Bank of Kigali Limited

Your trusted partner in wealth creation

Kigali, 2 September 2011
601.9 RwF/US$ Period End Exchange rate as at 30 June 2011
594.4 RwF/US$ Period End Exchange Rate as at 31 December 2010
587.8 RwF/US$ Period End Exchange Rate as at 30 June 2010

Bank of Kigali Announces Q2 2011 & 1H 2011 Audited Results

Millions, unless otherwise noted

Total Operating Income (Revenue)
Total Recurring Operating Costs
Profit Before Provisions
Net Provision Expense
Net Income (Loss)

Q2 2011
US$
11.8
5.0
6.8
(1.1)
3.3

RwF
7,113
3,039
4,075
(683)
1,975

Change
Q-o-Q
11.6%
17.4%
7.6%
47.5%
3.1%

Total Operating Income (Revenue)

Total Recurring Operating Costs
Profit Before Provisions
Net Provision Expense
Net Income (Loss)

1H 2011
US$
22.4
9.3
13.1
(1.9)
6.5

RwF
13,488
5,627
7,862
(1,145)
3,890

Change
Y-o-Y
38.4%
22.5%
52.5%
-33.4%
76.0%

Total Assets
Net Loans
Client Deposits
Total Liabilities
Shareholders' Equity

As at 30 June 2011
US$
RwF
409.5
246,466
184.9
111,299
292.1
175,826
351.7
211,707
57.7
34,759

Change
YTD
24.7%
9.8%
29.6%
27.7%
9.1%

Net Loans/Total Assets

Net Loans/Client Deposits

As at 30 June 2011
45.2%
63.3%

ROAA, annualised
ROAE, annualised

Q2 2011
3.4%
23.0%

Y-o-Y
38.0%
19.0%
56.7%
31.9%
45.1%

Y-o-Y
40.9%
24.8%
39.7%
37.3%
67.5%

As at 30 June 2010
51.0%
70.8%
Q2 2010
3.3%
26.6%

Q2 2011, Q4 2010 and Q2 2010 numbers in this press release are audited interim numbers.

About Bank of Kigali

Bank of Kigali is a leading banking institution in Rwanda, offering a wide spectrum of commercial banking services to corporate, SME and retail customers. The Bank has approximately
500 employees and serves over 90,120 retail clients. The Bank has a network of 39 branches spread across all provinces and major commercial districts in the country.
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
Company Code/ TIN n 10.000.3458
P.o Box 175 - KIGALI
Plot No. 6112, Avenue de la Paix Kigali (Rwanda)

Bank of Kigali Limited

Your trusted partner in wealth creation
Kigali, 2 September 2011

Bank of Kigali (the Bank), the leading bank in Rwanda, announced today its non-IFRS results, reporting Net Income
of RwF 1,975 million (US$3.3 million) in Q2 2011, up 3.1% q-o-q and up 45.1% y-o-y.
Q2 2011 and 1H 2011 Financial Highlights
Total Assets grew by 16.7% q-o-q and 40.9% y-o-y (24.7% YTD 2011) to RwF 246,466 million as at 30 June 2011
Total Assets Growth
Bank of Kigali
The Rwandan Banking Sector*

1H 2011
24.7%
9.6%

2010
30.1%
26.1%

Net Loans grew by 6.1% q-o-q and 24.8% y-o-y (9.8% YTD 2011) to RwF 111,299 million as at 30 June 2011
Net Loan Book Growth
Bank of Kigali
The Rwandan Banking Sector*

1H 2011
9.8%
8.6%

2010
31.5%
13.1%

Client Deposits grew by 23.7% q-o-q and 39.7% y-o-y (29.6% YTD 2011) to RwF 175,826 million as at 30 June
2011
Client Deposits Growth
Bank of Kigali
The Rwandan Banking Sector*

1H 2011
29.6%
10.6%

2010
24.2%
27.8%

Bank of Kigali Growth vs. Rwandan Banking Sector Growth in 2010 and 1H 2011
35.0%

35.0%

31.5%

30.1%
30.0%

24.2%

25.0%

29.6%

30.0%

27.8%

26.1%

25.0%

24.7%

20.0%

20.0%
15.0%

15.0%

13.1%

10.0%

10.0%

5.0%

5.0%

9.6%

9.8%

10.6%
8.6%

0.0%

0.0%
Total Assets
Bank Of Kigali Growth In 2010

Net Loans

Total Assets

Client Deposits

Rwandan Banking Sector Growth In 2010

Bank of Kigali Growth in 1H 2011

Net Loans

Client Balances & Deposits

Rwandan Banking Sector Growth in 1H 2011

Market Share Dynamics

35.0%
31.5% 31.7%

30.9%
30.0%
26.4%

29.4%
27.4%

26.8%

25.7% 25.9%

25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
Total Assets

Net Loans
2009

2010

Client Deposits

1H 2011

*Preliminary estimates have been used for EcoBank in calculating the banking sector figures, whose 1H 2011 performance figures are subject to confirmation.
Any resulting changes are unlikely to be material.

Bank of Kigali Limited

Your trusted partner in wealth creation
Kigali, 2 September 2011

Net Interest Income equalled RwF 4,114 million in Q2 2011, up 13.4% q-o-q and 32.3% y-o-y. Net Fee & Commission
Income amounted to RwF 987 million in Q2 2011, up 26.8% q-o-q and 100.3% y-o-y. Total Operating Income
(Revenue) reached RwF 7,113 million in Q2 2011, up 11.6% q-o-q and 38.0% y-o-y. Total Recurring Operating Costs
increased by 17.4% q-o-q and 19.0% y-o-y to RwF 3,039 in Q2 2011. Cost/Income ratio reached 49.5% in Q2 2011
slightly up from 48.2% in Q1 2011 and down from 51.8% in Q2 2010.
Annualised ROAA reached 3.4% in Q2 2011, whereas annualised ROAE reached 23.0% in Q2 2011.
Total Assets grew by 16.7% q-o-q and 40.9% y-o-y (up 24.7% YTD 2011), reaching RwF 246,466 million as at 30 June
2011. Net Loans grew by 6.1% q-o-q and 24.8% y-o-y (up 9.8% YTD 2011), reaching RwF 111,299 million as at 30 June
2011. Client Deposits amounted to RwF 176,826 million, up 23.7% q-o-q and 39.7% y-o-y (up 29.6% YTD 2011). Net
Loans/Total Assets ratio stood at 45.2% as at 30 June 2011 vs. 51.0% as at 30 June 2010. Net Loans/Client Deposits
ratio reached 63.3% as at 30 June 2011 vs. 70.8% as at 30 June 2010.
Net Interest Income equalled RwF 7,741 million in 1H 2011, up 28.9% y-o-y. Net Fee & Commission Income
amounted to RwF 1,766 million in 1H 2011, up 85.4% y-o-y. Total Operating Income (Revenue) reached RwF 13,488
million in 1H 2011, up 38.4% y-o-y. Total Recurring Operating Costs increased by 22.5% y-o-y to RwF 5,627 in 1H
2011. Cost/Income ratio decreased to 48.9% in 1H 2011 from 49.4% in 1H 2010.
I am delighted that we have managed to grow our balance sheet and further increase our market share by total
assets. We will continue growing the Bank, with a focus on profitability and increasing shareholder value,
commented James Gatera, Managing Director.

Bank of Kigali Limited

Your trusted partner in wealth creation
Kigali, 2 September 2011
Q2 2011 Performance Highlights
Total Operating Income

Total Assets

RwF Millions

RwF Millions

8,000

300,000

+38%

7,113

7,000
6,000

+41%

250,000
5,153

5,000

200,000

4,000

150,000

246,466

174,901

3,000

100,000
2,000

50,000

1,000
Q2 2010

Q2 2011

Q2 2010

Recurring Operating Costs

Q2 2011

Net Loans
RwF Millions

RwF Millions

3,500

+19%

120,000

+25%

111,299

3,039

3,000

100,000

2,553
2,500

89,151

80,000

2,000

60,000
1,500

40,000

1,000

20,000

500
-

Q2 2010

Q2 2011

Q2 2010

Net Income

Client Deposits

RwF Millions

RwF Millions

2,500

200,000

+45%
1,975

2,000

+40%

180,000

175,826

160,000
140,000

1,500

Q2 2011

1,360

125,838

120,000
100,000

1,000

80,000
60,000

500

40,000
20,000

Q2 2010

Q2 2011

Q2 2010

Q2 2011

Bank of Kigali Limited

Your trusted partner in wealth creation
Kigali, 2 September 2011

Q2 2011 INCOME STATEMENT

Q2 2011
Millions, unless otherwise noted
RwF/Euro Exchange Rate, e-o-p
RwF/US$ Exchange Rate, e-o-p
Interest Income
Interest Expense
Net Interest Income
Fee & Commission Income
Fee & Commission Expenses
Net Fee & Commission Income
Income From Documentary Operations
Expense On Documentary Operations
Net Income From Documentary Operations
Other Non-Interest Income
Other Non-Interest Expense
Net Other Non-interest Income
FX Trading Income
Net Non-Interest Income
Total Operating Income
Directors' Remuneration
Personnel Costs
Other Operating Expenses
Depreciation
Total Recurring Operating Costs
Profit Before Provisions
Loan Loss Provisions
Gains on recovery
Net Provisions
Profit Before Tax
Bonuses (Paid & Accrued)
Accrued Or Paid Income Tax
Net Income

RwF
867.284
601.942

Q1 2011
US$

RwF
843.505
600.052

Q2 2010
US$

Growth,

Growth,

RwF
725.112
587.801

US$

Q-o-Q

Y-o-Y

5,501
1,387
4,114
987
987
56
56
232
232
1,724
2,999
7,113
93
1,282
1,172
491
3,039

9.1
2.3
6.8
1.6
1.6
0.1
0.1
0.4
0.4
2.9
5.0
11.8
0.2
2.1
1.9
0.8
5.0

4,770
1,143
3,627
779
779
42
42
220
220
1,707
2,748
6,375
63
1,200
881
443
2,588

7.9
1.9
6.0
1.3
1.3
0.1
0.1
0.4
0.4
2.8
4.6
10.6
0.1
2.0
1.5
0.7
4.3

3,930
820
3,110
493
493
50
50
165
165
1,335
2,043
5,153
79
1,210
929
336
2,553

6.7
1.4
5.3
0.8
0.0
0.8
0.1
0.0
0.1
0.3
0.0
0.3
2.3
3.5
8.8
0.1
2.1
1.6
0.6
4.3

15.3%
21.3%
13.4%
26.8%
0.0%
26.8%
34.4%
0.0%
34.4%
5.8%
0.0%
5.8%
1.0%
9.1%
11.6%
46.5%
6.8%
33.0%
10.9%
17.4%

40.0%
69.2%
32.3%
100.3%
0.0%
100.3%
12.0%
0.0%
12.0%
40.5%
0.0%
40.5%
29.1%
46.8%
38.0%
18.2%
6.0%
26.2%
46.3%
19.0%

4,075
(1,681)
998
(683)
3,392

6.8
(2.8)
1.7
(1.1)
5.6

3,787
(1,158)
695
(463)
3,325

6.3
(1.9)
1.2
(0.8)
5.5

2,600
(1,651)
1,133
(518)
2,082

4.4
-2.8
1.9
-0.9
3.5

7.6%
45.2%
43.6%
47.5%
2.0%

56.7%
1.8%
-11.9%
31.9%
62.9%

485
933
1,975

0.8
1.5
3.3

486
924
1,915

0.8
1.5
3.2

114
608
1,360

0.2
1.0
2.3

-0.1%
0.9%
3.1%

325.4%
53.4%
45.1%

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

Bank of Kigali Limited

Your trusted partner in wealth creation
Kigali, 2 September 2011

1H 2011 INCOME STATEMENT

1H 2011
RwF
Millions, unless otherwise noted
RwF/Euro Exchange Rate, e-o-p
RwF/US$ Exchange Rate, e-o-p

1H 2010

US$

867.284
601.942

RwF

Growth,

US$

Y-o-Y

725.112
587.801

Interest Income
Interest Expense
Net Interest Income
Fee & Commission Income
Fee & Commission Expenses
Net Fee & Commission Income
Income From Documentary Operations
Expense On Documentary Operations
Net Income From Documentary Operations
Other Non-Interest Income
Other Non-Interest Expense
Net Other Non-interest Income
FX Trading Income
Net Non-Interest Income
Total Operating Income
Directors' Remuneration
Personnel Costs
Other Operating Expenses
Depreciation
Total Recurring Operating Costs

10,271
2,530
7,741
1,766
1,766
98
98
452
452
3,431
5,747
13,488
156
2,483
2,054
934
5,627

17.1
4.2
12.9
2.9
2.9
0.2
0.2
0.8
0.8
5.7
9.5
22.4
0.3
4.1
3.4
1.6
9.3

7,871
1,866
6,005
953
953
98
98
312
312
2,380
3,743
9,748
98
2,331
1,619
543
4,592

13.4
3.2
10.2
1.6
1.6
0.2
0.2
0.5
0.5
4.0
6.4
16.6
0.2
4.0
2.8
0.9
7.8

30.5%
35.6%
28.9%
85.4%
0.0%
85.4%
-0.5%
0.0%
-0.5%
45.0%
0.0%
45.0%
44.1%
53.5%
38.4%
59.4%
6.5%
26.8%
71.9%
22.5%

Profit Before Provisions

Loan Loss Provisions
Gains on recovery
Net Provisions
Profit Before Tax

7,862
(2,838)
1,693
(1,145)
6,716

13.1
(4.7)
2.8
(1.9)
11.2

5,156
(3,189)
1,469
(1,721)
3,436

8.8
(5.4)
2.5
(2.9)
5.8

52.5%
-11.0%
15.3%
-33.4%
95.5%

970
1,856
3,890

1.6
3.1
6.5

228
998
2,210

0.4
1.7
3.8

325.5%
86.0%
76.0%

Bonuses (Paid & Accrued)

Accrued Or Paid Income Tax
Net Income

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

Bank of Kigali Limited

Your trusted partner in wealth creation
Kigali, 2 September 2011

Q2 2011 BALANCE SHEET

Q2 2011

Q1 2011

Q4 2010

Q2 2010

Q-o-Q
Change

Millions, unless otherwise noted

Y-o-Y
Change

YTD
Growth

Cash
Balances With BNR
Cash Balances With Banks
Treasuries
Other Fixed Income Instruments
Gross Loans
Loan Loss Reserve
Net Loans To Clients
Net Investments
Net Property, Plant & Equipment
Net Intangible Assets
Net Other Assets
Total Assets

US$
15.2
9.5
69.8
72.6
11.1
192.6
(7.7)
184.9
0.4
31.5
0.3
14.1
409.5

RwF
9,165
5,710
42,044
43,672
6,682
115,913
(4,613)
111,299
268
18,958
164
8,504
246,466

US$
11.2
13.6
52.0
33.9
20.4
185.0
(10.2)
174.8
0.4
30.1
0.6
14.7
351.8

RwF
6,740
8,187
31,204
20,317
12,211
111,014
(6,113)
104,902
268
18,081
362
8,851
211,123

US$
11.6
10.7
61.4
30.6
8.8
177.5
(6.9)
170.6
0.5
30.8
0.3
7.4
332.5

RwF
6,882
6,333
36,480
18,202
5,224
105,527
(4,124)
101,403
268
18,313
181
4,391
197,677

US$
5.9
8.7
48.8
47.0
9.1
159.1
(7.4)
151.7
0.6
11.4
0.4
14.1
297.6

RwF
3,462
5,111
28,659
27,612
5,341
93,524
(4,373)
89,151
340
6,694
225
8,307
174,901

36.0%
-30.3%
34.7%
114.9%
-45.3%
4.4%
-24.5%
6.1%
0.0%
4.9%
-54.8%
-3.9%
16.7%

164.7%
11.7%
46.7%
58.2%
25.1%
23.9%
5.5%
24.8%
-21.1%
183.2%
-27.2%
2.4%
40.9%

33.2%
-9.8%
15.3%
139.9%
27.9%
9.8%
11.9%
9.8%
0.0%
3.5%
-9.3%
93.7%
24.7%

Interbank Deposits
Client Deposits
Borrowed Funds
Payable Interest & Dividends
Other Liabilities
Total Liabilities
Ordinary Shares
Retained Earnings
Revaluation Reserve
Net Income
Shareholder's Equity
Total liabilities & Shareholders' Equity

28.0
292.1
3.1
0.5
28.0
351.7
8.3
31.4
11.6
6.5
57.7
409.5

16,857
175,826
1,862
309
16,853
211,707
5,005
18,893
6,972
3,890
34,759
246,466

31.5
237.0
3.0
0.3
25.4
297.2
8.3
31.3
11.8
3.2
54.6
351.8

18,921
142,190
1,811
193
15,223
178,338
5,005
18,803
7,061
1,915
32,785
211,123

31.8
228.2
18.9
278.9
8.4
22.8
12.0
10.4
53.6
332.5

18,921
135,677
11,208
165,807
5,005
13,536
7,151
6,179
31,870
197,677

26.1
214.1
4.5
17.6
262.3
8.5
23.0
3.8
35.3
297.6

15,341
125,838
2,643
10,329
154,151
5,005
13,535
2,210
20,750
174,901

-10.9%
23.7%
2.8%
NMF
10.7%
18.7%
0.0%
0.5%
-1.3%
103.1%
6.0%
16.7%

9.9%
39.7%
NMF
-88.3%
63.2%
37.3%
0.0%
39.6%
NMF
76.0%
67.5%
40.9%

-10.9%
29.6%
NMF
0.0%
50.4%
27.7%
0.0%
39.6%
-2.5%
-37.0%
9.1%
24.7%

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

Bank of Kigali Limited

Your trusted partner in wealth creation
Kigali, 2 September 2011

KEY RATIOS
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

Q2 2011

1H 2011

Q2 2010

1H 2010

2010

3.4%
23.0%
8.4%
16.6%
25.2%
2.8%

3.5%
23.1%
8.3%
16.4%
24.6%
2.7%

3.3%
26.6%
8.5%
14.8%
20.9%
2.3%

2.8%
21.6%
8.4%
14.5%
23.7%
3.0%

3.5%
24.5%
8.3%
14.4%
23.5%
3.2%

Q2 2011

1H 2011

Q2 2010

1H 2010

2010

49.5%
6.0%
61.2%
3.2%
26.1%
27.8%

48.9%
5.9%
64.1%
3.2%
26.8%
28.8%

51.8%
6.5%
54.9%
3.4%
27.2%
26.4%

49.4%
6.0%
57.9%
3.3%
27.3%
22.7%

47.5%
6.1%
51.8%
3.0%
25.0%
29.2%

Q2 2011

1H 2011

Q2 2010

1H 2010

2010

45.2%
55.7%
8.7%
28.8%
60.2%

45.2%
55.7%
8.7%
28.8%
60.2%

51.0%
49.8%
10.9%
16.1%
66.2%

51.0%
49.8%
10.9%
16.0%
66.2%

51.3%
42.9%
12.3%
11.9%
68.4%

Q2 2011

1H 2011

Q2 2010

1H 2010

2010

7.5%
64.4%
3.6%
2.4%
6.1

7.5%
64.4%
3.6%
4.1%
6.1

9.8%
47.7%
13.1%
2.3%
7.4

9.8%
47.7%
13.1%
3.9%
7.4

8.4%
45.2%
5.8%
1.9%
5.2

Q2 2011

1H 2011

Q2 2010

1H 2010

2010

16.1%
20.5%
468.3%
16.2%
14.5%

16.1%
20.5%
468.3%
16.2%
14.5%

16.4%
16.4%
429.0%
62.6%
22.7%

16.4%
16.4%
429.0%
62.6%
22.7%

18.7%
20.1%
402.8%
27.9%
15.3%

Q2 2011

1H 2011

Q2 2010

1H 2010

2010

9.2%
1.5%
108.4%

9.2%
1.5%
108.4%

-2.8%
0.8%
106.3%

-2.8%
0.8%
98.4%

8.9%
1.1%
106.0%

Q2 2011

1H 2011

Q2 2010

1H 2010

2010

500
500
417
490,931 490,931 419,427
38
38
24
26
26
6
100
100
79

417
419,427
24
6
79

453
436,372
33
26
97

Note: ratios for Q2 2011, Q2 2010, 1H 2011 and 1H 2010 are annualised

Bank of Kigali Limited

Your trusted partner in wealth creation
Kigali, 2 September 2011
Ratio Definitions
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19

Return On Average Total Assets (ROAA) equals Net Income of the period divided by average Total Assets for the same period;
Return On Average Total Equity (ROAE) equals Net Income of the period divided by average Total Shareholders Equity for the same period;
Average Interest Earning Assets are calculated on a quarterly basis; Interest Earning Assets include: Cash & Balances With Banks, Treasuries
and Net Loans To Clients;
Net Interest Margin equals Net Interest Income of the period divided by Average Interest Earning Assets for the same period;
Loan Yield equals Interest Income of the period divided by average Gross Loans for the same period;
Cost Of Funds equals Interest Expense of the period divided by average Total Liabilities for the same period;
Total Operating Income includes Net Interest Income and Non-Interest Income;
Costs include Total Recurring Operating Costs and Bonuses (Paid and Accrued);
Cost/Income equals Total Recurring Operating Costs plus Bonuses (Paid and Accrued) for the period divided by Total Operating Income;
Personnel Costs/Total Recurring Operating Costs equals the sum of Directors Remuneration, Personnel Costs and Bonuses (Paid and Accrued)
for the period divided by Total Recurring Operating Costs ;
Personnel Costs/Average Total Assets equals the sum of Directors Remuneration, Personnel Costs and Bonuses (Paid and Accrued) for the
period divided by average Total Assets ;
Client Deposits include Corporate and Retail deposits;
Total Deposits include Interbank Deposits and Client Deposits;
Shareholders Equity equals to Total Shareholders Equity;
NPLs are loans overdue by more than 90 days;
NPL Coverage ratio equals Loan Loss Reserve as of the period end divided by NPLs as of the same date;
Large exposures include loans that in aggregate comprise 10% of Core Capital
Cost Of Risk equals Net Provision For Loan Losses of the period, plus provisions for (less recovery of) other assets, divided by average Gross
Loans To Clients for the same period;
Total Capital Adequacy equals Total Capital as of the period end divided by Total Risk Weighted Assets as of the same date, both calculated
in accordance with the requirements of the National Bank of Rwanda.