Professional Documents
Culture Documents
Disclaimer
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 policies, 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 markets in which they operate, (6) management changes and changes to the Banks 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 and the Rwanda Stock Exchange. We are under no obligation (and expressly disclaim any such obligations to) update or alter our forwardlooking statements whether as a result of new information, future events, or otherwise.
Presentation Team
Lado Gurgenidze Chairman of the Board Email: lgurgenidze@bk.rw Mobile: +995 599 477 272 lado.gurgenidze.2008
Lawson Naibo Chief Operating Officer Email: lnaibo@bk.rw Mobile: +250 78 830 2076
John Bugunya Chief Finance Officer Email: jbugunya@bk.rw Mobile: +250 78 830 6100
Agenda
1. Key Investment Highlights 2. Country Overview Information 3. Banking Sector Overview 4. Bank Overview 5. Corporate Governance 6. Business Overview 7. Review Of Financial Performance In 1H 2012 & 2011 8. Strategic Outlook 9. Contact Information
Bank of Kigali Investor Presentation Page 4
4.
Company of the Year 2011 by Kenyan Institute of Management A+/A1 Credit Rating
5.
CO U N T RY OV E RV I E W I N FO R M AT I O N
26,338 sq km 10.7 million Kinyarwanda, French, English Kigali Rwandan Franc (RWF) B/Stable (Fitch Ratings) B/B (Standard & Poors)
Macro Economic Indicators
Rwanda has been recognized by the World Bank as the second most active reformer globally 2005-2011 Since 2005, Rwanda has implemented over 22 business regulation reforms in the areas measured by the World Bank Doing Business Index Today, entrepreneurs can register a new business in 24 hours as well as online
Nominal GDP (2011) Nominal GDP Per Capita (2011) Real GDP Growth Rate 2011 Real GDP Growth Rate 2012E Inflation Rate (July 2012) Private Sector Credit Growth (2011)
15.4% External Debt to GDP (2011) Currency Depreciation against USD (Year to 1.4% June 2012)
FDI as % of GDP (2011E)
1.9%
Source: IMF, CIA World Factbook, Ministry of Finance and Economic Planning, National Institute of Statistics Rwanda, National Bank of Rwanda,
7
Population
Healthy GDP growth with moderating inflation US$ Bn 7 6 5 4 3 2 1 0 2006 2007 2008 2009 2010 2011
Inflation (%) Source: National Institute of Statistics Rwanda
0-19
15.4% 18.0% 16.0% 14.0% 8.8% 9.1% 10.3% 12.0% 8.3% 7.5% 10.0% 8.0% 6.0% 2.3% 4.0%
30.0%
20.0%
10.0%
0.0%
10.0%
Male %
20.0%
30.0%
Female %
54% of the population is under 19 years. 83% of the population is under 40 years. 3% of the population over 65 years.
3.1
3.7
4.7
5.2
5.6
6.4
6.6 2012E
2.0% 0.0%
Macroeconomic Indicators
GDP Breakdown By Economic Activity 2011
Finance, insurance, 2.8%
Transport, storage, communication, 7.5% Education, 5.5% Manufacturing, 6.6% Transport, storage, communication, 7.5%
minerals(tin, coltan and wolfram). The country remains a net importer. Major imports include
Agriculture, 31.9%
intermediary goods especially construction materials, consumer goods, energy and lubricants and capital goods. Informal cross-border trade is a significant component of Rwandan external trade (approx. 18% of total exports). More than 78% of these exports are destined to DRC. Official reserves were estimated at 7.7 months of goods
13%
2007
2011
10
B A N K I N G S EC TO R OV E RV I E W
Kenya*
70%
Kenya
mostly for cash deposits and withdrawals Approximately 20% of the population is banked 90% of banked adults have a product with UBPR or credit unions
Tanzania*
50%
Tanzania
274
Prudential Regulations
10%
Reserve Requirement
(1) Source: Central Bank of Kenya and Economic Survey 2011 (2) Source: IMF and Tanzania Banking Survey 2011 (Serengeti Advisers) (3) Source: IMF and Bank of Uganda Joint Annual Supervision & Financial Stability Report December 2010 (4) Source: NISR, National Bank of Rwanda Monetary Policy review (5) Source: Population stats by IMF *2010 figures are used for Tanzania and Uganda
Restricted to exporters
Interest Rate Analysis 18.0% 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% Nov April March June Dec Mar Aug May Dec Apr Jul Oct May Jan Feb Sep Jun Jan Feb
2010
As at end June 2012, Tier 2 ratios stood at 25.4% (YE 2011: 25%) well above the regulatory minimum of 15%. The sectors liquidity position stood at 48.3% in June 2012 (YE 2011: 45.3%). The sector profitability remained good decreasing slightly by 0.4%, from RWF 13.4 billion in June 2012. Credit to the private sector increased by 18.1%. The distribution of credit to private sector is dominated by the construction sector (26.8%), commerce , restaurants and hotel (31.5%) and retail lending(15.4%) The quality of assets improved significantly as the Non-performing loans (NPLs) to total gross loans reduced to 6% in June 2012 (YE 2011: 8%).
Enactment of Law on Mortgages, requiring the registration of mortgages and enabling lenders to foreclose on defaulters Establishment of Commercial Courts dealing solely with commercial disputes Reorganization of the Land Centre which has computerised records and operations in addition to timely issuance of property titles Reorganization of the Office of the Registrar General to enhance and fast track registration of mortgages and foreclosures Establishment of Credit Reference Bureau to enhance information sharing among banks and other financial institutions in order to assist with credit risk assessment
13
80% stake in BCR 40% stake in Cogebanque Actis sells 80% stake in BCR to I&M Bank
2004
2006
2007
2008
2009
2010
2011
2012
2009 26.4%
2010 27.4%
2011 32.3%
1H 2012 31.6%
BANK OF KIGALI
BANK OF KIGALI
BANK OF KIGALI
Competitive Landscape
Market Share Dynamics %
45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Total Assets Net Loans Customer Deposits Shareholders' Equity
32.2% 28.8% 31.5% 32.3% 31.6% 29.4% 28.1% 28.0% 27.4% 26.7% 25.9% 26.8% 26.4% 25.8%
93.2%
2009
2010
2011
41.9% 41.1%
52.4%
Shareholders' Equity
Source: NBR Supervision Department, BK Company Filings and Published results of Banks
Selected Indicators 1H 2012 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% NPLs/Gross Loans Return on Average Assets Return on Average Equity 6.0% 6.5% 2.3% 10.9% 4.0% 19.3%
Others, 20.5%
16
31.6%
BANK OF KIGALI
28.0%
BANK OF KIGALI
28.8%
BANK OF KIGALI
41.1%
2
BPR
19.1%
BPR
23.4%
BPR
20.4%
BPR
14.5%
3
BCR
10.8%
ECOBANK
10.4%
BCR
9.0% 11.8%
BCR
4
ECOBANK
10.0%
BCR
9.6%
ECOBANK
9.9%
ECOBANK
8.6%
5
COGEBANQUE
8.0%
COGEBANQUE
9.2%
COGEBANQUE
8.2%
KCB
6.6%
6
KCB
7.1%
KCB
8.5%
FINA BANK
7.6%
COGEBANQUE
6.6%
7
FINA BANK
7.0%
FINA BANK
7.2%
KCB
7.0%
FINA BANK
4.9%
8
ACCESS BANK
4.3%
ACCESS BANK
2.5%
ACCESS BANK
4.8%
ACCESS BANK
4.5%
9
EQUITY BANK
2.1%
EQUITY BANK
1.1%
EQUITY BANK
1.4%
EQUITY BANK
4.0%
Source: Published 1H 2012 Financial Statements of Commercial Banks reviewed in accordance with BNR guidelines
B A N K OV E RV I E W
1967
2006
2007 2007
2009
2010
2011
Government of Rwanda acquired 50% stake from Belgolaise becoming 100% shareholder
New strategy focusing on the universal banking business model and profitable growth adopted
19
US$ million
Rwf/USD Period End rate
2007 2008
547.7 560.0
2009
573.2
2010
594.4
2011 1H 2012
604.4 612.4
Total Assets Net Loans Client Deposits Shareholders' Equity Net Income MARKET SHARE Total Assets Net Loans Client Deposits Shareholders' Equity
221.8 215.7 88.8 128.7 186.0 167.6 23.4 28.4 7.8 10.1
Number of Branches
Number of Employees
Growth in ATMs, POS Terminals and # of Retail Current accounts 500 ATMs 52 34 2009 POS Retail Current Accounts('000') 202 6 0 2010 2011 1H 2012 97 57 26 26 292 124 163 39
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CO R P O R AT E G OV E R N A N C E
S h a re h o l d i n g S t r u c t u re & C o r p o ra te G o ve r n a n c e
Shareholding Structure Corporate Governance Other State Owned Entities, 0.1%
The Board of Directors is comprised of nine independent nonexecutive directors (including two non-resident directors with extensive expertise in international banking practices) The Board of Directors is approved by the Central Bank and meets
on a quarterly basis or more frequently as the business demands The Board sets the strategy and retains full responsibility for the direction and control of the Bank as spelled out in the
Local Institutional Investors, 2.8%
Memorandum and Articles of Association, the Board Charter and the corporate governance guidelines The Board sub-committees have clear TORs which underscore the scope and context of their performance as approved by the Board & corporate governance regulation The Board receives detailed financial information and regular
presentations from the management on the Banks business performance, this enables the Directors to make informed decisions on governance, strategic, financials and operational issues
S h a re Tra d i n g Pe r fo r m a n c e
Current price, RwF Market Cap, US$ mln Free float Free float in US$ mln Average daily traded volume in US$ mln Common shares outstanding, mln shares 12-month high 12-month low P/E YE 2012F P/BV YE 2012F Dividend yield, 2011A Dividend yield, 2012F Ticker Code Bloomberg
3 September 2012 130 141 45% 66.5 0.13 667.3 191 118 7.2x 1.4x 5.2% 7.7% BOK BOK. RW
Analyst Coverage
Rwf/USD Exchange Rate (e-o-p) of 614.6 as at 3 September 2012 *Capital gains on the RSE transactions are exempted from Capital Gains Tax
Share Price Performance since start of trading Price 190 175 160 145 130 115 100 Closing Price Rwf Volume Weighted Average Price Rwf Initial Price Rwf
1-Sep-11 6-Sep-11 11-Sep-11 16-Sep-11 21-Sep-11 26-Sep-11 1-Oct-11 6-Oct-11 11-Oct-11 16-Oct-11 21-Oct-11 26-Oct-11 31-Oct-11 5-Nov-11 10-Nov-11 15-Nov-11 20-Nov-11 25-Nov-11 30-Nov-11 5-Dec-11 10-Dec-11 15-Dec-11 20-Dec-11 25-Dec-11 30-Dec-11 4-Jan-12 9-Jan-12 14-Jan-12 19-Jan-12 24-Jan-12 29-Jan-12 3-Feb-12 8-Feb-12 13-Feb-12 18-Feb-12 23-Feb-12 28-Feb-12 4-Mar-12 9-Mar-12 14-Mar-12 19-Mar-12 24-Mar-12 29-Mar-12 3-Apr-12 8-Apr-12 13-Apr-12 18-Apr-12 23-Apr-12 28-Apr-12 3-May-12 8-May-12 13-May-12 18-May-12 23-May-12 28-May-12 2-Jun-12 7-Jun-12 12-Jun-12 17-Jun-12 22-Jun-12 27-Jun-12 2-Jul-12 7-Jul-12 12-Jul-12 17-Jul-12 22-Jul-12 27-Jul-12 1-Aug-12 6-Aug-12 11-Aug-12 16-Aug-12 21-Aug-12 26-Aug-12 31-Aug-12 Bank of Kigali Investor Presentation Page 23
23
B U S I N E S S OV E RV I E W
CAGR 23.2%
105.5 78.8 56.6 10.8 45.9 2007 65.2 66.5 13.6 80.9 14.4 84.8 89.5 41.2 20.7
2008
2009
2011
1H 2012
Corporate Loans
Source: Bank of Kigali
Retail Loans
Hotels and Restaurants, 11.2% Transport, Warehousin g and Communicat ion, 4.9% Others , 1.9% Agriculture, 3.6%
Construction , 40.1%
Customer Deposit Segmentation 30 June 2012 209.7 181.0 62.9 31 December 2011
29.9%
23.9
70.1%
69.6 2008
81.6 2009
99.3 2010
126.8 2011
Structure of Deposits, 30 June 2012 Corporate: RWF 146.8 Bn Retail: RWF 62.9 Bn
30 June 2012
1.7%
Other, 81.7%
Other, 86%
Notes: * depositors with total balances above 5% of shareholders equity of BoK Source: Bank of Kigali
26
Corporate Banking
Description Clients include corporate, SMEs and NBAs* Interest rates are in the 15.0%-17.25% range Key products: CAPEX loans: long-term loans for investment or expansion of the business Commercial mortgage loans: typical customer participation at 30% of property value, typical tenor of up to 10 years Working capital loans: financing business needs to an agreed limit for a short period (usually <1yr) Overdrafts Strategy
Tolirwa
Corporate
SMEs
NBAs
Corporate
SMEs
NBAs
Introduce new services, integrate client coverage Grow and consolidate market share Leverage superior lending capacity Focus on payroll services
*NBAs (Non Business Associations) includes Non-Profit Organizations, Charities, Religious institutions, Educational Institutions, Cooperatives,etc
Corporate Current Accounts 20,000 15,000 10,000 5,000 5,679 0 2009 2010 9,941 6,535 12,114
Merez Petroleum
12,782 2011
15,351 1H 2012
27
Bank of Kigali Investor Presentation Page 27
Retail Banking
Description The Banks retail business is primarily focused on mortgages and consumer loans with notable share of overdrafts Key products: Mortgage loan: up to 10 years with typical customer participation at 30% of property value Consumer loan: up to 12x monthly salary and 48 months Overdraft: up to 50% of monthly salary (normally repaid in 30 days) Other products include credit cards and asset leasing Strategy: Build a ubiquitous branch footprint throughout the country Build sufficient channel capacity to be able to service 500,000+ clients by 2015 Build out the retail product lineup to achieve relevance to the daily lives of the banked population Expand credit card/debit card offering to other providers (MasterCard, Amex etc) Our Products 150,000 100,000 41,900 50,000 33,504 0
Source: Bank of Kigali
Key Segments as at 30 June 2012 Retail Loans: RWF 47.0 Bn Micro loans, 4.7% Other, 7.3% 12.8% Consumer loans, 45.9% 1.7% Retail Deposits: RWF 62.9 Bn
Mortgage s, 35.2%
85.5%
250,000 200,000
72,182
57,297 2010
29
125,245 2011
163,005 1H 2012
2009
Branches
65 77 89 101
2012 Targets
Cash out and Cash in at Point of sale merchants Deposit taking ATMs Cardless Transactions at ATMs through our mobile banking and mobile wallet
44
56
2012F
2013F
2014F
2015F 145
2016F 165
Agency Banking Recruitment of 400 existing businesses as agents in underway Agents will be able to perform cash in and cash out transactions, account opening and micro loan
ATMs
115 86 26 125
2011
4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0
2012F
2013F
2014F
2015F
2016F
4,100
areas Partnership with mobile telcos for our clients to transact at their agents Other Initiatives Launch of mobile branches: so far 5 mobile vans have been ordered for
POS
3,400 2,650 1,850 1,000 202
2012 Become super agents for mobile telcos to attract their customers to BK
2011
2012F
2013F
2014F
2015F
2016F
2011 Achievements
Issuing of approximately 40,000 VISA Electron cards Interoperability of our ATMs with VISA Electron and local proprietary Cards
2012 Targets
AMEX acquiring.) Launch of three new card products VISA Prepaid VISA Classic (Credit Card) VISA Gold (Credit Card) Launch of E-commerce
1. Teleco mobile money agency Super agent for the two telcos All our 56branches will be agents for the mobile teleco money Virtual money customers can deposit, withdraw at any of the BK branches countrywide 2. Establishing BK Securities subsidiary BK custody has over 60% of the local investors The securities brokerage services will offer our investors seamless services
Grow Retail Product Offering
1. Loan Products Top up mortgages Consumer loans to tap the growing middle class Credit cards Payroll loans: Leveraging our corporate clients payrolls 2. Remittances Grow our Western Union market share from 36% to 40% Increase functionality of Western Union to enable direct transfers to current accounts and mobile wallets Harmonise BK tariff structure with the region to increase competitiveness
312.8 287.9
200.0
2010
2011
1H 2012
Shareholders Equity Rwf bn 70.0 60.0 50.0 40.0 30.0 20.0 10.0 0.0 2007 2008 2009 2010 2011 1H 2012 12.8 15.9 18.5 31.9 RwF bn 160.0 140.0 120.0 100.0 80.0 60.0 40.0 20.0 0.0 2007 2008 48.7 72.1
YTD growth-15.8%
61.6
63.3
2009
2010
2011
1H 2012
Asset Quality
Cost of Risk**, % % 4.5% 4.0% 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0%
2007 2008 2009 2010 2011 1H 2012
Notes: * 1H2012 figure is annualized ** LLP charge / Average gross loans for period
Improving Coverage Ratio Rwf Bn NPLs 72.6% 55.3% 57.1% 45.8% Coverage ratio 69.1% 67.8% % 80.0% 70.0% 60.0% 50.0% 40.0% 6.0 6.5% 4.0 2.0 30.0% 20.0%
3.8%
20.0%
19.4% 15.4%
2.5% 1.9%
15.0% 10.0%
8.3%
8.5%
8.3%
1.1% 0.4%
1.0%
5.0%
11.0
0.0%
2007 2008 2009 2010 2011 1H 2012
12.1
2008
6.7
2009
9.0
2010
10.9
2011
9.7
1H 2012
10.0% 0.0%
0.0
2007
NPLs by segment
30 June 2012 31 December 2011
Unregistered, 19.3%
Source: Bank of Kigali Audited IFRS Statements 2007-2010, Bank of Kigali Unaudited IFRS Statements 2011
Funding
Funding Structure, %
30 June2012 31 December 2011
6.8% 21.4%
6.6%
20.0% 10.0% 0.0% 2007 2008 2009 Highlights 64.9% 58.8% 2010 2011 1H 2012
Deposits
Due to Banks
Shareholders Equity
Other
Strong Capital And Liquidity Position 70.0% 60.0% 50.0% 40.0% 30.0% 19.9% 20.0% 10.0% 0.0% 2007 2008 2009 2010 2011 1H 2012 14.0% 14.9% 20.1% 35.9% 34.7% 29.1% 27.4% 47.3% 42.1% CAR,% Liquidity Ratio, %
Deposits are the primary source of funding with share of deposits exceeding 65% as at June2012 Strong growth in deposits has been driven by our branch expansion The Bank has also signed 3 long-term credit lines with the European Investment Bank worth 5 million for 7 years, US$20 million for 10 years with the French Development Agency and US$12 million for 10 years with the African Development Bank, The Bank had drawn down EUR 4.5 m & US$5.0 million on the EIB & AFD loans respectively by 30 June 2012
32.4%
21.8%
27.9%
13.5
17.3
1H 2011
1H 2012
Net Income
ROAA* 4.4% ROAE* 20.5%
35.2%
6.6
8.9
54.5%
6.0
1H 2011
1H 2012
1H 2011
1H 2012 *Annualized
+36%
16.6
14.0 12.0
+43%
12.9
+39%
29.5
12.2
9.0
21.2
2010
2011
2010
2011
2010 2011
Net Income
15.2
10.0 9.0 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 +40%
14.3
8.7
10.1
11.1
6.2
2010
2011
2010
2011
2.6%
27.9%
13.5
17.3
3.0%
56.3%
FX gains
35.2%
6.6
14.3% 17.1%
12.0% 9.5% 9.0% 6.0% 3.0% 0.0% 2007 2008 2009 2010 2011 1H 2012 9.0% 8.2% 8.3% 8.4% 8.3% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 39.5% 39.8% 44.1% 47.5% 48.2% 51.7%
1H 2012
Consistent Returns To Shareholders, % 45.0% 40.0% 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% 39.4% 37.5% 30.7% 24.5% 18.6% 19.3%
SA average: 14.4% Nigeria average: 10.4%
2007
2008
2009
2010
2011
1H 2012
5.0% 4.5% 4.0% 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0%
SA average: 1.1%
3.6%
4.0%
*1H 2012 figures are annualized Source: Bank of Kigali Audited IFRS Statements 2007-2011 Bank of Kigali reviewed results 1H 2012, African Alliance Research 2012
2007
2008
2009
2010
2011
1H 2012
ST R AT EG I C O U T LO O K
Strategic Outlook
Objectives Strategies
Build a ubiquitous branch footprint throughout the country Build sufficient channel capacity
Action
Expand the branch network to 60+ branches by YE 2013 Increase the number of ATMs, POS terminals and cards outstanding Build a modern and scalable mobile banking and Internet banking platforms Alternative client acquisition & service channels (retail chains, cobranded cards, utilities, etc) Flexible, offset, variable-rate, etc mortgages Full range of consumer loan products Revolving credit cards Payroll & pension-backed loans & overdrafts Microfinance Modern, multi-currency current accounts with debit cards Ubiquity of ATMs and POS terminals in urban centers and reasonable proximity elsewhere Payment & e-wallet solutions Full range of deposit products
Outcomes
Benefit from first-mover advantage outside the capital city, making it more difficult for the competitors to follow suit Reach out to the unbanked (but bankable) population Become the bank of choice and convenience for the middle class and youth entering the employment sector Create capacity to service 500,000+ clients Maximize the product-to-client ratio Grow with clients Valuable source of retail clients through payroll programs Growth of loan book and F&C income
Increase the loan to deposit ratio to 60% Increase retail loans penetration
Integrated client coverage Leverage the superior lending capacity Cross-selling opportunities Documentary operations & trade finance, FX, other solutions Rep offices in EAC from 2012 Leverage the superior access to wholesale funding to complement the deposit funding base
Consolidate the leading position in corporate banking Increase the maturing profile of liabilities Create a universal banking platform
Diversification of funding base Expand the share of higher-margin lending Maximise the cross-sell opportunities Grow the share of retail in the loan book up to 30%-40% in the medium term
Reduce maturity gap Enable further expansion of long-term lending Further diversification of revenue streams
Continuous improvement of risk management policies & procedures Disciplined capital management, medium term target CAR of 15%-17% and ROAE of 20%+, implying ROAA in the 3.5% range
No profitability sacrifices for the sake of market share gains Sensible dividend policy as the growth curve flattens out over time
Management Targets
Total AssetsGrowth Total Assets Growth 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% 46% 70% 60% 60% 30% 50% 40% 30% 20%
1H 2012: +9% YTD
45%
1H 2012: 48%
Nairobi
10% 0%
2011
2012P
2013
Return on Average Equity 21% 20% 20% 19% 19% 19% 18% 18% 2011
* Annualised
56 44
1H 2012: 56
distribution channel
50 40 30 20 10 0
2012P
2011
2012P
Contact Information
For information please contact: Lado Gurgenidze Chairman of the Board Email: lgurgenidze@bk.rw Mobile: +995 599 477 272 Lawson Naibo Chief Operating Officer Email: lnaibo@bk.rw Mobile: +250 78 830 2076 Shivon Byamukama Company Secretary Email: sbyamukama@bk.rw Mobile: +250 78 838 4547 James Gatera Chief Executive Officer Email: jgatera@bk.rw Mobile: +250 78 814 3000 John Bugunya Chief Finance Officer Email: jbugunya@bk.rw Mobile: +250 78 830 6100 Linda Rusagara Investor Relations Officer Email: lrusagara@bk.rw Mobile: +250 784 300 334
Visit our website, www.bk.rw, or follow us on Scribd to access our Investor Presentations, Press Releases and Annual Reports.
Telephone number: +250 252 593100. Address: Plot 6112, Avenue de la Paix, Kigali Rwanda
44