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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 Q4 2010 Results Review
April 2011
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About Bank of Kigali
Bank of Kigali Q4 2010 Results Overview 2
Growing Faster Than The Banking Sector The Leading Bank In Rwanda
Market Share Evolution
April 2011
Decline in market share evolution in 2008 was due to entry into the market of new competitors.
Bank of Kigali Contributed 15.9% of the growth in Net Income of the banking sector lower than our
absolute market share of 48.6%, due to expansion strategy.
International & Local Recognition & Awards
A+ credit rating by GCR (Global Credit Rating) in December 2010
2009 & 2010 Bank Of The yearThe Banker
2009 & 2010 Best Bank in Rwanda - EMEA Finance Magazine
2009 Diamond Quality Service Summit Award
2002 through 2009 Best Tax Payer Award
Number 1 bank by total assets with 27.2% market share as at 31 December 2010
US$ mln, unless otherwise noted YE 2009 YE 2010 Growth, Y-o-Y
Total Assets 265.0 332.5 25.5%
Net Loans 134.5 170.6 26.8%Client Deposits 190.6 228.2 19.7%
Shareholders' Equity 32.3 53.5 65.5%
Y-o-Y Growth, %
Total Assets Growth 2010Share In Rwandan Banking
Sector Growth
Bank of Kigali 30.1% 30.6%
Rwandan Banking Sector 25.9%
Net Loans Growth
Bank of Kigali 31.5% 64.3%
Rwandan Banking Sector 13.1%
Total Deposits Growth
Bank of Kigali 24.2% 22.2%
Rwandan Banking Sector 28.2%
Shareholders Equity Growth
Bank of Kigali 71.7% 42.2%
Rwandan Banking Sector 45.5%
Net Income Growth
Bank of Kigali 16.1% 15.9%
Rwandan Banking Sector 73.6%
YE 2006 YE 2007 YE 2008 YE 2009 YE 2010
Total Assets 24.7% 29.0% 23.4% 26.3% 27.2%
Net Loans 23.0% 25.3% 24.4% 26.8% 31.1%Client Deposits 25.2% 30.6% 24.6% 25.8% 25.0%
Shareholders' Equity 26.5% 28.3% 22.3% 26.8% 31.6%
Net Income 47.1% 49.1% 54.1% 72.4% 50.1%
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Investment Highlights
April 2011 Bank of Kigali Q4 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 aidYoung 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 7% in 2010
Diversifying export base, CAD contained at 7% of GDP
Sensible monetary policies, manageable inflation (2010 CPI of 3.9%), 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, 26% in 2010
Over 90% of the population unbanked
High Barriers To Entry Highly concentrated banking sector, with Top3 banks accounting for a 59% market share (79% 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 (27% market share) , loans (31%), deposits (25%) and equity (32%)
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 50% in 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 imminent
Diversification 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 thefinancial 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 75% allowing for further substantial loan book expansion
CAR of 21.9%, 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 TotalDeposits, 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 Development Milestones
April 2011 Bank of Kigali Q4 2010 Results Overview 4
2006 2007 2008 2009 2010 2010 Growth
US$167.5 mln
US$72.0 mln
US$131.3 mlnUS$16.2 mln
US$17.6 mln
US$5.6 mln
9
US$228.4 mln
US$91.2 mln
US$190.9 mlnUS$19.2 mln
US$20.9 mln
US$8.0 mln
9
US$219.4 mln
US$131.0 mln
US$170.5 mlnUS$28.9 mln
US$25.9 mln
US$10.3 mln
12
US$265.0 mln
US$134.5 mln
US$190.6 mlnUS$32.3 mln
US$27.9 mln
US$9.2 mln
17
US$332.5 mln
US$170.6 mln
US$ 228.2 mlnUS$53.5 mln
US$35.5 mln
US$10.3 mln
31
+30.1%
+31.5%
+24.2%+71.7%
+32.1%
+16.9%
Total Assets (e-o-p)
Loan Book (e-o-p)
Client Deposits (e-o-p)Equity (e-o-p)
Revenue
Net Income
Number of branches
2 2 2 5 6 Number of Western-Trained Professionals
Retail Banking
Corporate Banking
Trade FinanceForeign Exchange
Internet Banking
Retail Banking
Corporate Banking
Trade FinanceForeign Exchange
Internet Banking
Retail Banking
Corporate Banking
Trade FinanceForeign Exchange
Internet Banking
Retail Banking
Corporate Banking
Trade FinanceForeign Exchange
Internet Banking
Retail Banking
Corporate Banking
Trade FinanceForeign Exchange
Internet Banking
SMS Banking
Private Banking
Key Business Lines
GCR: A+/A1 Credit Rating
EIB Euro 5 million loan
facility
EIB Euro 5 million
loan facility
Discussions with
several IFIs underway
Key Lenders
RwF/US$ exchange rate (e-o-p)
2006 2007 2008 2009 2010
525.670 533.413 550.439 573.231 594.475
Note: growth rates based on RwF values
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Q4 2010 & Full-Year 2010 P&L Highlights
April 2011 Bank of Kigali Q4 2010 Results Overview 5
Q4 2010 Q3 2010 Q2 2010 Q1 2010 Q4 2010
RwF/US$ exchange rate (e-o-p) 594.48 589.98 587.80 574.39 573.23
Note: growth calculations are based on RwF values
YTD 2010 YTD 2009 Y-O-Y
Millions, unless otherwise noted US$ RwF US $ RwF GrowthNet Interest Income 21.4 12,751 18.4 10,538 21.0%
Net Non-Interest Income 14.1 8,382 9.5 5,463 53.4%
Total Operating Income 35.5 21,133 27.9 16,000 32.1%
Total Recurring Operating Costs 17.1 10,193 11.4 6,530 56.1%
Profit Before Provisions 18.4 10,940 16.5 9,470 15.5%
Net Income 10.4 6,179 9.2 5,287 16.9%
Q4 2010 Q3 2010 Q2 2010 Q1 2010 Q4 2009 Q-o-Q Y-o-YMillions, unless otherwise noted Change Change
US$ RwF US$ RwF US$ RwF US$ RwF US$ RwF
Net Interest Income 6.36 3,783 5.0 2,963 5.3 3,110 5.0 2,895 4.4 2,544 27.7% 48.7%
Net Non-Interest Income 4.02 2,391 3.8 2,248 3.5 2,043 3.0 1,700 2.8 1,632 6 .4% 46.5%
Total Operating Income 10.39 6,175 8.8 5,210 8.8 5,153 8.0 4,595 7.3 4,176 18.5% 47.9%
Total Recurring Operating Costs 5.02 2,981 4.4 2,620 4.3 2,553 3.5 2,038 3.8 2,165 13.8% 37.7%
Profit Before Provisions 5.37 3,193 4.3 2,557 4.4 2,600 4.5 2,557 3.5 2,011 23.3% 58.8%
Net Income 3.54 2,107 3.2 1,861 2.3 1,361 1.5 850 1.3 731 13.2% 188.0%
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Q4 2010 Balance Sheet Highlights
April 2011 Bank of Kigali Q4 2010 Results Overview 6
Q4 2010 Q3 2010 Q2 2010 Q1 2010 Q4 2009
Millions, unless otherwise noted
US$ RwF US$ RwF US$ RwF US$ RwF US$ RwFTotal Assets 332.5 197,677 294.1 173,520 297.6 174,901 272.5 156,527 265.0 151,896
Gross Loans 177.5 105,527 164.9 97,282 159.1 93,524 155.7 89,410 141.2 80,914Provisions 6.9 4,124 7.3 4,309 7.4 4,373 8.5 4,893 6.7 3,818
Net Loans 170.6 101,403 157.6 92,973 151.7 89,151 147.1 84,517 134.5 77,096
Client Deposits 228.2 135,677 214.0 126,283 214.1 125,838 198.0 113,727 217.0 109,282Total Liabilities 279.0 165,846 255.8 150,907 262.3 154,151 238.7 137,136 232.6 133,355
Shareholders' Equity 53.5 31,870 38.3 22,613 35.3 20,750 33.8 19,391 32.3 18,541
Number of branches 33 31 25 19 18
Number of ATMs 26 26 6 6 6Number of debit cards in issue 4,831 4,220 3,694 1,946 3,527
FTEs 467 467 417 370 303
RwF/US$ exchange rate (e-o-p) 594.48 589.98 587.80 574.39 573.23
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Key Ratios2010
April 2011 Bank of Kigali Q4 2010 Results Overview 7
2010 2009Profitability
Return on Average Assets 3.5% 3.9%
Return on Average Equity 24.4% 30.7%
Net Interest Margin, % 8.3% 8.2%
Loan Yield,% 14.4% 16.0%Interest Expense/Interest Income, % 23.5% 24.3%
Cost of Deposits, % 3.2% 2.9%Liquidity
Net Loans/Total Assets,% 51.3% 50.8%
Liquid Assets / Total Deposits 42.9% 48.4%Interbank Borrowings / Total Deposits 12.3% 12.1%
Short term Liquidity Gap 11.9% 29.6%
Gross Loans / Total Deposits 68.4% 65.1%Asset Quality
NPLs /Gross Loans, % 8.4% 7.1%
Provisions / NPLs 45.2% 58.3%
Large Exposures / Gross Loans 5.8% 12.3%Cost of Risk, Annualised 1.3% 7.7%
Leverage (Total Liabilities/Equity), Times 5.2 7.2Capital Adequacy
Core Capital / Risk Weighted Assets 16.5% 16.9%
Total Qualifying Capital/Risk Weighted Assets 22.0% 16.9%Off Balance Sheet Items/Total Qualifying Capital 402.8% 425.8%
Large Exposures*/Core Capital 27.9% 55.8%
NPLsProvisions/Core Capital 15.3% 17.7%Market Sensitivity
Forex Exposure/Core Capital 8.9% -5.4%
Forex Loans/Forex Deposits 1.1% 0.9%
Forex Assets/Forex Liabilities 106.7% 107.0%Selected Operating Data
Full Time Employees 453 303Contractors 0 0
Total Employees 453 303
Assets per FTE (RwF '000s) 436,372 501,307Number of Active Branches 31 19
Number of ATMS 26 6
Number of POS Terminals 97 54
* Loans that in aggregate comprise 15% of core capital
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Q4 2010 Financial Highlights
Bank of Kigali Q4 2010 Results Overview 8
Total Assets Net Loans
Client Balances & Deposits Shareholders Equity
April 2011
109,282 113,727125,838 126,283 135,677
-
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
YE 2009 31-Mar-10 30-Jun-10 30-Sep-10 YE 2010
RwF million
151,896 156,527174,901 173,520
197,677
-
50,000
100,000
150,000
200,000
250,000
YE 2009 31-Mar-10 30-Jun-10 30-Sep-10 YE 2010
RwF Millions
77,09684,517
89,151 92,973101,403
-
20,000
40,000
60,000
80,000
100,000
120,000
YE 2009 31-Mar-10 30-Jun-10 30-Sep-10 YE 2010
RwF Millions
18,541 19,39120,750
22,613
31,870
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
YE 2009 31-Mar-10 30-Jun-10 30-Sep-10 YE 2010
RwF million
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Q4 2010 Financial Highlights Contd
Bank of Kigali Q4 2010 Results Overview 9
Composition of Total Assets, RwF mln Composition of Total Liabilities, RwF mln
Composition of Total Assets, % Composition of Total Liabilities, %
April 2011
64,790 59,832 70,184 67,780 73,121
77,096 84,51789,151 92,973
101,403
6,392 6,4316,919 7,501
18,4943,618 5,747
8,647 5,266
4,659
0
50,000
100,000
150,000
200,000
250,000
YE 2009 31-Mar-10 30-Jun-10 30-Sep-10 YE 2010
RwF Millions
Other Assets Fixed Assets Net Loans Cash & Equivalents
42.7%38.2% 40.1% 39.1% 37.0%
50.8%54.0% 51.0% 53.6% 51.3%
4.2%4.1% 4.0% 4.3% 9.4%
2.4% 3.7% 4.9% 3.0% 2.4%
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
YE 2009 31-Mar-10 30-Jun-10 30-Sep-10 YE 2010
Other Assets Fixed Assets Net Loa ns Ca sh & Equiva lents
109,282 113,727125,838 126,283 135,677
15,104 11,81215,341 16,294
18,9216,326 8,95410,329 8,331
11,248
-
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
YE 2009 31-Ma r-10 30-Jun-10 30-Sep-10 YE 2010
RwF Millions
Other Lia bilties B orrowed Fu nds Client Deposits
83.6% 84.6% 83.1% 83.7% 81.8%
11.6% 8.8% 10.1% 10.8% 11.4%
4.8% 6.7% 6.8% 5.5% 6.8%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
90.0%
100.0%
YE 2009 31-Mar-10 30-Jun-10 30-Sep-10 YE 2010
Oth er Lia bilties Bo rrowed Fun ds Client Deposits
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2010 Financial Highlights
Bank of Kigali Q4 2010 Results Overview 10
Revenue Total Recurring Operating Costs
Profit Before Provisions Net Income
April 2011
16,000
21,133
-
5,000
10,000
15,000
20,000
25,000
2009 2010
RwF Milions
+32%
6,530
10,193
0
2,000
4,000
6,000
8,000
10,000
12,000
2009 2010
RwF Millions
+56%
9,470
10,940
0
2,000
4,000
6,000
8,000
10,000
12,000
2009 2010
RwF Millions
+16%
5,287
6,179
4,800
5,000
5,200
5,400
5,600
5,800
6,000
6,200
6,400
2009 2010
RwF Millions
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2010 Financial Highlights Contd
Bank of Kigali Q4 2010 Results Overview 11
Revenue Composition Net Fee & Commission Income
FX Trading Income Net Other Non-Interest Income
April 2011
10,538
12,751
5,463
8,382
0
5,000
10,000
15,000
20,000
25,000
2009 2010
RwF Millions
Non-Interest Income Net Interest Income
16,000
21,133+32%
60%
40%
34%
66%
1,338
2,275
-
500
1,000
1,500
2,000
2,500
2009 2010
RwF Millions
+70%
3,335
5,248
-
1,000
2,000
3,000
4,000
5,000
6,000
2009 2010
RwF Million
+57%
599
681
0
200
400
600
800
2009 2010
RwF Million
+14%
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Personnel Cost,
47.3%
Depreciation,
16.1%
Other Operating
Expenses, 36.7%
2010 Financial Highlights Contd
Bank of Kigali Q4 2010 Results Overview 12
Recurring Operating Costs Structure, 2010 Recurring Operating Costs, 2009-2010
Cost/Income Ratio Total Employees
April 2011
2,530
4,525903
1,5383,097
4,073
-
2,000
4,000
6,000
8,000
10,000
YE 2009 YE 2010
RwF Million
Personnel Cost Depreciation Other Operating Expenses
2009 2010
303
370
417
467 467
0
50
100
150200
250
300
350
400
450
500
Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010
54.6%
46.8%
51.8% 52.5%50.1%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010
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YE 2010 Financial Highlights
Bank of Kigali Q4 2010 Results Overview 13
Gross Loans Net Loans
Client Balances & Deposits Term Deposits
April 2011
22,070 22,097 16,816 17,478 21,538
58,84467,313 76,708 79,804
83,989
0
20,000
40,000
60,000
80,000
100,000
120,000
Q4 '09 Q1 '10 Q2 '10 Q3 '10 Q4 '10
RwF Million
Gross Corporate Banking Loans Gross Retail Banking Loans
80,91489,410
93,524 97,282
105,527
20,925 20,62915,520 16,631
20,749
56,171
63,88873,631 76,342
80,654
0
20,000
40,000
60,000
80,000
100,000
120,000
Q4 '09 Q1 '10 Q2 '10 Q3 '10 Q4 '10
RwF Millions
Net Corporate Banking Loans Net Retail Banking Loans
77,09684,517
89,151 92,973101,403
3,958
9,517
3,740 3,905 4,212
25,95817,753
25,40628,593 28,968
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
Q4 '09 Q1 '10 Q2 '10 Q3 '10 Q4 '10
RwF Millions
C orp ora te Ba nk in g T erm de po sit s R et a il B a nk in g T er m de po sit s
29,916
27,27029,146
32,498 33,180
51,299 44,99127,364 31,143 36,359
57,983 68,735 98,474 95,140
118,239
0
30,000
60,000
90,000
120,000
150,000
180,000
Q4 '09 Q1 '10 Q2 '10 Q3 '10 Q4 '10
RwF Million
CB banking Clients Balances & Deposits RB banking Clients Balnces &Deposits
109,282113,727
125,838 126,283
154,598
CB Client Balances & Deposits RB Client Balances & Deposits
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Capital Adequacy & Liquidity
April 2011 Bank of Kigali Q4 2010 Results Overview 14
Total Capital Adequacy Ratio Net Loans/Total Assets
Net Loans/Client Balances & Deposits Cumulative Liquidity Gap, YE 2010
(25,334) (27,820)(35,087)
(37,773)
(2,622) (0)
(35,978)
(34,652)
(52,351)
(59,341)
(21,605)
(0)
(120,000)
(100,000)
(80,000)
(60,000)
(40,000)
(20,000)
-
20,000
0-1 month 1-3 months 3-6 months 6-12 months 0-1 Years Over 5 years
RwF Million
December 2009 December 2010
14.1%16.0% 16.9%
21.9%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
2007 2008 2009 2010
39.9%
59.7%50.8% 51.3%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
2007 2008 2009 2010
47.8%
76.8%70.5%
75%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
90.0%
2007 2008 2009 2010
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Loan Book Analysis
April 2011 Bank of Kigali Q4 2010 Results Overview 15
Loans By Currency, YE 2010 Gross Loan Book Breakdown By Maturity
18,678
2,250 3,2436,662
50,081
17,8189,765 6,342
4,079
67,521
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
Less than 1
month
1 to 3 months 3 to 6 months 6 to 12 months Over 1 year
RwF Million
YE 2009 YE 2010
79.5%92.7%
20.5%7.3%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
90.0%
100.0%
Corporate Banking Retail Banking
Foreign currency Local currency
22.5%20.2%
21.7%
26.0%24.0%
31.6%
49.1%
32.3% 33.3% 32.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
2006 2007 2008 2009 2010
Top 10 Borrowers As % Of Gross Loans Top 20 Borrowers As % Of Gross Loans
Top 10 & Top 20 Borrower Concentration
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Loan Book Analysis Contd
April 2011 Bank of Kigali Q4 2010 Results Overview 16
Write-offsLoan Loss Reserves As % of Gross loans
-
814
2,669
-
695
-
500
1,000
1,500
2,000
2,500
3,000
Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010
RwF Million
Nil Nil
4.7%
5.5%
4.7% 4.4%3.9%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010
Loan Loss Reserve
3,818
4,893
4,373
4,309 4,124
56%
54%
50%
54%
57%
46%
48%
50%
52%
54%
56%
58%
-
1,000
2,000
3,000
4,000
5,000
6,000
Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010
RwF Million
Loan loss Reserve (LHS) Coverage Rat io (RHS)
NPLs
6,685
8,8629,207 9,649
9,003
67%
68%
66%
69%
75%
60%
62%
64%
66%
68%
70%
72%
74%
76%
-
2,000
4,000
6,000
8,000
10,000
12,000
Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010
RwF Million
NPLS (LHS) LLR/(NPLs-Appraisal Value Of Collateral) (RHS)
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Client Balances &Deposits
April 2011 Bank of Kigali Q4 2010 Results Overview 17
Client Balances & Deposits Breakdown, YE 2010 Client Balances & Deposits By Currency, YE 2010
Client Balances & Deposits By Maturity, YE 2010
CorporateCurrent
Accounts,51.9%Corporate
TermDeposits,
21.4%
RetailCurrent
Accounts,23.4%
Retail TermDeposits,
3.4%
72.9%
3.0% 2.7%10.3% 11.1%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
On Demand Less than 1month
1 to 3 months 3 to 6 months 6 to 12 months
28.7% 26.0%
71.3% 74.0%
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
Corporate Client Balances & Deposits Retail Client Balances & Deposits
Client Balances & Deposits Concentration
24.3%
31.5%
23.9%26.0% 26.0%
30.9%
40.8%
34.3%36.8%
34.3%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
2006 2007 2008 2009 2010
Top 10 Deposits As % Of Client Balances & Deposits
Top 20 Deposits As % Of Client Balances & Deposits
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Corporate Banking Overview
April 2011 Bank of Kigali Q4 2010 Results Overview 18
Highlights Gross Corporate Loan Portfolio By Products
Corporate Client Deposits Gross Corporate Loans
Serving over 4,000 legal entities
Top clients include:
Inyange Industries , leading food processing company in RwandaBralirwa
Kobil Petroleum
Engen Rwanda
Brussels Airlines
SULFO Rwanda Industries
MTN, the leading communications provider in Rwanda
Rwanda Mountain Tea, the major tea producing company in Rwanda
China GEO Engineering, the leading infrastructure development company
Tolirwa, the major metal materials manufacturer in Rwanda
Akagera Motors, the major importer of Toyota vehicles in Rwanda
Ameki Color, the leading paint manufacturer in RwandaGerman Agro Action, a non-governmental organisation
Onatracom, the leading public transportation companyGorillas Hotels, deluxe hotel chain operator
DemandDeposits32,026
Term
Deposit25,412
YE 2009
RwF mln
Overdraft,8,938
WorkingCapital Loans,
14,892
CapEx Loans,
23,858
CommercialMortgage
loans, 18,227
DemandDeposits,
70,351
Term
Deposits,28,968
YE 2010
RwF mln
56,17163,888
73,631 76,34280,654
2,673
3,425
3,0773,462
3,335
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
Q4 '09 Q1 '10 Q2 '10 Q3 '10 Q4 '10
RwF Million
Net Corporate loans Provisions
58,844
67,313
76,708 79,80483,989
Our Top Clients
Merez Petroleum
Tolirwa
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Retail Banking Overview
April 2011 Bank of Kigali Q4 2010 Results Overview 19
Highlights Retail Loans Disbursed
Retail Loans By Products Retail Client Balances & Deposits, YE 2010
Serving over 48,000 individuals, up from 30,000 as at YE
200931 branches as at 31 December 2010, further branch
expansion underwayOver 60,000 retail accounts as at 31 December 2010
A major enhancement of electronic banking underway
The retail product lineup redesign underway includingthe Private Banking
Q4 '09' Q1 '10' Q2 '10' Q3 '10' Q4 '10'
RwF million ,unless otherwise noted
Consumer Loans 6,103 6,610 5,891 6,883 7,809
Overdraft Loans 1,661 1,763 1,772 1,437 2,042
Micro Loans 116 104 29 19 10
Mortgage Loans 11,563 10,655 8,387 7,962 8,717
Micro Loans Overdrafts 2,627 2,965 736 1,178 2,961
Gross RB Loans 22,070 22,097 16,815 17,478 21,538
Q4 '09 Q1 '10 Q2 '10 Q3 '10 Q4 '10
Consumer Loans 27.7% 29.9% 35.0% 39.4% 36.3%
Overdraft Loans 7.5% 8.0% 10.5% 8.2% 9.5%
Micro Loans 0.5% 0.5% 0.2% 0.1% 0.0%
Mortgage Loans 52.4% 48.2% 49.9% 45.6% 40.5%
Micro Loans Overdrafts 11.9% 13.4% 4.4% 6.7% 13.7%
Total 100.0% 100.0% 100.0% 100.0% 100.0%
CurrentAccounts,
87.2%
Term deposits,12.8%
1,868
1,050 917
1,579
1,220
379
76 188
469 477
0
100
200
300
400
500
600
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
Q4 '09 Q1 '10 Q2 '10 Q3 '10 Q4 '10
RwF Million
Volume of Retail loans disbursed (LHS)
Number Of Retail Loa ns Disbursed (RHS)
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Bank of Kigali Branch Network
20
33 branches as at 31December 2010, of
which
14 in Kigali
19 in regions
15 new branches
opened in 2010
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Experienced & Dynamic Management
April 2011 Bank of Kigali Q4 2010 Results Overview 21
Individual Title Background/Experience
James Gatera Managing Director James has led the bank for the last five years, during which he has grown thebanks PBT from Rwf 3.797 billion to
RwF 7.442 billion (96%) as at YE 2009, total assets from Rwf 70.472 billion to RwF 173.520 billion and Depositsfrom Rwf 56.692billion to RwF 126.283 billion(123%)
Lawson Naibo
Louis Rugerinyange
Flora Nsinga
Frances Ihogoza
Martin Mulisa
Adolphe Ngunga
John Bugunya
Innocent Musominari
Alex Ngabonziza
Gerald Nyangezi
Yves Gatsimbanyi
Chief Operating Officer
Chief Shared Services Officer
Head of HR & Administration
Head of Corporate Affairs
Head of Corporate Banking
Head of Retail Banking
Head of Finance & Budget
Head of Credit
Head of ICT
Head of Internal Audit
Head of Risk & Compliance
Lawson has been with the bank since 2009 and is a qualified accountant & chartered banker.
Louis has been with the bank for over 30 years and holds abachelors in Economics
Flora has been with the Bank since 2008. Prior to joining the Bank, she worked in the telecommunications industry.
Flora holds a Bachelors Degree in Business administration with specialisation in Human Resources from KigaliInstitute of Science, Technology & Management
Frances has worked with the bank for over one year. She has over ten years experience in management positions inPublicService with a Masters degree in Public Administration
Martin has been with the bank for since 2009 and has wide experience in credit analysis, relationship management &
corporate banking
Adolphe has been with the bank for over 10 years. He held various responsibilities in Retail and Commercial Banking
John has been with the bank since 2009 and has vast experience in financial services as an audit manager with Deloittein the UK. John is also a member of the Certified Chartered Accountants-UK (ACCA) and the Institute of Certified
Public Accountants-Rwanda
Innocent has worked with the bank since 2004 and vast experience in credit analysis and management gained from
working in the Rwandan banking for over seven years
Alex has been with the bank since 2009. Prior to joining the bank, Alex was head of applications division G7 charged
with management of all software and application in Rwanda Revenue Authority. He holds a Bachelors Degree in
Technical Electromechanical Engineering with Information Technology option from National University of Rwanda
Gerald Heads has been with the bank since 2009 and has vast experience in audit & finance especially in the
telecommunication industry. Gerald is a member of the Certified Chartered Accountants-UK (ACCA) and theInstitute of Certified Public Accountants-Rwanda
Yves has been with the bank since early 2010. He has vast experience in the Rwanda financial sector, including 10years as a bank examiner at the National Bank of Rwanda. Yves holds a Bachelors in Economics from National
University of Rwanda
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Board Of Directors
April 2011 Bank of Kigali Q4 2010 Results Overview 22
Individual Title Background/Experience
LadoGur genidze Cha ir ma n LadoGur ge nidz e i s a c ar ee r banker whoa f ter a de ca de s pent a t s ever al i nve stme nt banks in Eas ter nEurope a ndLondonr e turned tohis na ti ve Ge or gi a in2004 a nd s pe ar he aded, a s Exec ut ive Cha ir ma na ndCEO, a turnar ound of Bank of Georgia (LSE: BGEO).During Lados three-year tenure, thebanks total assets andnet incomegrew 854% and1,775%, respectively. As its market share grew from18% to 34%,Bank of Georgia becamethe leading
universalbank in Georgia and theregion withmarket capitalisation exceedingUS$900 millionat thetime ofLados departure(up from US$30 million atthe time of his arrival).Prior totaking thehelmat Bank ofGeorgia, Ladoserved asHeadof Europeat PutnamLovell(nowpartof Jefferies)and asHeadof Technology CorporateFinanceandHeadof M&A, EmergingEuropeat ABNAmroadvising such clientsas SWIFT,Reuters,MoneylineTelerate,Wirtualna Polska, Marconi, Andrew Corporation, Merloni Elettrodomestici, News Corp,GlobalOne, Golden Telecom, UPCand Philips.
In 2007-2008, Ladoserved as PrimeMinister of Georgia, leading the Georgian economy throughthe finalstage of free-market reforms, including tax cuts,financial servicessector reformas wellas aggressiveprivatisationand
liberalisation policies.In theaftermathof the August 2008 conflictwith Russia, Ladowas instrumentalin stabilising theGeorgian economy and itsfinancial sector, as well as securinga US$750millionIMF stand-by arrangementanda $4.5 billion multi-donor aidpackage.Lado putGeorgia on theglobal institutional investormap, leading thefirst-everinternationalequity and debt capital marketsissues by Bank of Georgia andthe Georgian government as well as the countrys first-ever domesticIPOs. He is responsible for bringing in approximately US$1 billion of portfolio investments and close to US$500 million of FDI. Lado is the only person to have been awarded St Georges Victory Order (in 2008) and the
Presidential Order of Excellence (in2010)thetwo highest civilian honours in Georgia.
Sincehe stepped down as PrimeMinister, Lado hasbeena frequent publicspeaker on issues of economiclibertyand free-market reforms in developingcountries andco-chairs theEmoryCenterfor Alternative Investments. InOctober2009,he wasinvited tojoin, asChairman, thesupervisory boardof Bank ofKigali,the largestbank inRwanda.
In September2009, Ladoestablished,togetherwith DinuPatriciu, Liberty Investments, an investmentcompanyfocusingon financialservices institutions in frontiermarketswith low corruption,low taxesand openeconomies. Inthesame month, Liberty Investments announced theacquisition of a controlling equity interestin Liberty Bank,which hasthe largest client basein Georgia, serving some1.5 million clientsthrough 192 branches.By YE 2010,thefirst phaseof theturnaroundhas beencompleted, withthe rebrandedbank returning to profitability and growing muchfasterthan theGeorgian banking sector.
Lado ismarriedwithfour sons. Heis a Georgian andBritishcitizenand received hisMBAfromGoizuetaBusiness Schoolof Emory Universityin 1993(andis therecipient ofthe 2010 ShethDistinguishedInternationalAlumniAward), following undergraduatestudies at Middlebury College and Tbilisi State University. In 2006 Lado hosted thelicensed Georgian version of The Apprentice TV show. In 2010 Lado servedas judge on theInvestment
Banking Awards panel of The Banker magazine.
ApolloM. Nkunda Dir ec tor Apolloi s a pra ct is ingl a wyer , a nda Par tner withTr ust Law Cha mber s. Apollohas ove r t en yea rs e xper ie nc e inl e ga lpr ac ti ce f romboththe publi c a nd priva te s e ctor .He s pe ci al is es inba nkinga ndf inance l aw, l abour l a wa nd
government procurement.
Apollo holds a Masters degree inBusiness and Tradelaw fromErasmusUniversity Rotterdam, theNetherlands, anda Bachelors of Law fromthe NationalUniversity of Rwanda.
Heis a memberof theRwanda BarAssociation,theEast African LawSociety,an associatemember ofthe CharteredInstitute ofPurchasingand Supply,a founding memberof theCentre forArbitrationand honorary counsel to
theKigaliGolf Club.
Perrine Mukankusi Director Perrine is Economic Researcher in Prime Ministers Office withwide experiencein planning,monitoringand evaluation. Perrine hasheld various responsibilities in Public servicefor overten years, andwas Director for Planning
intheMinistryof Justicefor over fineyears.
Perrine holds a Masters degree in BusinessAdministration fromthe School of Finance and Banking,and a Bachelor of Commercedegree fromKigaliInstitute of Technologyand Management.
Alphosine Niyigena Director Alphonsineis chairperson oftheUnion Investments Corporat ion(UIC), vicechairpersonof the Liberal ProfessionalsChamber,oneof thenine chambersof the RwandaPrivateSectorFederation.
Sheservesas BoardMember of MotorGuarantee Fundand Rwanda Instituteof Administration and Management (RIAM).
Alphonsineis theManagingDirectorof WorldWide Initiatives sarl,a regionalconsultingfirm registered in Rwandaand hasconductednationaland internationalconsultancies as an independentconsultant in the areas of Finance,
economicplanning and audit. Priorto joining theprivatesector,Alphonsine served in theOfficeof Auditor General for5 years assenior auditor and teamleader.
Alphonsine holds a Masters Degree in Business Administration majoredin Finance fromMaastrichtUniversity,Netherlands.
Dat iva Mukes hima na Dir ec tor Dat iva i s the Exe cutive Sec ret ar y f or Duter imber e Asbl, which i s a Women Ent re pr eneuri al Ass oc ia ti on in Rwa nda. Dat iva has vas t expe ri ence with progr amme management a nd f inancing of NGOs, a nd gende r r el at edprogrammes.
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 nd pra ct ic ingpr of es sional a cc ountantwi th t ec hnic al e xper ie nc e in I ns ur ance indus tr y. He ha s wide f inance a nd a udit expe ri ence e spec ia ll yin the I ns ur ance I ndus tr y, a nd the int er na ti onal c ommuni ty
organisations including UNDP.
He is an affiliate of the Association of Certified Chartered Accountants (ACCA), qualified professionalof supply chain management specialising in Internal Purchasing and is a member of Instituteof Purchasing and supply
(MCIPS).He alsoholds an Associate degree in Economics fromthe NationalUniversity of Rwanda.
Mar c Holzma n Dir ec tor Mar c i s Vic e Cha ir ma nof Ba rc la ys Ca pi ta l.He ha s c onside ra bl e int er na ti onal e xper ie nc e ina rea s of f inance a ndinves tment, s oc io e conomic developme nt a ndi s widelyr ec ogni se da s a l ea dinga uthor it yone conomic a ndpoli ti ca ldevelopments in emerging markets. Marcalso serves as Presidentof The Universityof Denver withapproximately10,000 studentsand as Colorados first Secretaryof Technology.Marc drawson almost threedecadesof politicalandpublicservice inThe United States.He holds a 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 Economic Planning since 2005 invarious capacities. Prior to that, Caleb was Chief Accountant in the Office of the President.
He holds a Master of Arts Degree in Management and F inance 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
April 2011 24Bank of Kigali Q4 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 (RfW)
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$1,150
Real GDP Growth Rate 2009E 4.1%
Inflation Rate (e-o-p) 2009E 5.7%
Inflation Rate (average) 2009E 10.4%
Source: International Monetary Fund, CIA World Factbook
Rwanda has been recognised as the second best reformer worldwide in the ease of doing business in 2009/2010.
Since 2005, Rwanda has implemented 22 business regulation reforms in the areas measured by Doing Business.
Today, entrepreneurs can register a new business in 3 days.
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Rwandan Economy Highlights
April 2011 25Bank of Kigali Q4 2010 Results Overview
Source: International Monetary Fund
Gross Domestic Product
3.13.7
4.75.2
8.6%
5.5%
11.2%
4.1%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
-
1.0
2.0
3.0
4.0
5.0
6.0
2006 2007 2008 2009E
US$ billion
Nom inal GDP (LHS) Real GDP Growth Rat e (RHS)
GDP Per Capita
338399
489536
942
1,002 1,114 1,150
-
200
400
600
800
1,000
1,200
1,400
2006 2007 2008 2009E
US$
Nominal GDP Per Capita GDP Per Cap ita (PPP)
GDP Composition
38.4% 35.6%32.4% 33.8%
6.8%6.1%
6.2%6.4%
6.1%6.4%
7.5%
7.3%
11.2%11.7% 13.9% 13.0%
6.8%7.1% 7.6% 7.5%
2.9%2.9% 2.5% 2.1%
5.0%4.8% 4.3% 4.3%
4.4%4.6% 4.2% 4.7%
18.3% 20.8% 21.5% 21.0%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2006 2007 2008 2009
Agriculture Manufacturing Construction
Wholsesale & Retail Trade Transport & Communication Finance, Insurance
P ubl ic A dministration Education Other
Inflation
12.1%
6.6%
22.3%
5.7%
8.8%
9.1%
15.4%
10.4%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
2006 2007 2008 2009E
US$
In fla t ion (e-o-p) Infla t ion (period average)
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Rwandan Banking Sector
April 2011 26Bank of Kigali Q4 2010 Results Overview
2004 2005 2006 2007 2008 2009 2010
Timeline Of Foreign Investment
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Rwandan Banking Sector Highlights
8 licensed commercial banks
April 2011 Bank of Kigali Q4 2010 Results Overview 27
Rank Total Assets Loans Deposits Equity
1 Bank of Kigali 27.2% Bank of Kigali 31.1% Bank of Kigali 25.0% Bank of Kigali 31.9%
2 BPR 19.0% BPR 24.2% BPR 19.3% BPR 19.8%
3 Ecobank 12.7% FINA 10.8% FINA 13.6% BCR 11.4%
4 BCR 11.7% BCR 8.7% BCR 11.9% FINA 9.7 %
5 FINA 7.9% COGEBANK 7.8% KCB 8.2 % ECOBANK 8.6%
6 COGEBANK 7.4% ECOBANK 7.8% ACCESS 7.6 % COGEBANQUE 6.9%
7 KCB 7.4% ACCESS 5.4% ECOBANK 7.3 % KCB 5.9%
8 ACCESS 6.6% KCB 4.2% COGEBANK 7.1 % ACCESS 5.8%
Source: National Bank of Rwanda
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Rwandan Banking Sector Highlights Contd
April 2011 Bank of Kigali Q4 2010 Results Overview 28
Source: National Bank of Rwanda
Market Share By Total Assets, YE 2010
26.6%
19.0%
15.3%
10.7%
9.3%
8.0% 8.3%
2.8%
27.2%
19.0%
11.7%12.7%
6.6%7.4%
8.0%7.4%
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
YE 2010
+30% +26% -3% +49% 10% +17% +20% +235%Growth, 2010
Market Share By Loans, YE 2010
26.8%
23.8%
11.7%10.1%
9.0%8.5% 8.8%
1.3%
31.1%
8.7%
24.4%
7.7%
5.3%
7.8%
10.7%
4.1%
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
YE 2010
+32% +15% -15% -13% -32% +5% +39% +255%Growth, 20 10
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24.3%
19.4%
11.7%12.2%
6.7%
10.3%
8.5%
6.9%
31.9%
19.8%
11.4%
8.6%
5.8%6.9%
9.7%
5.9%
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
YE 2010
+74% +36% +29% -6% +14% -11% +51% +13% Growth, 20 10
25.7%
20.3%
15.3%
10.6% 10.3%
7.5%8.4%
1.8%
25.0%
19.3%
11.9%
7.3%7.6%
7.1%
13.6%
8.2%
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
YE 2010
+24% +21% -1% -13% -7% +21% +106% +481% Growth, 201 0
Rwandan Banking Sector Highlights Contd
April 2011 Bank of Kigali Q4 2010 Results Overview 29
Source: National Bank of Rwanda
Market Share By Client Balances & Deposits, YE 2010
Market Share By Shareholders Equity, YE 2010
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Contact Details
April 2011 Bank of Kigali Q4 2010 Results Overview 30
James GateraManaging Director
+250 (252) 593 121
Lawson Naibo
Chief Operating Officer+250 (78) 830 2076
Frances IhogozaHead of Corporate Affairs/Company Secretary
+250 252 593 [email protected]
Lado GurgenidzeChairman of the Board
+995 99 477 272
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Bank Of Kigali Announces Q4 2010 & Full-Year 2010 Audited Results
April 2011 Bank of Kigali Q4 2010 Results Overview 31
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Bank Of Kigali Announces Q4 2010 & Full-Year 2010 Audited Results Contd
April 2011 Bank of Kigali Q4 2010 Results Overview 32
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Bank Of Kigali Announces Q4 2010 & Full-Year 2010 Audited Results Contd
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Bank Of Kigali Announces Q4 2010 & Full-Year 2010 Audited Results Contd
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Bank Of Kigali Announces Q4 2010 & Full-Year 2010 Audited Results Contd
April 2011 Bank of Kigali Q4 2010 Results Overview 35
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Bank Of Kigali Announces Q4 2010 & Full-Year 2010 Audited Results Contd
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Bank Of Kigali Announces Q4 2010 & Full-Year 2010 Audited Results Contd
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Bank Of Kigali Announces Q4 2010 & Full-Year 2010 Audited Results Contd
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Bank Of Kigali Announces Q4 2010 & Full-Year 2010 Audited Results Contd
April 2011 Bank of Kigali Q4 2010 Results Overview 39
B k Of Ki li A Q3 2010 & 9M 2010 A di d R l
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Bank Of Kigali Announces Q3 2010 & 9M 2010 Audited Results
April 2011 Bank of Kigali Q4 2010 Results Overview 40
B k Of Ki li A Q3 2010 & 9M 2010 A di d R l C d
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Bank Of Kigali Announces Q3 2010 & 9M 2010 Audited Results Contd
April 2011 Bank of Kigali Q4 2010 Results Overview 41
B k Of Ki li A Q3 2010 & 9M 2010 A di d R l C d
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Bank Of Kigali Announces Q3 2010 & 9M 2010 Audited Results Contd
April 2011 Bank of Kigali Q4 2010 Results Overview 42
B k Of Ki li A Q3 2010 & 9M 2010 A dit d R lt C td
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Bank Of Kigali Announces Q3 2010 & 9M 2010 Audited Results Contd
April 2011 Bank of Kigali Q4 2010 Results Overview 43
B k Of Ki li A Q3 2010 & 9M 2010 A dit d R lt C td
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Bank Of Kigali Announces Q3 2010 & 9M 2010 Audited Results Contd
April 2011 Bank of Kigali Q4 2010 Results Overview 44
B k Of Ki li A Q3 2010 & 9M 2010 A dit d R lt C td
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Bank Of Kigali Announces Q3 2010 & 9M 2010 Audited Results Contd
April 2011 Bank of Kigali Q4 2010 Results Overview 45
Bank Of Kigali Announces Q3 2010 & 9M 2010 Audited Results Contd
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Bank Of Kigali Announces Q3 2010 & 9M 2010 Audited Results Contd
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Bank Of Kigali Announces Q3 2010 & 9M 2010 Audited Results Contd
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Bank Of Kigali Announces Q3 2010 & 9M 2010 Audited Results Contd
April 2011 Bank of Kigali Q4 2010 Results Overview 47
Bank Of Kigali Announces Q3 2010 & 9M 2010 Audited Results Contd
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Bank Of Kigali Announces Q3 2010 & 9M 2010 Audited Results Contd
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Bank Of Kigali Receives The Bank of The Year 2010 Award By The Banker
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And The Best Bank Award By emeafinance magazine
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Bank Of Kigali Announces That It Has Been Rated A+ By Global Credit Rating Co
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Bank Of Kigali Announces That It Has Been Rated A+ By Global Credit Rating Co.
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Bank of Kigali Announces Q2 2010 Results
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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 Cont d
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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 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 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 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 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 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 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 Announces Q1 2010 Results
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Bank of Kigali Announces Q1 2010 Results
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Bank of Kigali Announces Q1 2010 Results Contd
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Bank of Kigali Announces Q1 2010 Results Cont d
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Bank of Kigali Announces Q1 2010 Results Contd
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Bank of Kigali Announces Q1 2010 Results Cont d
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Bank of Kigali Announces Q1 2010 Results Contd
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Bank of Kigali Announces Q1 2010 Results Cont d
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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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