Bank of Kigali 1H 2010 Results Update
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8/3/2019 Bank of Kigali 1H 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 1H 2010 Results Review
October 2010
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Investment Highlights
October 2010 Bank of Kigali 1H 2010 Results Overview 3
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 2009
Sector asset growth of 12% in 2009, 9% in 1H 2010
Over 90% of the population unbanked
High Barri ersTo Entry Highly concentrated banking sector, with Top 3 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 la rges 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 2010
Well-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 imminent
Diversification of revenue streams sought by focusing on unfunded income sources and product innovation
TransparencyAnd Good Governance Governed by an effective boardcomprising 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 a udit 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 expansion
CAR 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 Total Loans and
Total Deposits, respectively
Very little uncollateralised lending;
NPLs comprise less than 10% of the loan book and are aggressively managed
Sound AML/KYC policies and strict OR controls in effect
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Bank of Kigali Key Figures
October 2010 Bank of Kigali 1H 2010 Results Overview 4
Millions, unless otherwise noted Q2 2010 Q1 2010 YE 2009
US$ RwF US$ RwF US$ RwF
Total Assets 297.6 174,901 272.5 156,527 265.0 151,896
Net Loans 151.7 89,151 147.1 84,517 134.4 77,096
Client Balances & Deposits 214.1 125,838 198.0 113,727 190.6 109,282
Total Liabilities 262.3 154,151 238.7 137,137 232.6 133,356
Total Shareholders Equity 35.3 20,750 33.8 19,391 32.3 18,540
Number of branches25 20 17
Number of ATMs 6 6 6
Number of debit cards in issue 3,694 1,690 3,527
FTEs 417 370 303
RwF/US$ exchange rate (e-o-p) 587.8 574.4 573.2
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Bank of Kigali Development Milestones
October 2010 Bank of Kigali 1H 2010 Results Overview 5
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
US$190.9 mlnUS$19.2 mln
9
US$219.4 mln
US$131.0 mln
US$170.5 mlnUS$28.9 mln
12
US$265.0 mln
US$134.5 mln
US$190.6 mlnUS$32.3 mln
17
US$297.6 mln
US$151.7 mln
US$ 214.1mlnUS$35.3 mln
30
+15.1%
+15.6%
+15.1%+11.9%
Total Assets (e-o-p)
Loan Book (e-o-p)
Client Deposits (e-o-p)Equity (e-o-p)
Number of branches
2 2 2 5 6 Number of Western-Trained Professionals
Retail Banking
Corporate Banking
Trade FinanceForeign Exchange
Internet Banking
Retail Banking
Corporate Banking
Trade FinanceForeign Exchange
Internet Banking
Retail Banking
Corporate Banking
Trade FinanceForeign Exchange
Internet Banking
Retail Banking
Corporate Banking
Trade FinanceForeign Exchange
Internet Banking
Retail Banking
Corporate Banking
Trade FinanceForeign Exchange
Internet Banking
SMS Banking
Private Banking
Key Business Lines
EIB Euro 5 million loan
facility
EIB Euro 5 million
loan facility
Discussions with
several IFIs underway
Key Lenders
RwF/US$ exchange rate (e-o-p)
2006 2007 2008 2009 2010
525.670 533.413 550.439 573.231 587.801
Note: growth rates based on RwF values
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October 2010 Bank of Kigali 1H 2010 Results Overview 6
30 branches as of October 2010, of which
13 in Kigali
17 in regions
2006 2007 2008 2009 1H 2010
Number of branches 9 9 12 17 25
Bank of Kigali Branch Network
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1H 2010 Financial Highlights
October 2010 Bank of Kigali 1H 2010 Results Overview 7
Total Assets Net Loans
Client Deposits Shareholders Equity
133,714 145,414151,896 156,527
174,901
25.6%25.6%
26.4%
26.3%
27.9%
24.0%24.5%25.0%25.5%26.0%26.5%27.0%27.5%28.0%28.5%
-
50,000
100,000
150,000
200,000
30-Jun-09 30-Sep-09 YE 2009 31-Mar-10 30-J un-10
RwF' Million
Total Assets (LHS) Market Share By Total assets (RHS)
71,380 69,45277,096 84,517
89,151
25.0%22.8%
26.8%28.6% 29.2%
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-J un-09 30-Sep-09 YE 2 009 31-Mar-10 30-J un-10
RwF million
Net loans (LHS) Market Share By Net Loans (RHS)
98,076106,892 109,282
113,727
125,838
25.9%
28.3%
25.7% 25.9%
27%
24.0%
24.5%
25.0%
25.5%
26.0%
26.5%
27.0%
27.5%
28.0%
28.5%
29.0%
-
20,00040,000
60,000
80,000
100,000
120,000
140,000
30-Jun-09 30-Sep-09 YE 2009 31-Mar-10 30-Jun-10
RwF million
Client Deposits (LHS) Market Share By Total Deposits (RHS)
18,872
19,889
18,540
19,391
20,750
25.7%
26.3%
26.8%
24.9%
25.6%
23.5%
24.0%
24.5%
25.0%
25.5%
26.0%
26.5%
27.0%
-
5,000
10,000
15,000
20,000
25,000
30-Jun-09 30-Sep-09 YE 2009 31-Mar-10 30-Jun-10
RwF million
Shareholders Equity (LHS) Market Share By Shareholders' Equity (RHS)
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1H 2010 Financial Highlights Contd
October 2010 Bank of Kigali 1H 2010 Results Overview 8
Total Assets Net Loans
Client Balances & Deposits Shareholders Equity
239.1260.0 265.0
272.5
297.6
-
50.0
100.0
150.0
200.0
250.0
300.0
350.0
June 2009 September 2009 December 2009 Ma rch 2010 June 2010
US$ mln
127.6 124.2
134.5
147.1151.7
-
20.0
40.0
60.0
80.0
100.0
120.0
140.0
160.0
June 2009 September 2009 December 2009 March 2010 June 2010
US$ mln
175.4
191.1 190.6198.0
214.1
-
50.0
100.0
150.0
200.0
250.0
June 2009 September 2009 December 2009 March 2010 June 2010
US$ mln
33.735.6
32.3
33.835.3
0.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
40.00
June 2009 September 2009 December 2009 March 2010 June 2010
US$ mln
4.5
DividendsofUS$4.5 mln paid
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1H 2010 Financial Highlights Contd
October 2010 Bank of Kigali 1H 2010 Results Overview 9
Composition of Total Assets, RwF mln Composition of Total Liabilities, RwF mln
Composition of Total Assets, % Composition of Total Liabilities, %
51,11864,791 59,832 70,184
71,38077,096 84,517
89,1516,060
6,392 6,4316,919
5,1573,617 5,747
8,647
-
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000180,000
200,000
30-Jun-09 YE 2009 31-Mar-10 30-Jun-10
RwF million
Cash & Equivalent s Net Loans Fixed Asset s Other Asset s
38.2%42.7%
38.2% 40.1%
53.4% 50.8% 54.0% 51.0%
4.5% 4.2% 4.1% 4.0%
3.9% 2.4% 3.7% 4.9%
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
30-Jun-09 YE 2009 31-Mar-10 30-Jun-10
Ca sh & Eq uiva lents Net Loa ns Fixed Assets Other Assets
98,235
109,282 113,727
125,838
11,540
15,104 11,81215,341
5,067
8,97011,597
12,972
-
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
30-Jun-09 YE 2009 31-Mar-10 30-Jun-10
RwF Million
Client Deposit s Borrowed Funds Other L iab ilt ies
85.5% 81.9% 82.9% 81.6%
10.0% 11.3% 8.6% 10.0%
4.4% 6.7% 8.5% 8.4%
0.0%
10.0%
20.0%
30.0%40.0%
50.0%
60.0%
70.0%
80.0%
90.0%
100.0%
30-Jun-09 YE 2009 31-Mar-10 30-Jun-10
Client Deposit s Borrowed Funds Other L iab ilt ies
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1H 2010 Financial Highlights Contd
October 2010 Bank of Kigali 1H 2010 Results Overview 10
Revenue Total Recurring Operating Costs
Profit Before Provisions Net Income
7,913
9,781
-
2,000
4,000
6,000
8,000
10,000
12,000
1H 2009 1H 2010
RwF Million
+23.6%
2,532
4,592
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
1H 2009 1H 2010
RwF Million
Heavy investment inbranch n etwork
expansion, +107 FTE's
+81.3%
5,3815,189
-
1,000
2,000
3,000
4,000
5,000
6,000
1H 2009 1H 2010
RwF Million
-3.6%
2,975
2,210
-
500
1,000
1,500
2,000
2,500
3,000
3,500
1H 2009 1H 2010
RwF Million
-25.7%
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1H 2010 Financial Highlights Contd
October 2010 Bank of Kigali 1H 2010 Results Overview 11
Revenue Composition Net Fee & Commission Income
FX Trading Income Net Other Non-Interest Income
5,0835,713
2,830
4,069
-
2,000
4,000
6,000
8,000
10,000
12,000
1H 2009 1H 2010
RwF Million
Ne t I nt ere st I nc ome No n-I nt ere st In co me
64.2%
35.8%
58.4%
41.6%7,913
9,781+23.6%
154
347
-
50
100
150
200
250
300
350
400
1H 2009 1H 2010
RwF Million
+125.2%
1,457
2,380
-
500
1,000
1,500
2,000
2,500
1H 2009 1H 2010
RwF Million
+63.4%
1,156
1,243
-
200
400
600
800
1,000
1,200
1,400
1H 2009 1H 2010
RwF Million
+7.5%
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1H 2010 Financial Highlights Contd
October 2010 Bank of Kigali 1H 2010 Results Overview 12
Recurring Operating Costs Structure, 1H 10 Recurring Operating Costs, 1H 09-1H 10
Normalised Cost/Income Ratio Total Employees
Personnel Cost,
53.5%
Depreciation,
11.3%
Other
OperatingExpenses,
35.3%
33.6%31.7%
49.3%
38.5%42.3%
45.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010
Cost/Income ratio equals Total Operating Income divided by the sum of Recurring Operating
Costs and Bonuses (Paid or Accrued)
1,227
2,447
352
543
953
1,601
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,0004,500
5,000
1H 2009 1H 2010
RwF Million
Personnel Cost Deprecia t ion Other Operat ing Expenses
4,592
2,532
318310
358
303
370
417
0
50
100
150
200
250
300
350
400
450
Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010
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1H 2010 Financial Highlights Contd
October 2010 Bank of Kigali 1H 2010 Results Overview 13
Gross Loans Net Loans
Client Deposits & Balances Term Deposits
Note: share of gross retail banking loans in gross loans decreased due to thereclassification of certain clients from Retail Banking to SME
Note: share of net retail banking loans in gross loans decreased due to shifting
of number of clients from retail to SME
Note: share of retail client deposits & balances in client deposits & balancesdecreased due to shifting of number of clients from retail to SME
Note: share of retail term deposits term deposits decreased due to shifting ofnumber of clients from retail to SME
17,81712,113 11,972
20,925 20,62915,520
53,734 59,266 57,481
56,171
63,88873,631
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000100,000
Q1 '09 Q2 '09 Q3 '09 Q4 '09 Q1 '10 Q2 '10
RwF Million
Net Retail Baning Loans Net Corporate Banking loans
89,15184,517
77,096
69,45371,38071,550
19,95313,245 13,056
22,070 22,09716,816
58,71861,907 60,011
58,844
67,31376,708
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,00090,000
100,000
Q1 '09 Q2 '09 Q3 '09 Q4 '09 Q1 '10 Q2 '10
RwF Million
Gross Retail Banking Loans Gross Corporate Banking Loans
78,671 75,152 73,06780,914
89,41093,524
29,49724,445 24,047
51,29944,991
27,364
58,322
73,63182,845 57,983
68,73598,474
-
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
RwF Million
Retail Banking Client Balances & Deposits
Corporate Banking Client Balances & Deposits
87,818
98,076106,892 109,282
113,727125,838
3,693 3,398 1,075 3,958
9,517
3,740
18,597
22,975 25,83725,958
17,75325,406
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
Q1 '09 Q2 '09 Q3 '09 Q4 '09 Q1 '10 Q2 '10
RwF Million
Retail Banking Term Deposits Corporate Banking Term Deposits
22,290
26,373 26,912
29,91627,270
29,146
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Capital Adequacy & Liquidity
October 2010 Bank of Kigali 1H 2010 Results Overview 14
Total Capital Adequacy Ratio (BNR)
Net Loans/Client Balances & Deposits Cumulative Liquidity Gap
(25,336) (27,822)
(35,089) (37,775)
(2,623)
18,539
(30,927)
(27,901)
(27,500)
(47,135)
(12,492)
20,750
(60,000)
(50,000)
(40,000)
(30,000)
(20,000)
(10,000)
-
10,000
20,000
30,000
0-1 month 0-3 months 0-6 months 0-12 months 0-5 yea rs 0-over 5 yea rs
RwF mln
Cumulative Liquidity Gap (YE 2009) Cumulative Liquidity Gap (June 2010)
Net Loans/Total Assets
39.9%
59.7%
50.8% 54.0% 51.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
2007 2008 2009 Q1 2010 Q2 2010
47.8%
76.8%
70.5%74.3%
70.8%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
90.0%
2007 2008 2009 Q1 2010 Q2 2010
14.1%
16.0%16.9% 17.7% 16.4%
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 Q1 2010 Q2 2010
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Loan Book Analysis
October 2010 Bank of Kigali 1H 2010 Results Overview 15
Loans By Currency, 1H 2010 NPLs
Loan Loss Reserve Gross Loan Book Breakdown By Maturity
18,678
2,250 3,243 6,662
50,081
16,023
6,460 6,899 2,225
61,916
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
Less th an 1 m on th 1 to 3 m on th s 3 to 6 m on th s 6 to 12 m on th s Ov er 1 yea r
RwF Million
YE 2 00 9 1 H 2 01 0
7,120
3,773 3,613 3,818
4,8934,373
- 4,322 - - 814 2,669
10.0%
5.3% 5.2% 5.0%5.8%
4.9%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
-
1,0002,000
3,000
4,000
5,000
6,000
7,000
8,000
Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010
RwF Million
Loan loss reserve (LHS)
Write-offs (LHS)
Loan loss reserve as % of gross loans (RHS)
18.0%
94.5%
82.0%
5.5%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
90.0%
100.0%
Corporate Loans Retail Loans
Foreign Currency Local Currency
12,357
8,692 8,029 7,6218,739 9,170
11.7% 11.6% 11.6%
7.1%7.8%
9.8%
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
14,000
Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010
RwF Million
NPLs (LH S) NPLs a s % o f gro ss lo an s (R HS)
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Client Balances & Deposits
October 2010 Bank of Kigali 1H 2010 Results Overview 16
Client Balances & Deposits Breakdown, 1H 2010 Client Balances & Deposits By Currency, 1H 2010
Retail & Corporate Client Balances & Deposits Client Balances & Deposits By Maturity, 1H 2010
Corporate
CurrentAccounts,
58.1%
Corporate Term
deposits, 20.2%
Retail Current
Accounts,18.5%
Reta il Term
deposits, 3.2%
25.2%20.4%
74.8% 79.6%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
90.0%
100.0%
Foreign Currency Local Currency
Retail Client Deposits Corporate Client Deposits
72.7%
3.5% 3.3% 3.8%
12.5%4.2%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
On Demand Less t han 1
month
1 to 3 months 3 to 6 months 6 to 12 months Over 1 year
29,497
24,445 24,047
51,29944,991
27,364
58,322
73,63182,845 57,983
68,73598,474
-
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
RwF Million
Retail Banking Client Balances & Deposits
Corporate Banking Client Balances & Deposits
87,818
98,076106,892 109,282
113,727125,838
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Corporate Banking Overview
October 2010 Bank of Kigali 1H 2010 Results Overview 17
Highlights Gross Corporate Loan Portfolio By Products, 1H 10
Gross Corporate Loans
Serving over 3,500 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 1H 2010
Top 10 Borrowers 22.5% 20.2% 21.7% 26.0% 27.8%
Top 20 Borrowers 31.6% 49.1% 32.3% 33.3% 34.6%
2006 2007 2008 2009 1H 2010
Top 10 deposits & balances 24.3% 31.5% 23.9% 26.0% 26.9%
Top 20 deposits & balances 30.9% 40.8% 34.3% 36.8% 34.9%
Overdrafts, 3,650
Working capital
loans, 18,107
CapEx Loans, 23,642
Commercial
mortgage loans,22,407
RwF Million
53,73459,266 57,481 56,171
63,88873,631
4,9842,641 2,530 2,673
3,425
3,078
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
RwF mln
Net corporate loans Provisions
58,71861,907 60,011 58,844
67,313
76,708
YE 2009 1H 2010
RwF 57,983 mln RwF 98,474 mln
Our Top Clients
MerezPetr oleum
Tolirwa
Term
Deposits,25,412
Demand
Deposits,73,062
74.2% of corporateclient ba lances &deposits
25.8% of corporate
client ba lances &deposits
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
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Retail Banking Overview
October 2010 Bank of Kigali 1H 2010 Results Overview 18
Highlights Retail Loans Disbursed
Retail Loans By Products Retail Client Balances & Deposits
Serving over 40,000 individuals, up from c.30,000
as at YE 2009 25 branches as of 30 June 2010, further branch
network expansion underway
Over 40,000 retail accounts as of 30 June 2010
A major enhancement of electronic banking
channels underway
The retail product lineup redesign underway
1,092 888 1,490 1,868 1,050 917
183 171
272
379
76188
0
100
200
300
400
0
500
1,000
1,500
2,000
Q1 '09 Q2 '09 Q3 '09 Q4 '09 Q1 '10 Q2 '10
RwF Million
Volume of Retail loans disbursed (LHS)Number of Retail Loans disbursed (RHS)
Q1 '09 Q2 '09 Q3 '09 Q4 '09 Q1 '10 Q2 '10
Consumer loans 28.4% 34.1% 34.4% 27.7% 29.9% 35.0%Overdrafts 9.1% 5.0% 5.5% 7.5% 8.0% 10.5%
Micro loans 0.7% 0.3% 0.2% 0.5% 0.5% 0.2%Mortgage loans 49.1% 53.1% 56.1% 52.4% 48.2% 49.9%
Micro loan overdrafts 12.7% 7.4% 3.7% 11.9% 13.4% 4.4%
Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Q1 '09 Q2 '09 Q3 '09 Q4 '09 Q1 '10 Q2 '10
RwF million, unless
otherwise noted
Consumer Loans 5,668 4,519 4,491 6,103 6,610 5,891
Overdrafts 1,809 663 723 1,661 1,763 1,772
Micro loans 141 42 27 116 104 29Mortgage loans 9,795 7,036 7,327 11,563 10,655 8,387
Micro loan overdrafts 2,540 985 488 2,627 2,965 736
Gross RB Loans 19,953 13,245 13,056 22,070 22,097 16,815
YE 2009 1H 2010RwF 51,299 mln RwF 27,364 mln
Term
Deposits,4,035
Demand
Deposits,23,329
85.3% of retail client
balances & deposits
14.7% of retail client
balances & deposits
Term
Deposits,11,592
Demand
Deposits,
46,391
80.0% of retail client
balances & deposits
20.0% of retail client
balances & deposits
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Q2 2010 Financial Highlights
October 2010 Bank of Kigali 1H 2010 Results Overview 19
Q2 2010 Q1 2010 Q4 2009 Q2 2009 Q-o-Q Y-o-Y
Millions, unless otherwise noted Change ChangeUS$ RwF US$ RwF US$ RwF US$ RwF
Net Interest Income 5.0 2,943 4.8 2,769 4.4 2,542 4.9 2,720 6.3% 8.2%Net Non-Interest Income 3.8 2,243 3.2 1,826 2.5 1,420 2.9 1,616 22.8% 38.8%Total Operating Income 8.8 5,186 8.0 4,595 6.9 3,962 7.8 4,336 12.9% 19.6%
Total Recurring Operating Costs 4.3 2,554 3.5 2,038 2.8 1,620 2.3 1,288 25.3% 98.3%Profit Before Provisions 4.5 2,632 4.5 2,557 4.1 2,342 5.5 2,410 2.9% 9.2%Net Income 2.3 1,360 1.5 850 2.3 1,296 2.8 1,592 59.9% -14.6%
Total Assets 297.6 174,901 272.5 156,527 265.0 151,896 239.1 133,714 11.7% 30.8%
Net Loans 151.7 89,151 147.1 84,517 134.5 77,096 127.6 71,380 5.5% 24.9%Client Balances & Deposits 214.1 125,838 198.0 113,727 190.6 109,282 175.4 98,076 10.6% 28.3%
Total Liabilities 262.3 154,151 238.7 137,136 232.6 133,356 205.4 114,842 12.4% 34.2%Shareholders' Equity 35.3 20,750 33.8 19,391 32.3 18,540 33.7 18,872 7.0% 10.0%
RwF/US$ exchange rate, e-o-p 587.8 574.4 573.2 559.2
1H 2010 1H 2009 Y-o-YMillions, unless otherwise noted US$ RwF US$ RwFChangeNet Interest Income 9.8 5,713 9.0 5,048 13.2%
Net Non-Interest Income 7.0 4,069 5.1 2,865 42.0%
Total Operating Income 16.8 9,781 14.1 7,913 23.6%Total Recurring Operating Costs 7.9 4,592 4.5 2,532 81.3%
Profit Before Provisions 8.9 5,189 9.6 5,381 -3.6%
Net Income 3.8 2,210 5.3 2,974 -25.7%
Note: converted to US$ dollars for the convenience using end-of-period exchange rates
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Key RatiosQ2 2010
October 2010 Bank of Kigali 1H 2010 Results Overview 20
Q2 2010 Q1 2010 Q2 2009ProfitabilityReturn on Average Assets 3.3% 2.2% 10.6%
Return on Average Equity 27.1% 17.9% 35.1%
Net Interest Margin , Annualised, % 8.2% 8.2% 10.1%
Loan Yield, Annualised,% 14.8% 15.3% 17.6%
Interest Expense/Interest Income, % 21.8% 27.4% 23.4%Cost of Deposits, Annualised,% 2.6% 3.6% 3.3%
LiquidityNet Loans/Total Assets,% 51.0% 54.0% 53.4%
Interest Earning Assets/Total Assets,% 86.2% 86.1% 87.5%
Liquid Assets / Total Deposits 47.3% 43.6% 43.2%
Interbank Borrowings / Total Deposits 10.9% 9.4% 10.5%
Short term Liquidity Gap 16.0% 14.0% 16.3%
Gross Loans / Total Deposits 66.2% 71.2% 68.6%
Asset QualityNPLs / Gross Loans, % 9.8% 7.8% 11.6%
Provisions / NPLs 47.7% 55.2% 43.3%Large Exposures / Gross Loans 13.1% 12.4% 12.6%
Cost of Risk, Annualised 2.4% 5.7% 0.7%
Leverage (Total Liabilities/Equity), Times 7.4 7.1 6.1
Capital AdequacyCore Capital / Risk Weighted Assets 16.4% 17.7% 16.7%
Total Qualifying Capital / Risk Weigited Assets 16.4% 17.7% 16.7%
Off Balance Sheet Items / Total Qualifying Capital 429.0% 441.5% 419.4%
Large Exposures / Core Capital 62.6% 58.5% 54.4%
NPLsProvisions / Core Capital 22.7% 20.9% 28.9%
Market Senstivity
Forex Exposure / Core Capital -2.8% 7.9% 12.4%Forex Loans / Forex Deposits 0.8% 1.0% 1.1%
Forex Assets / Forex Libilities 98.4% 104.4% 107.0%
Selected Operating DataFull Time Employees 417 370 310
Contractors 0 0 0
Total Employees 417 370 310
Assets per FTE (RwF) 419,427 423,046 431,336
Number of Active Branches 24 19 14
Number of ATMs 6 6 6
Number of POS Terminals 79 60 42
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Experienced & Dynamic Management
October 2010 Bank of Kigali 1H 2010 Results Overview 21
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 millionto 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 s ince 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 B ank 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 h as 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 ofScience, 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 P ublic 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 2 009 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 10years 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.
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Board Of Directors
October 2010 Bank of Kigali 1H 2010 Results Overview 22
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 ca reer b an ker 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 ti ve G eo rg ia i n 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 forExcellene forthree consecutive years (2005-2007) and theBank of theYear Award by theBanker (2006-2007).
In 2007-2008, Lado has servedas 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 PrimeMinister,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, thelargest bank inRwanda.
In September2009, Ladoestablished,togetherwith DinuPatriciu, Liberty Investments, 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 hasthe largest client basein 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 School ofEmory University in 1993, followingundergraduatestudiesat MiddleburyCollege andTbilisiStateUniversity.
Lado istheonly person tohavebeenawarded St Georges Victory Order (in2008) and thePresidentialOrder of Excellence (in2010)thetwo highest civilianhonours 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 over 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 theKigali GolfClub.
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 per sonof Libe ra lprofes sional s Cha mber ,one of the nine c ha mber s of the Rwanda Priva te Se ctor Feder at ion.
Sheservesas BoardMemberof Motor GuaranteeFund and Rwanda Instituteof Administration and Management (RIAM).
Alphonsineis the Managing Director of WorldWide Initiatives sarl, a regional consultingfirm registeredin 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 ret ar yf 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 wi th progr amme managementa ndf ina nc ingof 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 elo pmen t a nd is wi del y r eco gn is ed a s a l ea di ng a ut hor it y o n
economic and politicaldevelopmentsin emergingmarkets.Marc alsoservesas President of The Universityof Denverwith approximately 10,000studentsand as Colorados first Secretaryof Technology.Marcdrawson almostthree decadesof politicaland publicservice inThe United States.He holdsa Bachelorof Arts Degree inEconomics from 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 EconomicPlanning 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.
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Rwandan Economy & Banking Sector
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Country Profile
October 2010 24Bank of Kigali 1H 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$1,150
Real GDP Growth Rate 2009E 4.1%
Inflation Rate (e-o-p) 2009E 5.7%
Inflation Rate (average) 2009E 10.4%
FitchRatings Issuer Default Rating B/Stable
Source: International Monetary Fund, CIA World Factbook
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Rwandan Economy Highlights
October 2010 25Bank of Kigali 1H 2010 Results Overview
Source: National Institute of Statistics of Rwanda; International Monetary Fund
Gross Domestic Product GDP Per Capita
GDP Composition Inflation
YE 2006 YE 2009
Agriculture,
38.4%
Manufacturing,
6.8%Construction,6.1%
Wholsesale &
Retail Trade,11.2%
Transport &
Communication,6.8%
Finance,
Insurance,2.9%
Public
Administration,5.0%
Education, 4.4%
Other, 18.3%
Agriculture,
33.8%
Manufacturing,
6.4%
Construction,
7.3%
Wholsesale &
Retail Trade,13.0%
Transport &
Communication,7.5%
Finance,Insurance,
2.1%
Public
Administration,4.3%
Education, 4.7%
Other, 21.0%
3.13.7
4.7
5.29.2%
7.7%
11.6%
6.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
-
1.0
2.0
3.0
4.0
5.0
6.0
2006 2007 2008 2009
US$ 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)
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Rwandan Banking Sector
October 2010 26Bank of Kigali 1H 2010 Results Overview
2004 2005 2006 2007 2008 2009
Timeline Of Foreign Investment
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Rwandan Banking Sector Highlights
October 2010 27Bank of Kigali 1H 2010 Results Overview
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
2006 2007 2008 2009 1H 2010
RwF mln
Banking Sector Assets (LHS) Banking Sector ROA, % (RHS)
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
2006 2007 2008 2009 1H 2010
RwF mln
Banking Sector Equity (LHS) Banking Sectpr ROE, % (RHS)
Banking Sector Assets & ROA Banking Sector Equity & ROE
RwF mln, unless otherwise noted 2006 2007 2008 2009 1H 2010
Banking Sector Assets 360,762 468,735 516,158 579,520 627,175
Banking Sector Assets As % Of GDP 21.0% 22.9% 20.1% 19.6% n.a.
Banking Sector Loans 177,091 218,384 295,870 287,998 305,315
Banking Sector Loans As % Of GDP 10.3% 10.7% 11.5% 9.7% n.a.Banking Sector Deposits 279,715 365,379 381,926 422,958 462,299
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 81,092
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% 2.6%
Banking Sector ROE, % 18.4% 16.9% 14.7% 10.5% 20.1%
Source: International Monetary Fund, National Bank of Rwanda
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Rwandan Banking Sector Highlights Contd
8 licensed commercial banks
October 2010 Bank of Kigali 1H 2010 Results Overview 28
Rank Total Assets Loans Deposits Equity
1 28% 29% 27% 26%
2 20% 24% 21% 19%
3BCR
14% BCR 10% BCR 15% 12%
4 9% 10% 10% 10%
5 9% COGEBANK 9% 9% 10%
6 8% 8% 7% ACCESS 8%
7COGEBANK
8% ACCESS 7% COGEBANK 7% 8%
8 4% KCB 3% 4% KCB 7%
Source: National Bank of Rwanda
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Rwandan Banking Sector Highlights Contd
October 2010 Bank of Kigali 1H 2010 Results Overview 29
Market Share By Total Assets, June 2010
Market Share By Loans, June 2010
26.6%
19.0%
15.3%
10.7%
9.3%8.0% 8.3%
2.8%
26.3%
18.9%
13.7%
11.3%
9.7%
8.1% 8.3%
3.7%
27.8%
19.7%
14.2%
9.4%8.6% 8.4%
7.7%
4.1%
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
Mar-10
Jun-10
+14% +13% +1% -5% +1% +14% +1% +61%Growth, YTD June '10
26.8%
23.8%
11.7%10.1%
9.0% 8.5% 8.8%
1.3%
28.6%
23.2%
10.9% 10.2%
7.9% 8.0% 8.3%
3.0%
29.2%
23.5%
9.9% 10.1%
7.2%
8.7% 8.4%
3.1%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
Bank of Kigali UBPR BCR Ecobank Access Cogbank FINA KCB
YE 2009
Mar-10
Jun-10
+16% +5% -10% +6% -15% +8% +2% +148%Growth, YTD June '10
Source: National Bank of Rwanda
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Rwandan Banking Sector Highlights Contd
October 2010 Bank of Kigali 1H 2010 Results Overview 30
Market Share By Total Deposits, June 2010
Market Share By Equity, June 2010
25.7%
20.3%
15.3%
10.6% 10.3%
7.5%8.4%
1.8%
25.9%
19.8%
14.0%
10.4%
11.4%
7.5%8.0%
2.9%
26.9%
20.6%
14.6%
9.4%9.8%
7.4% 7.3%
4.1%
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
Mar-10
Jun-10
+15% +12% +5% -4% +4% +8% -5% +147% Growth, YTD June '10
24.3%
19.4%
11.7%12.2%
6.7%
10.3%
8.5%
6.9%
24.9%
19.0%
11.9%11.3%
5.7%
10.2%
8.4% 8.6%
25.6%
19.2%
12.2%
10.5%
6.7%
10.0%
8.2%7.7%
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
Mar-10
Jun-10
+12% +5% +11% -9% +6% +2% +2% +18% Growth, YTD June '10
Source: National Bank of Rwanda
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Contact Details
October 2010 Bank of Kigali 1H 2010 Results Overview 31
James Gatera
Managing Director
+225 252 593 121
Lawson Naibo
Chief Operating Officer
+225 788 302 076
Frances IhogozaHead of Corporate Affairs
Company Secretary
+250 252 593 100
Lado Gurgenidze
Chairman of the Board of Directors
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Caution Regarding Forward-Looking Statements
October 2010 32Bank of Kigali 1H 2010 Results Overview
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.
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Bank of Kigali Announces Q2 2010 Results
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Bank of Kigali Announces Q2 2010 Results Contd
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Bank of Kigali Announces Q2 2010 Results Contd
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k f i li A Q2 2010 l C d
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Bank of Kigali Announces Q2 2010 Results Contd
October 2010 Bank of Kigali 1H 2010 Results Overview 36
B k f Ki li A Q2 2010 R l C d
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Bank of Kigali Announces Q2 2010 Results Contd
October 2010 Bank of Kigali 1H 2010 Results Overview 37
B k f Ki li A Q2 2010 R l C d
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Bank of Kigali Announces Q2 2010 Results Contd
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B k f Ki li A Q2 2010 R l C d
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Bank of Kigali Announces Q2 2010 Results Contd
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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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B k f Ki li A Q2 2010 R lt C td
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Bank of Kigali Announces Q2 2010 Results Contd
October 2010 Bank of Kigali 1H 2010 Results Overview 41
B k f Ki li A Q1 2010 R lt
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Bank of Kigali Announces Q1 2010 Results
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B k f Ki li A Q1 2010 R lt C td
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Bank of Kigali Announces Q1 2010 Results Contd
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B k f Ki li A Q1 2010 R lt C td
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Bank of Kigali Announces Q1 2010 Results Contd
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Bank of Kigali Announces Q1 2010 Results Contd
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Bank of Kigali Announces Q1 2010 Results Contd
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Bank of Kigali Announces Q1 2010 Results Contd
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Bank of Kigali Announces Q1 2010 Results Contd
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Bank of Kigali Announces Q1 2010 Results Contd
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Bank of Kigali Announces Q1 2010 Results Contd
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Bank of Kigali Announces Q1 2010 Results Contd
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Bank of Kigali Announces Q1 2010 Results Contd