Bank of Kigali has been recognised as the best bank in Rwanda for the third consecutive year by Global Finance, an international magazine with an experience of 35 years in financial reporting.
The banking institution is a subsidiary of BK Group which has three other subsidiaries -- BK Insurance, BK TecHouse and BK Capital.
The financial magazine recognised the outstanding efforts of BK to serve its customers' needs during the unprecedented economic conditions.
BK's innovative products, exceptional customer service, and strong financial performance have set it apart as the leading bank in Rwanda, according to the firm.
"We are honored to receive the Global Finance Award for the third consecutive time, and we are grateful to our customers, staff, and stakeholders for their continued support," commented the Bank's Chief Executive, Diane Karusisi.
"This recognition is a testament to our unwavering commitment to excellence and our determination to provide our customers with the best possible banking experience."
The accolade comes at a time when the lender experienced several significant developments over the past year, which arguably played a critical role in securing the award for the third consecutive year.
"We remain focused on our mission to drive financial inclusion and contribute to the growth and development of Rwanda's economy, and we will continue to innovate and adapt to meet the evolving needs of our customers," Karusisi reiterated.
Notable developments include the release of the new BK Mobile App, the acquisition of the BK Arena naming rights, the establishment of both the Mortgage Center and the SME Center, as well as the introduction of the IKAZE Feedback platform.
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Another cause for celebration at the Bank is a 15.1 percent increase of net profit worth Rwf59.7 billion in 2022 from Rwf51.9 billion in 2021, mainly driven by the 25 percent increase in non-funded income.
The growth has prompted the Board of Directors to recommend dividend payment of Rwf32.5 for each ordinary share, representing 50 percent pay-out ratio of the Group's net income.
How it works
Selection of the nominees are made by the editors of Global Finance after extensive consultations with corporate financial executives, bankers and banking consultants, and analysts throughout the world.
During the financial contest, banks were invited to submit entries supporting their selection and Global Finance considered factors that ranged from the quantitative objective to the informed subjective.
Objective criteria considered included growth in assets, profitability, geographic reach, strategic relationships, new business development and innovation in products.
On the other hand, subjective criteria included the opinions of equity analysts, credit rating analysts, banking consultants and others involved in the industry.
Headquartered in New York, with offices around the world, Global Finance, founded in 1987, has a circulation of 50,000 and readers in 189 countries.
Among its audience includes senior corporate and financial officers responsible for making investment and strategic decisions at multinational companies and financial institutions.
