bank of kigali 2010 9m 2010 results update

8/3/2019 Bank of Kigali 2010 9M 2010 Results Update

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BANQUE DE KIGALI S.A.R.C. A 019 Ki gali T IN n 10.000.345 Capital : RWF 5 005 000 000

B.P. 175 - KIGALI Parcelle 6112, Avenue de la Paix Kigali (Rwanda)

Your trusted partner in wealth creation

Bank of Kigali Q3 2010 Results Overview

December 2010


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About Bank of Kigali

December 2010 Bank of Kigali Q3 2010 Results Overview 2

The Leading Bank In Rwanda

Number 1 bank by total assets with 27% market share as at 30

September 2010

The only credit rated bank in Rwanda

International & local awards

2009 and 2010 Bank of the Year Awards from the Banker

magazine Best Bank in Rwanda Award in 2009 & 2010 from EMEA Finance

Magazine

Best Taxpayer in Rwanda for eight years running 2002-2009

Key Facts

Established in 1967

The state increased its equity interest in the Bank from50% to 100% in 2006

Current management team assembled in 2007

Supervisory Board enhanced & internationalized in 2009

New strategy focusing on the universal banking business

model and profitable growth adopted in 2009

Market Share Evolution Growing Faster Than The Banking Sector

YE 2006 YE 2007 YE 2008 YE 2009 Sep-10

Total Assets 24.7% 29.0% 23.4% 26.3% 26.9%Net Loans 23.0% 25.3% 24.4% 26.8% 30.3%

Client Deposits 25.2% 30.6% 24.6% 25.8% 26.3%

Shareholders' Equity 26.5% 28.3% 22.3% 26.8% 25.7%

Total Assets Growth YTD 2010 (September) BK share in total sector growth

Bank of Kigali 14% 33%

Rwandan Banking Sector 11%Net Loans Growth

Bank of Kigali 21% 86%Rwandan Banking Sector 6%

Total Deposits Growth


Shareholders Equity Growth


US$ mln, unless otherwise noted YE 2009 Sep 10 YTD Growth,YTD

US$

Total Assets 265.0 294.1 11.0%

Net Loans 134.5 157.6 17.2%

Client Deposits 190.6 214.0 12.3%

Shareholders' Equity 32.3 38.3 18.5%


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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 6% in 1H 2010

Diversifying export base, CAD contained at 7% of GDP

Sensible monetary policies, manageable inflation (2010 YTD CPI of 4.8%), managed currency float

Named Top Reformer globally in the 2010 World Bank Doing Business ReportAccess to a large regional market through the East African Community integration initiatives

Well-regulated banking sector

Banking Sector P otential Early stage of development, with Banking Assets/GDP of 19.6% as at YE 2009Sector asset growth of 12% in 2009, 9% in 1H 2010

Over 90% of the population unbanked

High Barriers To Entry Highly concentrated banking sector, with Top3 banks accounting for a 61% market share (81% 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

Market-Leading Franchise The larges t bank in Rwanda by assets (28% market share) , loans (29%), deposits (27%) and equity (26%)

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 47% in 1H 2010Well-known, trusted and prestigious brand

Universal Banking Strategy Driving Profitable

Growth

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 imminentDiversification of revenue streams sought by focusing on unfunded income sources and product innovation

Transparency And Good Governance 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

Sound and Balanced Business Model 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 71% allowing for further substantial loan book expansionCAR of 16.5%, 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 Tota l 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


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Bank of Kigali Key Figures


Millions, unless otherwise noted Q3 2010 Q2 2010 Q1 2010 YE 2009

US$ RwF US$ RwF US$ RwF US$ RwF

Total Assets 294.1 173,520 297.6 174,901 272.5 156,527 265.0 151,896Net Loans 157.6 92,973 151.7 89,151 147.1 84,517 134.4 77,096Client Balances & Deposits 214.0 126,283 214.1 125,838 198.0 113,727 190.6 109,282Total Liabilities 255.8 150,927 262.3 154,151 238.7 137,137 232.6 133,356Total Shareholders Equity 38.3 22,613 35.3 20,750 33.8 19,391 32.3 18,540Number of branches 26 25 20 17

Number of ATMs 26 6 6 6

Number of debit cards in issue 4,220 3,694 1,690 3,527

FTEs 467 417 370 303

RwF/US$ exchange rate (e-o-p) 590.0 587.8 574.4 573.2


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Bank of Kigali Development Milestones


2006 2007 2008 2009 2010 2010 YTD Growth

US$167.5 mln

US$72.0 mln

US$131.3 mlnUS$16.2 mln

9

US$228.4 mln

US$91.2 mln


9

US$219.4 mln

US$131.0 mln


12

US$265.0 mln

US$134.5 mln


17

US$294.2 mln

US$157.6 mln

US$ 214.0 mlnUS$38.4 mln

26

+11.0%

+17.2%

+12.3%+18.9%

Total Assets (e-o-p)

Loan Book (e-o-p)

Client Deposits (e-o-p)Equity (e-o-p)

Number of branches

2 2 2 5 6 Number of Western-Trained Professionals

Retail Banking

Corporate Banking

Trade FinanceForeign Exchange

Internet Banking

Retail Banking

Corporate Banking


Internet Banking

Retail Banking

Corporate Banking


Internet Banking

Retail Banking

Corporate Banking


Internet Banking

Retail Banking

Corporate Banking


Internet Banking

SMS Banking

Private Banking

Key Business Lines

GCR: A+/A1 Credit Rating

EIB Euro 5 million loan

facility

EIB Euro 5 million

loan facilityDiscussions with

several IFIs underway

Key Lenders

RwF/US$ exchange rate (e-o-p)

2006 2007 2008 2009 2010

525.670 533.413 550.439 573.231 590.000

Note: growth rates based on RwF values


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26 branches as of September 2010, of which

12 in Kigali

14 in regions

2006 2007 2008 2009 Q3 2010

Number of branches 9 9 12 17 26

Bank of Kigali Branch Network


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Q3 2010 Financial Highlights


Total Assets Net Loans

Client Deposits Shareholders Equity

69,45377,096

84,51789,151 92,973

22.8%26.8%

28.6% 29.2%30.3%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%35.0%

-

20,000

40,000

60,000

80,000

100,000

30-Sep-09 YE 2009 31-Mar-10 30-Jun-10 30-Sep-10

RWF million

Net loans (LHS) Market Share By Net Loans (RHS)

145,978 151,896 156,527174,901 173,520

25.6% 26.4% 26.3% 27.9% 26.9%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

-

50,000

100,000

150,000

200,000

30-Sep-09 YE 2009 31-Mar-10 30-Jun-10 30-Sep-10

RW F million

Total Assets (LHS) Market Share By Total Assets (RHS)

106,892109,282

113,727

125,838126,283

28.3%25.7%

25.9%

27.0% 26.3%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

-

20,000

40,000

60,000

80,000

100,000

120,000

140,000

3 0-Sep -09 YE 2 00 9 3 1-Mar -10 3 0-Jun -10 3 0-Sep -10

RWF million

Client Deposits (LHS) Market Share By Client Deposits (RHS)

20,453

18,541 19,391

20,750 22,613

14.0%

12.2% 12.4% 11.9%13.0%

0.0%

2.0%

4.0%6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

-

5,000

10,000

15,000

20,000

25,000

30-Sep-09 YE 2009 31-Mar-10 30-Jun-10 30-Sep-10

RWF million

Shareholders' Equity (LHS)Shareholders' Equity/Total Assets (RHS)


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Q3 2010 Financial Highlights Contd


Total Assets Net Loans

Client Balances & Deposits Shareholders Equity

239.1255.8

265.0 272.5297.6 294.1

-

50.0

100.0

150.0

200.0

250.0

300.0

350.0

J un e 20 09 Se pt em be r 2 00 9 D ec em be r 2 00 9 M arc h 20 10 J un e 20 10 S ep te mb er 20 10

US$ mln

127.6121.7

134.5

147.1151.7

157.6

-

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

180.0

J un e 20 09 S ep te mb er 20 09 De ce mb er 20 09 M arc h 20 10 J un e 20 10 Se pt em be r 2 01 0

US$ mln

175.4187.3 190.6

198.0

214.1 214.0

-

50.0

100.0

150.0

200.0

250.0

Ju ne 2 00 9 Se pt em be r 2 00 9 D ec em be r 2 00 9 M arc h 20 10 J un e 20 10 Se pt em be r 2 01 0

US$ mln

33.735.8

32.3

33.835.3

38.3

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

40.00

45.00

J un e 2 00 9 S ep te mb er 20 09 De ce mb er 20 09 M arc h 2 01 0 Ju ne 20 10 Se pt em be r 2 01 0

US$ mln

4.5

Dividendsof

US$4.5 mln paid


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Composition of Total Assets, RwF mln Composition of Total Liabilities, RwF mln

Composition of Total Assets, % Composition of Total Liabilities, %

65,829 64,790 59,83270,184 67,780

69,453 77,096 84,517 89,15192,973

6,384 6,3926,431

6,919 7,5014,3123,618 5,747

8,647 5,266

-

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000180,000

200,000

30-Se p-09 YE 2009 31-Mar-10 30-Jun-10 30-Se p-10

RwF Million

Other Asset s Fixed Asset s Net Loans C ash & Equivalen ts

45.1% 42.7%38.2% 40.1% 39.1%

47.6% 50.8% 54.0% 51.0% 53.6%

4.4% 4.2% 4.1% 4.0% 4.3%

3.0% 2.4% 3.7% 4.9% 3.0%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

120.0%

30-Sep-09 YE 2009 31-Mar-10 30-Jun-10 30-Sep-10

Other Asse ts Fixed Asse ts Net Loans Cash & Equiva lents

106,892 109,282 113,727 125,838 126,283

11,826 15,10411,812

15,341 16,2946,807 6,326

8,954

10,329 8,331

-

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

30-Sep-09 YE 2009 31-Mar-10 30-Jun-10 30-Sep-10

RwF Million

Other Liabilt ies Borrowed Funds Client Deposit s

85.2% 83.6% 84.6% 83.1% 83.7%

9.4% 11.6% 8.8% 10.1% 10.8%

5.4% 4.8% 6.7% 6.8% 5.5%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

120.0%

30-Sep-09 YE 2009 31-Mar-10 30-Jun-10 30-Sep-10

Other Liabilt ie s Borrowed Funds Client Deposit s


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9M 2010 Financial Highlights Contd


Revenue Total Recurring Operating Costs

Profit Before Provisions Net Income

11,854

14,958

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

9M 2009 9M 2010

RWF Milion

+26%

4,395

7,212

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9M 2009 9M 2010

RWF Million

+64%

Heavy investmentinbranch network

expansion, +157 FTE's

4,555

4,072

3,800

3,900

4,000

4,100

4,200

4,300

4,400

4,500

4,600

9M 2009 9M 2010

RWF Milion-11%

7,459

7,746

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

9M 2009 9M 2010

RWF Milion

+4%


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Revenue Composition Net Fee & Commission Income

FX Trading Income Net Other Non-Interest Income

4,124

6,427

7,730

8,531

0

2,000

4,000

6,000

8,000

10,000

12,000

14,00016,000

9M 2009 9M 2010

RWF Million

Net Int erest Incom e Non -Int erest In co me

11,854

14,958+26%

43.0%

65.2%

57.0%

250

647

-

100

200

300

400

500

600

700

9M 2009 9M 2010

RWF Million

+159%

2,213

3,689

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

9M 2009 9M 2010

RWF Million

+67%

4,124

6,427

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

9M 2009 9M 2010

RWF Million

+56%


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Recurring Operating Costs Structure, 9M 10 Recurring Operating Costs, 9M 09-9M 10

Normalised Cost/Income Ratio Total Employees

Cost/Income ratio equals Total Operating Income divided by the sum of Recurring Operating

Costs and Bonuses (Paid or Accrued)

PersonnelCost, 54.4%

Depreciation,14.2%

OtherOperatingExpenses,

31.4%

1,933 2,410

6281,063

2,232

4,081

-

1,000

2,000

3,000

4,000

5,000

6,000

7,0008,000

30-Sep-09 30-Sep-10

RwF million

Personnel Cost Depreciat ion Other Operat ing Expenses

4,792

7,554

358

303

370

417

467

0

50

100150

200

250

300

350

400

450

500

Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010

50.6%

55.0%

46.8%

51.4%

52.8%

42.0%

44.0%

46.0%

48.0%

50.0%

52.0%

54.0%

56.0%

Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010


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24,047

51,299 44,99127,364 31,143

82,845

57,983 68,735 98,474 95,140

-

20,000

40,000

60,000

80,000

100,000

120,000

140,000

Q3 '09 Q4 '09 Q1 '10 Q2 '10 Q3 '10

RwF Million

CB banking Clients B alan ces & DepositsRB banking Clients B alnces & Deposits

106,892 109,282113,727

125,838 126,283



Gross Loans Net Loans

Client Deposits & Balances Term Deposits

* share of gross retail banking loans in gross loans decreased due to thereclassification of certain clients from Retail Banking to SME in Q2 2010

*share of net retail banking loans in gross loans decreased due to shifting of

number of clients from retail to SME

*share of retail client deposits & balances in client deposits & balancesdecreased due to shifting of number of clients from retail to SME

*share of retail term deposits term deposits decreased due to shifting of number

of clients from retail to SME

13,05622,070 22,097 16,816 17,478

60,01158,844

67,313 76,708 79,804

0

20,000

40,000

60,000

80,000

100,000

120,000

Q3 '09 Q4 '09 Q1 '10 Q2 '10 Q3 '10

RwF Million

Gross Corporate Banking Loans Gross Retail Banking Loans

73,06780,914

89,41093,524 97,282

*

11,972

20,925 20,62915,520 16,631

57,481

56,17163,888 73,631 76,342

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

Q3 '09 Q4 '09 Q1 '10 Q2 '10 Q3 '10

RwF Million

Net Corporate Banking loans Net Retail Bank ing Loans

69,453

77,09684,517

89,15192,973

*

*

1,0753,958 9,517 3,740 3,905

25,915

25,95817,753

25,40628,593

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

Q3 '09 Q4 '09 Q1 '10 Q2 '10 Q3 '10

RwF Million

Corporate Banking term deposits Retail Banking Term deposits *


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Capital Adequacy & Liquidity


Total Capital Adequacy Ratio (BNR)

Net Loans/Client Balances & Deposits Cumulative Liquidity Gap

Net Loans/Total Assets

14.1%

16.0%16.9%

16.4%

18.7%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

20.0%

2007 2008 2009 Q2 2010 Q3 2010

39.9%

59.7%50.8% 51.0%

53.6%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

2007 2008 2009 Q2 2010 Q3 2010

47.8%

76.8%

70.5% 70.8%73.6%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

2007 2008 2009 Q2 2010 Q3 2010

(25,334)(27,820)

(35,087)

(37,773)

(2,622)

(0)

(32,572)(31,467)

(40,289)(50,452)

7,796

-

(60,000)

(50,000)

(40,000)

(30,000)

(20,000)

(10,000)

-

10,000

20,000

0-1 month 1-3 months 3-6 months 6-12 months 0-1 Years Over 5 years

RwF Million

De ce mb er 2009 Se pte mb er 2010


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Loan Book Analysis


Loans By Currency, 30 September 2010 NPLs

Loan Loss Reserve Gross Loan Book Breakdown By Maturity

82.0%

96.6%

18% 3%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

120.0%

Gross Corporate Loans Gross Retail Loans

Foreign currency Local currency

8,060

6,685

8,8629,207

9,649

11.6%

8.7%

10.5% 10.3% 10.4%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

-

2,000

4,000

6,000

8,000

10,000

12,000

Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010

RwF Million

NPL s ( LHS) NPL s T o Gro ss L oans ( RHS)

3,613 3,8184,893 4,373 4,309

8142,669

4.9%

4.7%

5.5%

4.7%

4.4%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010

RwF Million

Loan Lo ss Reserves (LHS)

Write-offs (LHS)

Loan Lo ss Reserve To Gross Loans (RHS)

18,678

2,2503,243

6,662

50,081

24,313

6,126 4,411 3,900

58,532

-

10,000

20,000

30,000

40,000

50,000

60,000

70,000

Less than 1

month

1 to 3 months 3 t o 6 months 6 t o 12 months Over 1 yea r

RwF Million

YE 200 9 Q3 20 10


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Client Balances & Deposits


Client Balances & Deposits Breakdown, Q3 2010 Client Balances & Deposits By Currency, 9M 2010

Retail & Corporate Client Balances & Deposits Client Balances & Deposits By Maturity, 9M 2010

Corporate

CurrentAccounts,

53.9%Corporate

TermDeposits,

22.6%

Retail

CurrentAccounts,

20.1%

Reta il Term

Deposits,

3.3%

29,49724,445 24,047

51,29944,991

27,364 29,628

58,322

73,63182,845 57,983

68,73598,474 96,655

-

20,000

40,000

60,000

80,000

100,000

120,000

140,000

Q1 '09 Q2 '09 Q3 '09 Q4 '09 Q1 '10 Q2 '10 Q3 '10

RwF Million

Retail Banking Client Balances & Deposits Corporate Banking Client Balances & Deposits

87,818

98,076106,892 109,282

113,727

125,838 126,283

26.8%22.2%

73.2% 77.8%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

120.0%

Foreign Currency Loca l Currency

Corporate Client deposits Retail Client Deposits

71.6%

4.9% 4.3% 8.5% 10.7%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

On Demand Less than 1

month

1 to 3

months

3 to 6

months

6 to 12

months


17/59

Corporate Banking Overview


Highlights Gross Corporate Loan Portfolio By Products, Q3 10

Gross Corporate Loans

Serving over 4,000 legal entities

Top clients include Inyange Industries, the leading food processing company in Rwanda

Bralirwa, the leading beverage company in Rwanda

Kobil Petrolium, one of the leading oil companies in Rwanda

Engen Rwanda, one of the leading oil companies in Rwanda BruseelsAirlines

SULFO Rwanda industries, one of the leading cosmetics, detergents, mineral waters, plastic moldings,

polyethylene films and tubing manufacturers in Rwanda, with operations in East & Central Africa

Merez Petroleum, one of the leading petroleum importers in Rwanda

Gorillas Hotels, deluxe hotel chain operator

Onatracom, the leading public transportation company

China GEO Engineering, the leading infrastructure development company

Rwanda Mountain Tea, the major tea producing companies in Rwanda

Akagera Motors, the major importer of Toyota vehicles in Rwanda

Tolirwa, the major metal materials manufacturer in Rwanda

MTN, the leading communications provider in Rwanda

Ameki Color, the leading paint manufacturer in Rwanda

German Agro Action, a non-governmental organisation

Client coverage started in spring 2010

2006 2007 2008 2009 Q3 2010

Top 10 Borrowers 22.5% 20.2% 21.7% 26.0% 24.2%

Top 20 Borrowers 31.6% 49.1% 32.3% 33.3% 32.7%

2006 2007 2008 2009 Q3 2010

Top 10 deposits & balances 24.3% 31.5% 23.9% 26.0% 28.3%

Top 20 deposits & balances 30.9% 40.8% 34.3% 36.8% 35.4%

YE 2009 Q3 2010

RwF 57,983 mln RwF 113,020 mln

Our Top Clients

MerezPetr oleum

Tolirwa

Term

Deposits,25,958

Demand

Deposits,32,026

55.2% of corporate

client balances &

deposits

44.8% of corporate

client ba lances &deposits

Corporate Client Balances & Deposits

53,73459,266 57,481 56,171

63,88873,631 76,342

4,9842,641 2,530 2,673

3,425

3,0783,462

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

Q1 '09 Q2 '09 Q3 '09 Q4 '09 Q1 '10 Q2 '10 Q3 '10

RwF mln

Net corporate loans Provisions

58,71861,907 60,011 58,844

67,313

76,70879,804

DemandDeposits,

76,532

TermDeposits,

36,488

68% of clientbalances &deposits

32% of clientbalances &deposits

Overdraft,5,087

WorkingCapitalLoans,19,410

CapExLoans,24,438

CommercialMortgageloans,23,222


18/59

Retail Banking Overview


Highlights Retail Loans Disbursed

Retail Loans By Products Retail Client Balances & Deposits

Serving over 45,000 individuals, up from c.30,000

as at YE 2009 26 branches as of 30 September 2010, further

branch network expansion underway

Over 55,000 retail accounts as of 30 September

2010

A major enhancement of electronic banking

channels underway

The retail product lineup redesign underway

YE 2009 Q3 2010RwF 51,299 mln RwF 29,628 mln

Term

Deposits,11,592

Demand

Deposits,

46,391

80.0% of retail client

balances & deposits

20.0% of retail client

balances & deposits

1,092 888 1,490 1,868 1,050 917 1,579

183 171

272

379

76188

469

0

50

100

150

200

250

300

350400

450

500

0

200

400

600

800

1,000

1,200

1,4001,600

1,800

2,000

Q1 '09 Q2 '09 Q3 '09 Q4 '09 Q1 '10 Q2 '10 Q3 '10

RwF Million

Volume of Retail loans disbursed (LHS)

Number of Retail Loans disbursed (RHS)

Current

Accounts,

85.7%

Savings

Accounts

1.1%

Q3 '09' Q4 '09' Q1 '10' Q2 '10' Q3 '10'

Rw F Million unless otherwise noted

Consumer Loans 4,491 6,103 6,610 5,891 6,883

Overdraft Loans 723 1,661 1,763 1,772 1,437

Micro-Loans 27 116 104 29 19

Mortgage Loans 7,327 11,563 10,655 8,387 7,962

Micro loans overdraft 488 2,627 2,965 736 1,178

Gross RB Loans 13,056 22,070 22,097 16,815 17,478

Q3 '09 Q4 '09 Q1 '10 Q2 '10 Q3 '10

Consumer Loans 34.4% 27.7% 29.9% 35.0% 39.4%

Overdraft Loans 5.5% 7.5% 8.0% 10.5% 8.2%

Micro-Loans 0.2% 0.5% 0.5% 0.2% 0.1%

Mortgage Loans 56.1% 52.4% 48.2% 49.9% 45.6%

Micro Loans overdraft 3.7% 11.9% 13.4% 4.4% 6.7%

Total 100.0% 100.0% 100.0% 100.0% 100.0%


19/59

Q3 2010 Financial Highlights


Note: converted to US$ dollars for the convenience using end-of-period exchange rates

Q3 2010 Q2 2010 Q1 2010 Q3 2009 Q-o-Q Y-o-Y

RWF millions, unless otherwise noted Change Change

US$ RwF US$ RwF US$ RwF US$ RwF

Net Interest Income 4.8 2,818 5.0 2,943 4.8 2,769 4.7 2,694 -4.2% 4.6%

Net Non-Interest Income 4.0 2,359 3.8 2,243 3.2 1,826 2.2 1,247 5.2% 89.1%

Total Operating Income 8.8 5,177 8.8 5,186 8.0 4,595 6.9 3,941 -0.2% 31.4%

Total Recurring Operating Costs 4.4 2,620 4.3 2,554 3.5 2,038 3.3 1,863 2.6% 40.6%

Profit Before Provisions 4.3 2,557 4.5 2,632 4.5 2,557 3.6 2,078 -2.8% 23.1%

Net Income 3.2 1,862 2.3 1,360 1.5 850 2.8 1,580 37.0% 17.9%

Total Assets 294.1 173,520 297.6 174,901 272.5 156,527 255.8 145,978 -0.8% 18.9%

Net Loans 157.6 92,973 151.7 89,151 147.1 84,517 121.7 69,453 4.3% 33.9%

Client Deposits 214.0 126,283 214.1 125,838 198.0 113,727 187.3 106,892 0.4% 18.1%Total Liabilities 255.8 150,907 262.3 154,151 238.7 137,136 219.9 125,525 -2.1% 20.2%

Shareholders' Equity 38.3 22,613 35.3 20,750 33.8 19,391 35.8 20,453 9.0% 10.6%

RwF/US$ exchange rate (e-o-p) 590.0 587.80 574.39 570.73

Sep-10 Sep-09

Millions, unless otherwise noted US $ RwF US $ RwF

Net Interest Income 14.5 8,531 13.5 7,730

Net Non-Interest Income 10.9 6,427 7.2 4,124

Total Operating Income 25.4 14,958 20.8 11,854

Total Recurring Operating Costs 12.2 7,212 7.7 4,395

Profit Before Provisions 13.1 7,746 13.1 7,459

Net Income 6.9 4,072 8.0 4,555


20/59

Key RatiosQ3 2010


Q3 2010 Q2 2010 Q1 2010 Q3 2009ProfitabilityReturn on Average Assets 4.3% 3.3% 2.2% 4.5%

Return on Average Equity 34.4% 27.1% 17.9% 32.1%

Net Interest Margin , Annualised, % 7.6% 8.2% 8.2% 9.1%

Loan Yield, Annualised,% 15.2% 14.8% 15.3% 17.2%

Interest Expense/Interest Income, % 29.4% 21.8% 27.4% 25.2%Cost of Deposits, Annualised,% 3.2% 2.6% 3.6% 3.5%

LiquidityNet Loans/Total Assets,% 53.6% 51.0% 54.0% 59.2%

Interest Earning Assets/Total Assets,% 83.2% 86.2% 86.1% 84.7%

Liquid Assets / Total Deposits 41.9% 40.1% 43.6% 49.8%

Interbank Borrowings / Total Deposits 11.4% 10.9% 9.4% 10.0%

Short term Liquidity Gap 7.6% 16.1% 14.0% 16.3%

Gross Loans / Total Deposits 68.2% 66.2% 71.2% 61.5%

Asset QualityNPLs / Gross Loans, % 9.9% 9.8% 7.8% 11.6%

Provisions / NPLs 44.7% 47.7% 55.2% 45.0%Large Exposures / Gross Loans 11.8% 13.1% 10.6% 8.8%

Cost of Risk, Annualised -1.1% 2.4% 5.7% -1.9%

Leverage (Total Liabilities/Equity), Times 6.7 7.4 7.1 6.1

Capital AdequacyCore Capital / Risk Weighted Assets 18.7% 16.4% 17.7% 17.3%

Total Qualifying Capital / Risk Weigited Assets 18.7% 16.4% 17.7% 17.3%

Off Balance Sheet Items / Total Qualifying Capital 402.8% 429.0% 441.5% 421.6%

Large Exposures / Core Capital 55.8% 62.6% 49.8% 36.1%

NPLsProvisions / Core Capital 23.6% 23.1% 24.0% 24.3%

Market SenstivityForex Exposure / Core Capital 12.5% -2.8% 7.9% 1.7%

Forex Loans / Forex Deposits 1.2% 0.8% 1.0% 1.0%

Forex Assets / Forex Libilities 107.7% 106.3% 107.0% 104.0%

Selected Operating DataFull Time Employees 467 417 370 310

Contractors 0 0 0 0

Total Employees 467 417 370 310

Assets per FTE (RWF) 371,563 419,427 423,046 505,024

Number of Active Branches 26 24 19 14

Number of ATMS 26 6 6 6

Number of POS Terminals 90 79 60 42


21/59

Experienced & Dynamic Management


Individual Title Background/Experience

James Gatera Managing Director James has led the bank for the last five years. During which time, he has grown the Banks PBT from RwF3.797 million to 7.059

million (186%), total assets from RwF 70.472 million to RwF 151.896 million and Deposits from RwF 56.692 million to RwF123.130 million (217%).

Lawson Naibo Chief Operating O fficer Lawson has been with the Bank since 2 009 and is a q ualified a ccountant & chartered b anker.

Louis Rugerinyange Chief Shared Services Officer Louis has b een with t he Bank for o ver 3 0 years a nd h olds a Bachelors Degree in Economics.

Flora Nsinga Head o f HR a nd Administration Flora is t he H ead o f H uman R esources & A dministration D epart ment. S he has been w ith t he B ank s ince 2 008. Prior t o j oining t heBank, she worked in the telecommunications industry.

Flora holds a Bachelors Degree in business administration with specialisation in Human Resources from Kigali Institute of

Science, Technology & Management.

Frances Ihogoza Head o f C orporate Affairs Frances h as w orked w ith t he B ank f or o ver o ne y ear. S he h as o ver t en y ears e xperience i n management p ositions i n Public S ervice

with a Masters Degree in Public Administration.

Martin Mulisa Head of Corporate Banking Martin has been with the Bank for since 2009 and has wide experience in credit analysis, relationship management & corporate

banking.

Adolphe Ngunga Head of Retail Banking Adolphe has b een w ith the B ank f or o ver 1 0 years. H e held various responsibilities in R etail and C ommercial Banking.

John Bugunya Head of Finance & Budget John has been w ith the B ank s ince 2009 a nd has vast experience in f inancial s ervices as an a udit manager w ith D eloitte a nd a s a

financial consultant in the UK.

Innocent Musominari Head of Credit Innocent has worked with the bank since 2004 and vast experience in credit analysis and management gained from working in theRwandan banking for over seven years.

Alex Ngabonziza Head of ICT Alex is the Head of Information and Communication Technology and has been with the Bank since 2009. Prior to joining theBank, Alex was head of applications Division G7 charged with management of all software and application in place at Rwanda

Revenue Authority.

Alex holds a Bachelors Degree in Technical Electromechanical Engineering with information technology option from the

National University of Rwanda.

Gera ld Nyangezi Head of Interna l Audi t Geraldheads Interna l Audit and Contro l Department . He joined the Bank in 2009 and has vast experience in Audit & Finance

especially from the financial sector and telecommunication industry.

Gerald holds a Bachelor of Commerce Degree from Makerere UniversityUganda, and Bachelor of Accounting Degree from

Transki UniversityRepublic of South Africa. He is also a member of Certified Chartered Accountants UK (ACCA) and

Institute of Certified Public AccountantsRwanda.

Yves Gatsimbanyi Head of Risk & Compliance Yves is the Head of Risk & Compliance since early 2010. Yves has vast experience in the Rwanda financial sector, including 10

years as Bank examiner at the National Bank of Rwanda and later held the position of Internal Control & Compliance within the

banking sector in Rwanda.

He holds a Bachelors Degree in Economics from the National University of Rwanda.


22/59

Board Of Directors


Individual Title Background/Experience

L ado G ur geni dz e C ha ir ma n L ad o G ur gen id ze is a car eer b ank er w ho a ft er a d eca de s p ent a t s ev er al i n vest men t b an ks in E a st er n E ur op e a nd L on do n r etu rn ed t o h is na tiv e G eo rgia in 2 00 4 a nd sp ear hea ded , a s E xecu tiv e C ha ir ma n a ndCEO, a turnaround ofBank ofGeorgia(LSE:BGEO).During Lados three-yeartenure,thebanks totalassetsand net incomegrew760%and 1,563%,respectively. Asitsmarket sharegrewfrom18% to34%,

Bank of Georgia becamethe leading universalbank in Georgia andthe regionwith market capitalisationexceedingUS$900millionat thetimeofLados departure(up from US$30 million at thetimeof hisarrival).Under Lados leadership Bankof Georgia received Euromoney Award for Excellene forthree consecutive years (2005-2007) andthe Bankof theYear Award by theBanker (2006-2007).

In 2007-2008, Lado has 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

aggressiveprivatisation and liberalisation policies.

Sincehe stepped downas Prime Minister,Lado hasbeen a frequentpublic speaker on issues of economic liberty and free-market reforms in developingcountries and co-chairsthe EmoryCentre for AlternativeInvestments. InOctober2009,he wasinvited tojoin, asChairman, theboard ofBankof Kigali,the largestbank inRwanda.

In September2009, Lado established,together withDinu Patriciu,LibertyInvestments, an investmentcompany focusing on financialservices institutions in frontier marketswith low corruption, low taxesandopen economies. In thesame month, Liberty Investments announced theacquisition of a controlling equity interestin Liberty Bank,which has thelargestclientbase in Georgia, serving some1.2 million clientsanda branchnetwork of183 branches. SinceSeptember 2009, under Lados guidance, Liberty Bankhas grown totalassets, netloans and client depositsby 55.5%,66.7% and114.3%,respectively.

Heis a Georgian andBritishcitizenand received hisMBA from GoizuettaBusiness Schoolof Emory University in 1993, followingundergraduatestudiesat MiddleburyCollege andTbilisiStateUniversity.

Lado istheonly person tohavebeen awarded St Georges Victory Order (in2008) and thePresidentialOrder of Excellence (in2010)thetwo highest civilian honours in Georgia.

ApolloM. Nkunda Dir ec tor Apolloi s a pra ct is ingl awyer , a nd a Pa rtner withTrustLa wCha mber s. Apollohas ove r t enye ar s e xper ie nc e inl egalpr ac ti ce f r omboth the publ ic a ndpr ivat e s ec tor. He s pe ci al is es inbanking a ndf ina nc e l aw,labour lawand governmentprocurement.

Apollo holds a Masters degree inBusiness and Tradelaw fromErasmusUniversity Rotterdam, theNetherlands, anda Bachelors of Law fromthe National University of Rwanda.

Heis a memberof theRwanda BarAssociation,the East African LawSociety,an associatemember of theChartered Instituteof Purchasing andSupply, a founding memberof theCentrefor Arbitrationandhonorary counsel to theKigaliGolf Club.

Perrine Mukankusi Director Perrine is Economic Researcher in Prime Ministers Officewithwide experience in planning, monitoring andevaluation.Perrine hasheldvarious responsibilities in Publicservicefor over tenyears, andwasDirectorfor Planning in theMinistryof Justicefor over fine years.

Perrine holds a Masters degree in Business Administration fromthe School of Finance and Banking, anda Bachelor of Commerce degree fromKigaliInstitute of Technologyand Management.

Alphosine Niyigena Dir ec tor Alphons ine i s c ha ir per sonof the UnionI nves tments Cor pora ti on ( UI C) ,vic e c ha ir pe rs on of the Libe ra lProfes sional s Cha mber ,one of the nine c ha mber s of the Rwanda Priva te Sec tor Feder at ion.

Sheservesas BoardMemberof MotorGuarantee Fundand Rwanda Instituteof Administration and Management (RIAM).

Alphonsineis the Managing Director of WorldWide Initiatives sarl, a regional consultingfirm registered in Rwanda and has conducted national and international consultancies as an independent consultant in

theareasof Finance, economic planning andaudit.Priorto joining theprivatesector, Alphonsine served inthe Officeof Auditor Generalfor 5 yearsas senior auditorand teamleader.

Alphonsine holds a Masters Degree in BusinessAdministration majored in Finance fromMaastricht University, Netherlands.

Dat iva Mukes hima na Dir ec tor Dat iva i s the Exe cutive Sec re ta ry f or Duter imber e As bl ,whic hi s a Women Ent repre ne ur ia lAs soci at ionin Rwa nda. Dat iva ha s va st e xper ie nc e withpr ogra mme ma na ge me nt a nd f inancing of NGOs ,a ndgender related programmes.

Dativa holds a Bachelors degree in Economics, majored in money and banking fromKigaliIndependent University.

SudadiS. Kayit ana Dir ec tor Sudadi i s a qua li fi ed a ndpr ac ti cing profe ss iona l a cc ountantwitht ec hnic al e xper ie nc e inI ns ur ance indust ry .He has wide f inance a nda udi t e xper ie nc e e spec ia ll yinthe I nsura nc e I ndus tr y, a nd the inte rnat iona lcommunity 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 ofPurchasing andsupply (MCIPS).He alsoholds an Associate degree in Economics fromthe NationalUniversity of Rwanda.

M ar c H olzma n D ir ect or M ar c is Vi ce C h air ma n o f B ar cla ys C ap ita l. He h as c on si der ab le i nt er na tio na l e xp er ien ce i n a rea s o f f ina nc e a nd i nv es tmen t, s oci o e co no mic d ev el op ment a nd is wi del y r eco gn is ed a s a l ea di ng a ut ho rit y o n

economic and politicaldevelopmentsin emergingmarkets.Marc alsoservesas Presidentof The Universityof Denverwith approximately 10,000studentsand as Colorados first Secretaryof Technology.Marcdraws on almost three decadesof political and public servicein The United States.He holds a Bachelorof ArtsDegreein Economicsfrom Lehigh University.

Caleb Rwamuganza Director 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.


23/59

Rwandan Economy & Banking Sector


24/59

Country Profile

December 2010 24Bank of Kigali Q3 2010 Results Overview

Area 26,338 sq km

Population 10,746,311

Official Language Kinyarwanda (official), French (official), English (official)

Capital Kigali

Currency (code) Rwandan Franc (RwF)

Nominal GDP (2009E) US$5.2 billion

Nominal GDP Per Capita (2009E) US$536

GDP (2009E) PPP (2009E) US$11.3 billion

GDP Per Capita (2009E) PPP US$1,150

Real GDP Growth Rate 2009E 4.1%

Inflation Rate (e-o-p) 2009E 5.7%

Inflation Rate (average) 2009E 10.4%

FitchRatings Issuer Default Rating B/Stable

Source: International Monetary Fund, CIA World Factbook

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.


25/59

Rwandan Economy Highlights


Source: National Institute of Statistics of Rwanda; International Monetary Fund

Gross Domestic Product GDP Per Capita

GDP Composition Inflation

YE 2006 YE 2009

Agriculture,

38.4%

Manufacturing,

6.8%Construction,6.1%

Wholsesale &

Retail Trade,11.2%

Transport &

Communication,6.8%

Finance,

Insurance,2.9%

Public

Administration,5.0%

Education, 4.4%

Other, 18.3%

Agriculture,

33.8%

Manufacturing,

6.4%

Construction,

7.3%

Wholsesale &

Retail Trade,13.0%

Transport &

Communication,7.5%

Finance,Insurance,

2.1%

Public

Administration,4.3%

Education, 4.7%

Other, 21.0%

3.13.7

4.7

5.29.2%

7.7%

11.6%

6.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

-

1.0

2.0

3.0

4.0

5.0

6.0

2006 2007 2008 2009

US$ billion

Nom ina l G DP (LH S) Rea l GD P Grow th Ra te (RH S)

333392

477517

942

1,002 1,114 1,150

-

200

400

600

800

1,000

1,200

1,400

2006 2007 2008 2009

US$

Nominal GDP Per Capita GDP Per Capita (PPP)

12.1%

6.6%

22.3%

5.7%

8.9%

9.1%

15.4%

10.3%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

2006 2007 2008 2009

US$

Infla t ion (e-o-p) Infla t ion (period average)


26/59

Rwandan Banking Sector


2004 2005 2006 2007 2008 2009

Timeline Of Foreign Investment


27/59

Rwandan Banking Sector Highlights


Banking Sector Assets & ROA Banking Sector Equity & ROE

RwF mln, unless otherwise noted 2006 2007 2008 2009 9M 2010

Banking Sector Assets 360,762 468,735 516,158 579,520 644,270

Banking Sector Assets As % Of GDP 21.0% 22.9% 20.1% 19.6% n.a.

Banking Sector Loans 177,091 218,384 295,870 287,998 306,512

Banking Sector Loans As % Of GDP 10.3% 10.7% 11.5% 9.7% n.a.Banking Sector Deposits 279,715 365,379 381,926 422,958 481,029

Banking Sector Deposits As % Of GDP 16.3% 17.8% 14.9% 14.3% n.a.

Banking Sector Equity 34,244 51,311 71,322 69,256 87,992

Banking Sector Equity As % Of GDP 2.0% 2.5% 2.8% 2.3% n.a.

Banking Sector ROA, % 1.7% 1.9% 2.0% 1.3% 1.6%

Banking Sector ROE, % 18.4% 16.9% 14.7% 10.5% 11.6%

Source: International Monetary Fund, National Bank of Rwanda

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

2006 2007 2008 2009 9M 2010

RwF mln

Banking Sector Assets (LHS) Banking Sector ROA, % (RHS)

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

20.0%

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

2006 2007 2008 2009 9M 2010

RwF mln

Banking Sector Equity (LHS) Banking Sector ROE, % (RHS)


28/59

Rwandan Banking Sector Highlights Contd

8 licensed commercial banks


Rank Total Assets Loans Deposits Equity

1 27% 30% 26% 26%

2 19% 25% 20% 22%

3BCR

14% BCR 11% BCR 14% 12%

4 10% 9% 10% 10%

5 9% COGEBANK 8% 10% 10%

6 8% 7% 8% ACCESS 8%

7COGEBANK

8% ACCESS 6% COGEBANK 7% 7%

8 5% KCB 3% 5% KCB 6%

Source: National Bank of Rwanda


29/59



Market Share By Total Assets, September 2010

Market Share By Loans, September 2010


26.6%

19.0%

15.3%

10.7%

9.3%8.0% 8.3%

2.8%

26.9%

19.4%

13.9%

10.1%

8.3% 8.8% 7.9%

4.7%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

Bank of Kigali UBPR BCR Ecobank Access Cogbank FINA KCB

YE 2009

Sep-10

+14% +14% +2% +5% +0.01% +22% +6% +89%Growth,YTD Sep '1 0

26.8%

23.8%

11.7%10.1%

9.0% 8.5% 8.8%

1.3%

30.3%

24.6%

9.3%10.6%

6.1%7.3%

8.2%

3.4%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%


YE 2009

Sep-10

+21% +10% -15% +13% -27% -8% -0.3% +175%Growth, YTD Sep '10


30/59



Market Share By Total Deposits, September 2010

Market Share By Equity, September 2010


25.7%

20.3%

15.3%

10.6% 10.3%

7.5%8.4%

1.8%

26.3%

19.9%

14.1%

9.8% 9.8%

7.7% 7.5%

5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%


YE 2009

Sep-10

+15% +11% +5% +4% +7% +16% +0.2% +211% Growth,YTD Sep '1 0

24.3%

19.4%

11.7%12.2%

6.7%

10.3%

8.5%

6.9%

25.7%

21.8%

12.1%

10.4%

6.3%

9.6%

7.7%

6.5%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%


YE 2009

Sep-10

+7% +30% +19% -2% +8% +7% +5% +8% Growth,Y TD Sep '10


31/59

Contact Details


James Gatera

Managing Director

+225 252 593 121

[email protected]

Lawson Naibo

Chief Operating Officer

+225 788 302 076

[email protected]

Frances IhogozaHead of Corporate Affairs

Company Secretary

+250 252 593 100

[email protected]

Lado Gurgenidze

Chairman of the Board of Directors

[email protected]


32/59

Caution Regarding Forward-Looking Statements


This presentation contains statements that constitute forward-looking statements, including, but not

limited to, statements relating to the implementation of strategic initiatives and other statements relating to

our business development and financial performance.

While these forward-looking statements represent our judgments and future expectations concerning the

development of our business, a number of risks, uncertainties and other factors could cause actual

developments and results to differ materially from our expectations.

These factors include, but are not limited to, (1) general market, macroeconomic, governmental, legislative

and regulatory trends, (2) movements in local and international currency exchange rates, interest rates and

securities markets, (3) competitive pressures, (4) technological developments, (5) changes in the financial

position or credit worthiness of our customers, obligors and counterparties and developments in the marketsin which they operate, (6) management changes and changes to our group structure and (7) other key

factors that we have indicated could adversely affect our business and financial performance, which are

contained elsewhere in this presentation and in our past and future filings and reports, including those filed

with the National Bank of Rwanda.

We are under no obligation (and expressly disclaim any such obligations to) update or alter our forward-

looking statements whether as a result of new information, future events, or otherwise.

Performance indicators are derived from our audited financial statements.


33/59

Bank Of Kigali Announces Q3 2010 & 9M 2010 Audited Results



34/59

Bank Of Kigali Announces Q3 2010 & 9M 2010 Audited Results Contd



35/59




36/59




37/59




38/59




39/59



B k Of Ki li A Q3 2010 & 9M 2010 A di d R l C d


40/59



B k Of Ki li A Q3 2010 & 9M 2010 A di d R l C d


41/59



Bank Of Kigali Receives The Bank of The Year 2010 Award By The Banker


42/59

ank Of igali eceives he ank of he ea 0 0 wa d y he anke

And The Best Bank Award By emeafinance magazine


B k Of Ki li A Th t It H B R t d A B Gl b l C dit R ti C


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Bank Of Kigali Announces That It Has Been Rated A+ By Global Credit Rating Co.


B k f Ki li A Q2 2010 R lt


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Bank of Kigali Announces Q2 2010 Results


B k f Ki li A Q2 2010 R lt C td


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Bank of Kigali Announces Q2 2010 Results Contd




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Bank of Kigali Announces Q2 2010 Results Cont d




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bank of kigali 2010 9m 2010 results update

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