.0% 10.0% 5.0%
0.0%
30.0%
20.0% 10.0% 0.0% 2007 2008 2009 2010
December 2010
April 2011
14
92.7% 79.5%
50,000 40,000 30,000 20,000 10,000 Less than 1 month 1 to 3 months 3 to 6 months 6 to 12 months YE 2009 YE 2010 Over 1 year 18,678 17,818 2,250 9,765 6,342 3,243 6,662 4,079
50.0%
40.0% 31.6% 30.0% 22.5% 20.0% 20.2% 21.7% 32.3% 33.3% 26.0% 32.0% 24.0%
10.0%
April 2011
15
Write-offs
5.0%
4.0%
4.7%
4.4% 3.9%
2,669
3.0%
1,500
2.0%
1,000
814
1.0%
500
695
Nil
Q4 2009
Nil
Q1 2010 Q2 2010
Q3 2010
Q4 2010
NPLs
RwF Million
12,000 10,000 8,000 6,000 4,000 2,000 Q4 2009 NPLS (LHS) Q1 2010 Q2 2010 Q3 2010 Q4 2010 LLR/(NPLs-Appraisal Value Of Collateral) (RHS) 6,685 67% 8,862 68% 69% 66% 9,207 9,649 75% 9,003 76% 74%
RwF Million 6,000 56% 5,000
72%
70% 68% 66%
54%
4,000 3,000 4,893 2,000 1,000 3,818 50% 4,373
54%
54% 52% 4,309 4,124 50% 48%
64%
62% 60%
46%
April 2011
16
71.3%
74.0%
28.7%
26.0%
Foreign Currency
Corporate Client Balances & Deposits
Local Currency
Retail Client Balances & Deposits
72.9%
3.0%
2.7%
10.3%
11.1%
On Demand
Top 10 Deposits As % Of Client Balances & Deposits Top 20 Deposits As % Of Client Balances & Deposits
April 2011
17
Highlights
Serving over 4,000 legal entities Top clients include:
Inyange Industries , leading food processing company in Rwanda Bralirwa Kobil Petroleum Engen Rwanda Brussels Airlines SULFO Rwanda Industries MTN, the leading communications provider in Rwanda Rwanda Mountain Tea, the major tea producing company in Rwanda China GEO Engineering, the leading infrastructure development company Tolirwa, the major metal materials manufacturer in Rwanda Akagera Motors, the major importer of Toyota vehicles in Rwanda Ameki Color, the leading paint manufacturer in Rwanda German Agro Action, a non-governmental organisation Onatracom, the leading public transportation company Gorillas Hotels, deluxe hotel chain operator
Overdraft, 8,938
Commercial Mortgage loans, 18,227 Working Capital Loans, 14,892
Merez Petroleum
YE 2009
Tolirwa
YE 2010
RwF mln
Term Deposits, 28,968
80,000
70,000 60,000 3,425
79,804
RwF mln
Term Deposit 25,412 Demand Deposits 32,026
3,077
3,462
3,335
2,673 80,654
73,631
76,342
10,000
-
Q4 '09
Q1 '10
Q2 '10 Provisions
Q3 '10
Q4 '10
April 2011
18
469 379
1,868
477
500
400 300
76
1,050
188
917
1,579
1,220
200 100
0
Q4 '09
Q1 '10
Q2 '10
Q3 '10
Q4 '10
Volume of Retail loans disbursed (LHS) Number Of Retail Loans Disbursed (RHS)
6,610 5,891 1,763 1,772 104 29 10,655 8,387 2,965 736 22,097 16,815
Q1 '10 Q2 '10 29.9% 35.0% 8.0% 10.5% 0.5% 0.2% 48.2% 49.9% 13.4% 4.4% 100.0% 100.0%
Consumer Loans Overdraft Loans Micro Loans Mortgage Loans Micro Loans Overdrafts Total
April 2011
19
which
14 in Kigali 19 in regions 15 new branches opened in 2010
April 2011
20
Chief Operating Officer Chief Shared Services Officer Head of HR & Administration
Frances Ihogoza
Martin Mulisa
Adolphe Ngunga
John Bugunya
Innocent Musominari
Head of Credit
Alex Ngabonziza
Head of ICT
Gerald Nyangezi
Gerald Heads has been with the bank since 2009 and has vast experience in audit & finance especially in the telecommunication industry. Gerald is a member of the Certified Chartered Accountants-UK (ACCA) and the Institute of Certified Public Accountants-Rwanda
Yves has been with the bank since early 2010. He has vast experience in the Rwanda financial sector, including 10 years as a bank examiner at the National Bank of Rwanda. Yves holds a Bachelors in Economics from National University of Rwanda
Yves Gatsimbanyi
April 2011
21
Board Of Directors
Individual Lado Gurgenidze Title Chairman Background/Experience Lado Gurgenidze is a career banker who after a decade spent at several investment banks in Eastern Europe and London returned to his native Georgia in 2004 and spearheaded, as Executive Chairman and CEO, a turnaround of Bank of Georgia (LSE: BGEO). During Lados three-year tenure, the banks total assets and net income grew 854% and 1,775%, respectively. As its market share grew from 18% to 34%, Bank of Georgia became the leading universal bank in Georgia and the region with market capitalisation exceeding US$900 million at the time of Lados departure (up from US$30 million at the time of his arrival). Prior to taking the helm at Bank of Georgia, Lado served as Head of Europe at Putnam Lovell (now part of Jefferies) and as Head of Technology Corporate Finance and Head of M&A, Emerging Europe at ABN Amro advising such clients as SWIFT, Reuters, Moneyline Telerate, Wirtualna Polska, Marconi, Andrew Corporation, Merloni Elettrodomestici, News Corp, Global One, Golden Telecom, UPC and Philips. In 2007-2008, Lado served as Prime Minister of Georgia, leading the Georgian economy through the final stage of free-market reforms, including tax cuts, financial services sector reform as well as aggressive privatisation and liberalisation policies. In the aftermath of the August 2008 conflict with Russia, Lado was instrumental in stabilising the Georgian economy and its financial sector, as well as securing a US$750 million IMF stand-by arrangement and a $4.5 billion multi-donor aid package. Lado put Georgia on the global institutional investor map, leading the first-ever international equity and debt capital markets issues by Bank of Georgia and the Georgian government as well as the countrys first-ever domestic IPOs. He is responsible for bringing in approximately US$1 billion of portfolio investments and close to US$500 million of FDI. Lado is the only person to have been awarded St Georges Victory Order (in 2008) and the Presidential Order of Excellence (in 2010) the two highest civilian honours in Georgia. Since he stepped down as Prime Minister, Lado has been a frequent public speaker on issues of economic liberty and free-market reforms in developing countries and co-chairs the Emory Center for Alternative Investments. In October 2009, he was invited to join, as Chairman, the supervisory board of Bank of Kigali, the largest bank in Rwanda. In September 2009, Lado established, together with Dinu Patriciu, Liberty Investments, an investment company focusing on financial services institutions in frontier markets with low corruption, low taxes and open economies. In the same month, Liberty Investments announced the acquisition of a controlling equity interest in Liberty Bank, which has the largest client base in Georgia, serving some 1.5 million clients through 192 branches. By YE 2010, the first phase of the turnaround has been completed, with the rebranded bank returning to profitability and growing much faster than the Georgian banking sector. Lado is married with four sons. He is a Georgian and British citizen and received his MBA from Goizueta Business School of Emory University in 1993 (and is the recipient of the 2010 Sheth Distinguished International Alumni Award), following undergraduate studies at Middlebury College and Tbilisi State University. In 2006 Lado hosted the licensed Georgian version of The Apprentice TV show. In 2010 Lado served as judge on the Investment Banking Awards panel of The Banker magazine. Apollo M. Nkunda Director Apollo is a practising lawyer, and a Partner with Trust Law Chambers. Apollo has over ten years experience in legal practice from both the public and private sector. He specialises in banking and finance law, labour law and government procurement. Apollo holds a Masters degree in Business and Trade law from Erasmus University Rotterdam, the Netherlands, and a Bachelors of Law from the National University of Rwanda. He is a member of the Rwanda Bar Association, the East African Law Society, an associate member of the Chartered Institute of Purchasing and Supply, a founding member of the Centre for Arbitration and honorary counsel to the Kigali Golf Club. Perrine Mukankusi Director Perrine is Economic Researcher in Prime Ministers Office with wide experience in planning, monitoring and evaluation. Perrine has held various responsibilities in Public service for over ten years, and was Director for Planning in the Ministry of Justice for over fine years. Perrine holds a Masters degree in Business Administration from the School of Finance and Banking, and a Bachelor of Commerce degree from Kigali Institute of Technology and Management. Alphonsine is chairperson of the Union Investments Corporation (UIC), vice chairperson of the Liberal Professionals Chamber, one of the nine chambers of the Rwanda Private Sector Federation. She serves as Board Member of Motor Guarantee Fund and Rwanda Institute of Administration and Management (RIAM). Alphonsine is the Managing Director of WorldWide Initiatives sarl, a regional consulting firm registered in Rwanda and has conducted national and international consultancies as an independent consultant in the areas of Finance, economic planning and audit. Prior to joining the private sector, Alphonsine served in the Office of Auditor General for 5 years as senior auditor and team leader. Alphonsine holds a Masters Degree in Business Administration majored in Finance from Maastricht University, Netherlands. Dativa Mukeshimana Director Dativa is the Executive Secretary for Duterimbere Asbl, which is a Women Entrepreneurial Association in Rwanda. Dativa has vast experience with programme management and financing of NGOs, and gender related programmes. Dativa holds a Bachelors degree in Economics, majored in money and banking from Kigali Independent University. Sudadi is a qualified and practicing professional accountant with technical experience in Insurance industry. He has wide finance and audit experience especially in the Insurance Industry, and the international community organisations including UNDP. He is an affiliate of the Association of Certified Chartered Accountants (ACCA), qualified professional of supply chain management specialising in Internal Purchasing and is a member of Institute of Purchasing and supply (MCIPS). He also holds an Associate degree in Economics from the National University of Rwanda. Marc Holzman Director Marc is Vice Chairman of Barclays Capital. He has considerable international experience in areas of finance and investment, socio economic development and is widely recognised as a leading authority on economic and political developments in emerging markets. Marc also serves as President of The University of Denver with approximately 10,000 students and as Colorados first Secretary of Technology. Marc draws on almost three decades of political and public service in The United States. He holds a Bachelor of Arts Degree in Economics from Lehigh University. Caleb is Deputy Accountant General-Treasury Management in MINECOFIN. He has extensive experience in the area of Accounting and Finance and has served in the Ministry of Finance and Economic Planning since 2005 in various capacities. Prior to that, Caleb was Chief Accountant in the Office of the President. He holds a Master of Arts Degree in Management and Finance from Southampton Solent, Southampton University (UK) and Bachelor of Business Administration in Accounting from Nkumba University, Uganda.
Alphosine Niyigena
Director
Sudadi S. Kayitana
Director
Caleb Rwamuganza
Director
April 2011
22
Country Profile
Area Population Official Language Capital Currency (code) Nominal GDP (2009E) GDP (2009E) PPP (2009E) GDP Per Capita (2009E) PPP Real GDP Growth Rate 2009E Inflation Rate (e-o-p) 2009E Inflation Rate (average) 2009E 26,338 sq km 10,746,311 Kinyarwanda (official), French (official), English (official) Kigali Rwandan Franc (RfW) US$5.2 billion US$11.3 billion US$1,150 4.1% 5.7% 10.4%
Rwanda has been recognised as the second best reformer worldwide in the ease of doing business in 2009/2010. Since 2005, Rwanda has implemented 22 business regulation reforms in the areas measured by Doing Business. Today, entrepreneurs can register a new business in 3 days.
April 2011
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1,150
8.0%
800
6.0% 4.0% 4.1% 2.0% 0.0%
600 400 200 2006 2007 Nominal GDP Per Capita 338 399
489
536
2009E
GDP Composition
100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 2006 2007 2008 2009 38.4% 18.3% 4.4% 5.0% 2.9% 6.8% 11.2% 6.1% 6.8%
6.4%
Inflation
US$
25.0% 22.3% 20.0% 15.4% 15.0% 12.1% 10.0% 8.8% 5.0% 9.1% 10.4%
20.8%
21.5%
21.0%
11.7%
7.5%
6.2%
6.1%
6.6%
5.7%
35.6%
32.4%
33.8%
0.0% 2006 2007 Inflation (e-o-p) 2008 Inflation (period average) 2009E
April 2011
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2004
2005
2006
2007
2008
2009
2010
April 2011
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2 3
BPR Ecobank
19.0% 12.7%
BPR FINA
24.2% 10.8%
BPR FINA
19.3% 13.6%
BPR BCR
19.8% 11.4%
BCR
11.7%
BCR
8.7%
BCR
11.9%
FINA
9.7 %
FINA
7.9%
COGEBANK
7.8%
KCB
8.2 %
ECOBANK
8.6%
COGEBANK
7.4%
ECOBANK
7.8%
ACCESS
7.6 %
COGEBANQUE
6.9%
KCB
7.4%
ACCESS
5.4%
ECOBANK
7.3 %
KCB
5.9%
ACCESS
6.6%
KCB
4.2%
COGEBANK
7.1 %
ACCESS
5.8%
April 2011
27
+26%
-3%
+49%
10%
+17%
+20%
+235%
Growth, 2010
20.0%
19.0% 19.0%
15.3%
15.0%
7.4%
2.8% YE 2009
0.0% Bank of Kigali UBPR BCR Ecobank Access Cogbank FINA KCB
YE 2010
+32%
31.1%
+15%
-15%
-13%
-32%
+5%
+39%
+255%
Growth, 2010
20.0%
15.0%
11.7% 10.1%
10.0%
10.7%
8.7% 7.7%
9.0% 5.3%
8.5%
7.8%
8.8%
5.0%
4.1% 1.3% YE 2009 YE 2010 Bank of Kigali UBPR BCR Ecobank Access Cogbank FINA KCB
0.0%
April 2011
28
+21%
-1%
-13%
-7%
+21%
+106%
+481%
Growth, 2010
25.7% 25.0%
25.0%
20.3%
20.0%
19.3%
15.3% 15.0%
11.9%
8.2%
1.8% 0.0% Bank of Kigali UBPR BCR Ecobank Access Cogbank FINA KCB
YE 2009 YE 2010
+36%
+29%
-6%
+14%
-11%
+51%
+13%
Growth, 2010
31.9% 30.0%
25.0%
24.3%
20.0%
19.4%
19.8%
15.0% 11.7%
10.0% 12.2% 11.4%
5.0%
YE 2009 0.0% Bank of Kigali UBPR BCR Ecobank Access Cogbank FINA KCB YE 2010
April 2011
29
Contact Details
Lado Gurgenidze Chairman of the Board +995 99 477 272 lgurgenidze@bk.rw James Gatera Managing Director +250 (252) 593 121 jgatera@bk.rw Lawson Naibo Chief Operating Officer +250 (78) 830 2076 lnaibo@bk.rw
Frances Ihogoza Head of Corporate Affairs/Company Secretary +250 252 593 100 fihogoza@bk.rw
April 2011
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Bank Of Kigali Announces Q4 2010 & Full-Year 2010 Audited Results Contd
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Bank Of Kigali Announces Q4 2010 & Full-Year 2010 Audited Results Contd
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Bank Of Kigali Announces Q4 2010 & Full-Year 2010 Audited Results Contd
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Bank Of Kigali Announces Q4 2010 & Full-Year 2010 Audited Results Contd
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Bank Of Kigali Announces Q4 2010 & Full-Year 2010 Audited Results Contd
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Bank Of Kigali Announces Q4 2010 & Full-Year 2010 Audited Results Contd
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Bank Of Kigali Announces Q4 2010 & Full-Year 2010 Audited Results Contd
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Bank Of Kigali Announces Q4 2010 & Full-Year 2010 Audited Results Contd
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Bank Of Kigali Receives The Bank of The Year 2010 Award By The Banker And The Best Bank Award By emeafinance magazine
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49
Bank Of Kigali Announces That It Has Been Rated A+ By Global Credit Rating Co.
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