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Bank of Kigali Limited

Financially Transforming Lives


Kigali, 29 March 2012
604.4 RwF/US$ Period End Exchange Rate as at 31 December 2011 599.5RwF/US$ Period End Exchange Rate as at 30 September 2011 594.4 RwF/US$ Period End Exchange Rate as at 31 December 2010

Bank of Kigali Announces Full-Year 2011& Q4 2011 Audited IFRS Results


2011 US$ (mln) 48.7 23.6 25.1 7.5 14.4 Q4 2011 US$ (mln) 13.6 5.8 7.8 4.7 Change Y-o-Y* 39.3% 41.3% 37.4% 91.2% 40.6% Change Q-o-Q 5.9% (16.9%) 32.5% 47.4%

Total Operating Income (Revenue) Total Operating Costs Profit Before Provisions Net Provision Expense Net Income (Loss)

RwF (bn) 29.5 14.3 15.2 4.5 8.7

Total Operating Income (Revenue) Total Operating Costs Profit Before Provisions Net Income (Loss)

RwF (bn) 8.2 3.5 4.7 2.9

Y-o-Y* 33.0% 11.7% 54.6% 36.8%

Total Assets Net Loans Client Deposits Total Liabilities Shareholders' Equity

As at 31 December 2011 US$ (mln) RwF (bn) 476.3 287.9 203.7 123.1 299.5 181.0 374.4 226.3 101.9 61.6 As at 31 December 2011 42.8% 68.0% 2011 3.6% 18.6% 15.6

Change Y-o-Y* 45.6% 21.4% 33.4% 36.5% 93.2% As at 31 December 2010 51.3% 74.7% 2010 3.5% 24.5% 12.3

Net Loans/Total Assets Net Loans/Client Deposits

ROAA ROAE Basic & Diluted EPS in Rwf

*Y-o-Y and Q-o-Q growth calculations are based on Rwanda Francs values. US$ values have been derived from period-end RwF/US$ exchange rates.Q42011 numbers in this press release are reviewed interim numbers in accordance with instruction Number 12/2000 of 14 September 2000 issued by the National Bank of Rwanda.

About Bank of Kigali Limited


Established in 1966, Bank of Kigali is the largest bank in Rwanda by total assets, with a 32% market share as of 31 December 2011. The Bank has 46 branches in Rwanda and provides retail and commercial banking services to over 100,000 individuals and over 13,000 legal entities. In 2011, the Bank became the second domestic company to be listed on the Rwanda Stock Exchange. The Bank has been recognized, for three years running since 2009, as the Best Bank in Rwanda by emeafinance and Bank of the Year by The Banker. In 2011 it was also recognized as the Company of the Year by the Kenya Institute of Management Rwanda. For further information, please visit www.bk.rw or contact:
Lado Gurgenidze Chairman of the Board
Tel: +995 599 477 272 Fax: +995 532 25 22 61 Email: lgurgenidze@bk.rw

James Gatera Chief Executive Officer


Tel: +250 252 593 100 / +250 252 593 200 Fax: +250 252 575 504 / +250 252 573 461 Email: jgatera@bk.rw SWIFT: BKIGRWRW Company Code/ TIN n 100003458 P.O Box 175. Plot 6112, Avenue de la Paix, Kigali-Rwanda.

Lawson Naibo Chief Operating Officer


Tel: +250 252 593 100 /+250 252 593 200 Fax: +250 252 575 504 / +250 252 573 461 Email: lnaibo@bk.rw SWIFT: BKIGRWRW Company Code/ TIN n 100003458 P.O Box 175. Plot 6112, Avenue de la Paix, Kigali-Rwanda.

Linda Rusagara Investor Relations Officer


Tel: +250 252 593 100 / +250 252 593 200 Fax: +250 252 575 504 / +250 252 573 461 Email: lrusagara@bk.rw SWIFT: BKIGRWRW Company Code/ TIN n 100003458 P.O Box 175. Plot 6112, Avenue de la Paix, Kigali-Rwanda.

Bank of Kigali Limited


Financially Transforming Lives
Kigali, 29 March 2012

Bank of Kigali (the Bank), the leading bank in Rwanda, announced today its audited IFRS results, reporting Net Income of RwF8.7 billion (US$14.4million) in 2011, an increase of40.6% y-o-y. Full Year 2011 Financial Highlights Total Assets grew by 45.6% y-o-y to RwF287.9billion (US$476.3 million)as at 31 December 2011 Net Loans were up21.4% y-o-y to RwF123.1 billion (US$203.7 million)as at 31 December 2011 ClientDepositsincreasedby33.4% y-o-y to RwF181.0billion (US$299.5 million)as at 31 December 2011 Bank of Kigali Growth vs. Rwandan Banking Sector Growth in 2011 and 2009-2011
100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Total Assets Growth Net Loan Book Client Deposits Shareholders' Growth Growth Equity 0% Total Assets Growth Net Loan Book Growth Client Deposits Growth Shareholders' Equity 23.0% 45.6% 29.9% 21.4% 33.4% 23.8% 50% 100% 89.5% 53.7% 59.7% 65.6% 45.4% 69.5% 52.4% 150% 118.0% 200% 93.2% 250% 232.2%

Bank of Kigali Growth in 2011 The Rwandan Banking Sector Growth in 2011

Bank of Kigali Growth 2009-2011 The Rwandan Banking Sector Growth 2009-2011

Bank of Kigali Market Share Dynamics


%

45%
40% 35% 30% 25% 20% 32.4% 31.5% 26.8% 32.2% 29.4% 25.8% 25.9% 28.0% 26.7% 27.4%

40.8%

26.4%

15%
10% 5% 0% Total Assets Net Loans 2009 2010 Customer Deposits 2011 Shareholders' Equity

Bank of Kigali Limited


Financially Transforming Lives
Kigali, 29 March 2012

Full Year Financial Highlights Net Interest Income equalled RwF16.6 billion for the year, up 36.2% y-o-y. Net Fee & Commission Income amounted to RwF 4.3 billion for the year, up 43.2% y-o-y as the Bank embarked on its strategy to diversify operating income by growing its non-interest income. FX Trading Income grew 45.7% y-o-y and amounted to RwF 7.6 billion. Total Operating Income reached RwF 29.5 billion for the year, up 39.3% y-o-y. The Bank reported Total Operating Costs of RwF14.3 billion in 2011, an increase of 41.3% y-o-y as a result of our continuous expansion. This brought the Cost/Income ratio to 48.4% in 2011 from 47.5% in 2010.Net Income grew to RwF 8.7 billion, up 40.6% y-o-y, resulting in earnings per share of RwF15.6 (US$0.03). The Board of Directors has recommended a Dividend per Share of RwF 6.5 (US$ 0.01) in the context of the dividend policy, subject to approval of the Annual General Meeting of Shareholders on the 27th of April, 2012.
We have had a very successful year at Bank of Kigali where we continued to grow our balance sheet and accounted

for over 50% of the banking sectors profitability. In 2012, Management intends to begin deploying liquidity from the capital raised in the IPO and long-term credit lines to increase our loan book, especially in the retail and SME sectors. In addition we will continue to increase our branch footprint and invest in electronic channels, commented James Gatera, Chief Executive Officer. I wish to congratulate the management and staff on the Banks strong performance in 2011. This year we will focus on translating our competitive advantage in terms of superior access to capital into securing and enhancing our dominant position in the Rwandan market and growing the scope and scale of our retail banking franchise, commented Lado Gurgenidze, Chairman of the Board.

Q4 Financial Highlights Net Interest Income equalled RwF 5.0 billion in Q4 2011, up 31.2% q-o-q and up 32.8% y-o-y. Net Fee & Commission Income amounted to RwF 1.1 billion in Q4 2011, down 4.1% q-o-q and up 41.3% y-o-y. Total Operating Income reached RwF 8.2 billion in Q4 2011, up 5.9% q-o-q and 33.0% y-o-y. Total Operating Costs decreased by 16.9% q-o-q but grew by 11.7% y-o-y to RwF 3.5 billion in Q4 2011. Cost/Income ratio reached 42.3% in Q4 2011, down from 44.5% in Q3 2011 and from 50.4% in Q4 2010.ROAA reached 4.7%, whereas ROAE reached 24.5% in Q4 2011. Total Assets grew by 5.1% q-o-q and 45.6% y-o-y, reaching RwF287.9 billion (US$476.3 million) as at 31 December 2011. Net Loans decreased by 1.7% q-o-q and grew 21.4% y-o-y, reaching RwF123.1 billion (US$203.7 million)as at 31 December 2011. The growth in Net Loans was driven primarily by retail lending, which increased by 98.5% y-o-y. Client Deposits amounted to RwF 181.0 billion (US$299.5 million), up 5.1% q-o-q and up 33.4% y-o-y. Net Loans/Total Assets ratio stood at 42.8% as at 31 December 2011 vs. 51.3% as at 31 December 2010, as the Bank was yet to deploy the IPO proceeds raised in Q3 2011. Net Loans/Client Deposits ratio reached 68.0% as at 31 December 2011, compared to 74.7% as at 31 December 2010.

Bank of Kigali Limited


Financially Transforming Lives
Kigali, 29 March 2012

2011 Performance Highlights


Total Operating Income
Rwf bn
35 30 25 20 15 10 5 0

Total Assets
Rwf bn
350

39.3% 21.1

29.5

45.6%

287.9

300 250 200 150 100 50 0

197.7

2010

2011

2010 Net Loans


Rwf bn
140 120 100 80 60 40 20 0

2011

Total Operating Costs


Rwf bn
16 14 12 10 8 6 4 2 0

41.3% 10.1

14.3

21.4% 101.4

123.1

2010

2011

2010

2011

Net Income
Rwf bn
10 9 8 7 6 5 4 3 2 1 0

Client Deposits
Rwf bn 8.7
200 180 160

40.6%

33.4%

181.0

6.2

140 120 100 80 60 40 20 0

135.7

2010

2011

2010

2011

Bank of Kigali Limited


Financially Transforming Lives
Kigali, 29 March 2012

Income Statement For the Year Ending 31 December 2011

2011 RwF Bn US$ Mln RwF/Euro Exchange Rate, e-o-p RwF/US$ Exchange Rate, e-o-p Interest Income Interest Expense Net Interest Income Net Fee & Commission Income Net Income From Documentary Operations FX Trading Income Other Non-interest Income Net Non-Interest Income Total Operating Income Directors' Remuneration Staff Costs Bonuses (Paid & Accrued) Depreciation Other Operating Expenses Total Operating Costs Profit Before Provisions Loan Loss Provisions Gains on recovery Net Provisions Profit Before Tax Accrued Or Paid Income Tax Net Income 779.2 604.4 22.7 6.1 16.6 4.3 0.2 7.6 0.7 12.9 29.5 0.3 5.2 1.9 4.4 2.4 14.3 15.2 8.3 3.8 4.5 10.7 2.0 8.7 37.5 10.1 27.5 7.2 0.4 12.6 1.1 21.3 48.7 0.5 8.6 3.1 7.3 4.0 23.6 25.1 13.8 6.2 7.5 17.6 3.3 14.4

2010

Y-o-Y

RwF Bn US$ Mln Change 777.1 594.4 16.4 4.2 12.2 3.0 0.2 5.2 0.5 9.0 21.1 0.2 4.6 0.5 3.3 1.5 10.1 11.1 6.1 3.7 2.4 8.7 2.5 6.2 27.5 7.0 20.5 5.1 0.3 8.8 0.8 15.1 35.6 0.4 7.7 0.8 5.5 2.6 17.0 18.6 10.2 6.2 4.0 14.6 4.2 10.4 38.5% 45.3% 36.2% 43.2% 14.7% 45.7% 34.3% 43.5% 39.3% 33.8% 13.3% 312.3% 35.4% 58.2% 41.3% 37.4% 37.0% 2.1% 91.2% 22.7% (21.5%) 40.6%

Notes: (1) Growth calculations are based on RwF values (2) US$ values have been derived from period-end RwF/US$ exchange rates set out on page 1 of this press release

Bank of Kigali Limited


Financially Transforming Lives
Kigali, 29 March 2012

Income Statement For the Quarter Ending 31 December 2011


Q4 2011 RwF Bn US$ Mln 779.2 604.4 7.0 2.0 5.0 1.1 0.1 1.7 0.2 3.2 8.2 0.1 0.4 1.4 0.9 0.6 3.5 4.7 3.6 0.9 2.7 2.0 (0.8) 2.9 11.6 3.3 8.3 1.8 0.2 2.9 0.3 5.3 13.6 0.2 0.7 2.3 1.5 1.0 5.8 7.8 6.0 1.5 4.4 3.4 (1.3) 4.7 Q3 2011 RwF Bn US$ Mln 815.0 599.5 5.4 1.6 3.8 1.2 0.1 2.5 0.2 3.9 7.8 0.1 0.5 1.4 0.6 1.7 4.2 3.6 1.9 1.2 0.7 2.9 0.9 1.9 9.0 2.6 6.4 1.9 0.1 4.1 0.4 6.5 12.9 0.1 0.8 2.3 1.0 2.8 7.0 6.0 3.1 1.9 1.2 4.8 1.5 3.2 Q4 2010 RwF Bn US$ Mln 777.1 594.4 4.9 1.2 3.8 0.8 0.0 1.6 0.0 2.4 6.2 0.0 0.1 0.9 0.5 1.6 3.1 3.1 1.5 1.2 0.3 2.8 0.7 2.1 8.3 2.0 6.4 1.3 0.1 2.6 0.0 4.0 10.4 0.1 0.2 1.5 0.8 2.6 5.2 5.2 2.5 2.0 0.5 4.7 1.1 3.5 Q-o-Q Change Y-o-Y Change

RwF/Euro Exchange Rate, e-o-p RwF/US$ Exchange Rate, e-o-p Interest Income Interest Expense Net Interest Income Net Fee & Commission Income Net Income From Documentary Operations FX Trading Income Other Non-interest Income Net Non-Interest Income Total Operating Income Directors' Remuneration Bonuses (Paid & Accrued) Staff Costs Depreciation Other Operating Expenses Total Operating Costs Profit Before Provisions Loan Loss Provisions Gains on recovery Net Provisions Profit Before Tax Accrued Or Paid Income Tax Net Income

30.0% 27.2% 31.2% (4.1%) 123.6% (29.3%) (18.5%) (18.9%) 5.9% 68.4% (12.6%) 3.0% 57.1% (62.8%) (16.9%) 32.5% 92.2% (21.1%) 277.3% (28.4%) 188.2% 47.4%

41.8% 71.3% 32.8% 41.3% 290.7% 12.0% 1314.8% 33.2% 33.0% 108.2% 271.0% 54.3% 92.7% (59.8%) 11.7% 54.6% 145.3% (21.5%) 798.4% (25.9%) (220.5%) 36.8%

Notes: (1) Growth calculations are based on RwF values (2) US$ values have been derived from period-end RwF/US$ exchange rates set out on page 1 of this press release

Bank of Kigali Limited


Financially Transforming Lives
Kigali, 29 March 2012

Statement of Financial Position As at31 December 2011


Q4 2011 RwF Bn 8.1 8.8 52.0 52.8 8.2 130.7 7.5 123.1 0.2 19.6 0.1 14.9 287.9 19.1 181.0 5.0 18.7 2.5 226.3 6.7 37.9 7.8 9.2 61.6 287.9 US$ Mln 13.4 14.6 86.0 87.4 13.6 216.2 12.5 203.7 0.4 32.4 0.2 24.7 476.3 31.6 299.5 8.3 31.0 4.1 374.4 11.0 62.8 12.8 15.2 101.9 476.3 Q3 2011 RwF Bn US$ Mln 12.1 20.1 4.3 7.1 41.9 69.9 43.1 71.9 15.0 25.1 131.2 218.8 (5.9) (9.8) 125.3 209.0 0.3 0.4 19.5 32.5 0.2 0.3 12.2 20.4 273.8 456.7 25.0 172.3 1.7 0.7 16.5 216.2 6.7 38.2 6.9 5.8 57.6 273.8 41.7 287.4 2.9 1.2 27.6 360.7 11.1 63.7 11.5 9.7 96.0 456.7 Q4 2010 RwF Bn US$ Mln 6.9 11.6 6.3 10.7 36.5 61.4 18.2 30.6 5.2 8.8 105.5 177.5 (4.1) (6.9) 101.4 170.6 0.3 0.5 18.3 30.8 0.2 0.3 4.4 7.4 197.7 332.5 18.9 135.7 11.2 165.8 5.0 13.5 7.2 6.2 31.9 197.7 31.8 228.2 18.9 278.9 8.4 22.8 12.0 10.4 53.6 332.5 Y-o-Y Change 18.0% 39.3% 42.5% 190.1% 56.8% 23.8% (282.6%) 21.4% (18.6%) 6.8% (19.0%) 239.8% 45.6% 0.9% 33.4% NMF NMF (77.8%) 36.5% 33.3% 180.4% 8.6% 48.9% 93.2% 45.6%

Cash Balances With BNR Cash Balances With Banks Treasuries Other Fixed Income Instruments Gross Loans Loan Loss Reserve Net Loans To Clients Net Investments Net Property, Plant & Equipment Intangible Assets Net Other Assets Total Assets Interbank Deposits Client Deposits Borrowed Funds Payable Interest & Dividends Other Liabilities Total Liabilities Ordinary Shares Reserves Revaluation Reserve Retained Earnings Shareholder's Equity Total liabilities & Shareholders' Equity

Notes: (1) Growth calculations are based on RwF values (2) US$ values have been derived from period-end RwF/US$ exchange rates set out on page 1 of this press release

Bank of Kigali Limited


Financially Transforming Lives
Kigali, 29 March 2012

Key Ratios
2011 Profitability Return on Average Assets, Annualised, % Return on Average Equity, Annualised, % Net Interest Margin , Annualised, % Loan Yield, Annualised,% Interest Expense/Interest Income, % Cost of Funds, Annualised,% 3.6% 18.6% 8.4% 16.9% 26.8% 3.1% 2010 3.5% 24.5% 8.3% 15.8% 25.6% 2.8% Q4 2011 4.7% 24.5% 10.1% 20.6% 28.3% 4.1% Q3 2011 3.3% 17.4% 7.9% 15.5% 28.9% 3.3% Q4 2010 4.8% 33.2% 10.3% 19.0% 23.5% 3.1%

Efficiency Cost/Income Ratio Costs/Average Assets, Annualised, % Personnel Costs/Total Recurring Operating Costs Personnel Costs/Average Total Assets, Annualised Personnel Costs/Total Operating Income Net Income/Total Operating Income

48.4% 5.9% 51.8% 3.0% 25.1% 29.5%

47.5% 5.8% 52.3% 3.0% 25.0% 29.2%

42.3% 5.7% 55.6% 3.2% 23.5% 34.8%

44.5% 7.1% 45.7% 3.2% 24.6% 25.0%

50.4% 7.1% 34.5% 2.5% 17.4% 33.9%

Liquidity Net Loans/Total Assets,% Liquid Assets / Total Deposits Interbank Borrowings / Total Deposits Short-term Liquidity Gap Gross Loans / Total Deposits

42.8% 60.8% 9.5% 43.0% 65.3%

51.3% 43.9% 12.2% 11.9% 68.3%

42.8% 60.8% 9.5% 43.0% 65.3%

45.8% 51.4% 12.7% 36.6% 66.5%

51.3% 43.9% 12.2% 11.9% 68.3%

Asset Quality NPLs / Gross Loans, % NPL Coverage Ratio Large Exposures / Gross Loans Cost of Risk, Annualised Leverage (Total Liabilities/Equity), Times

8.3% 85.1% 8.8% 3.8% 3.7

8.5% 45.8% 14.3% 2.7% 5.2

8.3% 85.1% 8.8% 9.1% 3.7

9.0% 47.8% 12.2% 2.4% 3.8

8.5% 45.8% 14.3% 1.3% 5.2

Capital Adequacy Core Capital / Risk Weighted Assets Total Qualifying Capital / Risk Weighted Assets Off Balance Sheet Items / Total Qualifying Capital Large Exposures / Core Capital NPLs less Provisions / Core Capital

28.1% 29.1% 363.3% 21.3% 3.0%

18.7% 20.1% 351.2% 61.1% 19.7%

28.1% 29.1% 363.3% 21.3% 3.0%

27.0% 28.0% 345.3% 33.6% 12.8%

18.7% 20.1% 351.2% 61.1% 19.7%

Market Sensitivity Forex Exposure / Core Capital Forex Loans / Forex Deposits Forex Assets / Forex Liabilities Forex Loans / Gross Loans Forex Deposits/Total Deposits

11.7% 0.8% 105.3% 0.3% 23.8%

11.5% 1.0% 106.7% 0.4% 27.4%

11.7% 0.8% 105.3% 0.3% 23.8%

6.3% 0.9% 108.4% 0.3% 22.8%

11.5% 1.0% 106.7% 0.4% 27.4%

Selected Operating Data Full Time Employees 602 Assets per FTE (RwF Bn) 0.5 Number of Active Branches 44 Number of ATMS 26 Number of POS Terminals 202 Number of Retail Current Accounts 73,716 Note: Ratios for Q4 2010, Q3 2011& Q4 2011are annualised

454 0.4 33 26 97 39,742

602 0.5 44 26 202 73,716

552 0.5 41 26 173 63,132

454 0.4 33 26 97 39,742

Bank of Kigali Limited


Financially Transforming Lives
Kigali, 29 March 2012

Definitions
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

Return On Average Total Assets (ROAA) equals Net Income of the period divided by average Total Assets for the same period; Return On Average Total Equity (ROAE) equals Net Income of the period divided by average Total Shareholders Equity for the same period; Average Interest Earning Assets are calculated on a quarterly basis; Interest Earning Assets include: Cash & Balances With Banks, Treasuries and Net Loans To Clients; Net Interest Margin equals Net Interest Income of the period divided by Average Interest Earning Assets for the same period; Loan Yield equals Interest Income of the period divided by average Gross Loans for the same period; Cost Of Funds equals Interest Expense of the period divided by average Total Liabilities for the same period; Total Operating Income includes Net Interest Income and Non-Interest Income; Costs include Total Recurring Operating Costs and Bonuses (Paid and Accrued); Cost/Income equals Total Recurring Operating Costs plus Bonuses (Paid and Accrued) for the period divided by Total Operating Income; Earnings per share EPS equals net income for the year divided by the weighted average number of shares outstanding during the year; Personnel Costs/Total Recurring Operating Costs equals the sum of Directors Remuneration, Staff Costs and Bonuses (Paid and Accrued) for the period divided by Total Recurring Operating Costs ; Personnel Costs/Average Total Assets equals the sum of Directors Remuneration, Staff Costs and Bonuses (Paid and Accrued) for the period divided by average Total Assets ; Client Deposits include Corporate and Retail deposits; Total Deposits include Interbank Deposits and Client Deposits; Shareholders Equity equals to Total Shareholders Equity; Short Term Liquidity Gap equals net liquid assets with maturities equal to or less than 2 years divided by total assets; NPLs are loans overdue by more than 90 days NPL Coverage ratio equals Loan Loss Reserve as of the period end divided by NPLs as of the same period; Large exposures include loans that in aggregate comprise 10% of Core Capital; Cost Of Risk equals Net Provision For Loan Losses of the period, plus provisions for (less recovery of) other assets, divided by average Gross Loans To Clients for the same period; Total Capital Adequacy equals Total Qualifying Capital as of the period end divided by Total Risk Weighted Assets as of the same date, both calculated in accordance with the requirements of the National Bank of Rwanda. Y-o-Y refers to year on year change on the RwF values Q-o-Q refers to quarter on quarter change on the RwF values YE refer to Year End figures as at 31 December.