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BK Group PLC Investor Presentation Q2 2018 and 1H 2018

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BK Group PLC Investor Presentation Q2 2018 and 1H 2018 BK Group PLC Investor Presentation Q2 2018 and 1H 2018 Page 1 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, government 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 Bank’s 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 forward- looking statements whether as a result of new information, future events, or otherwise. Page 2 Key Executives Marc Holtzman Chairman of the Board F l o r a N s i n g a Chief Human Resources O f f i c e r D i a n e N g e n d o K a r u s i s i Chief Executive O f f i c e r D e s i r e R u m a n y i k a Chief Operating Officer Nathalie Mpaka Chief Finance Officer Vincent Gatete Chief Commercial Officer E d d y M a b a n o K a y i h u r a Chief Information Technology Officer Page 3 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 30 June 2018 8. Strategic Outlook 9. Contact Information Page 4 Key Investment Highlights 1. Best Bank in Rwanda 2013, Politically stable country with sound governance 2015 & 2016 Very attractive demographic profile: population of 12.0 Million Sound Macro Robust economic growth averaging 8% pa in the last 5 years, expecting a sustainable high GDP Fundamentals growth into 2020. 2. Best East African Bank 2012 Moderate inflation: Inflation rate of 2.9% as at 30th June 2018 & 2015,2016 The 2017 World Bank Doing Business Report ranked Rwanda as the 41st out of 190 countries in terms of ease of doing business and 2nd in Africa. Significant headroom for growth given under-banked and excluded population Significant 3. Bank of the Year 2009- Number of financially excluded population reduced from 28% in 2012 to only 11% in 2016 Banking Sector 2012,2014,2015,2016 Total assets/GDP of 34.9% as at 30 June 2018 Potential Well regulated banking sector: fairly conservative regulator relative to other regulators in the EAC Strong Market positioning with leading market share over 30% across key metrics 4. Best Bank in Rwanda 2009- Total assets FRw 731.8 billion ; 32.4% market share as at 1H 2018 2014,2016 Market Net Loans FRw 481.2 billion ; 37.7% market share as at 1H 2018 Leadership Customer Deposits FRw 472.3 billion ; 30.9% market share as at 1H 2018 Shareholders’ Equity FRw 129.9 billion ; 38.5% market share as at 1H 2018 5. Best African Listing 2011 6. AA-/A1+ Credit Rating Conservative Relatively high capital adequacy ratios since 2010 averaging >20% Business Manageable level of non-performing 5.8% of gross loans as at 1H 2018, down from 19.4% in 2007. Model The rating reflects the Bank’s established Liquid assets holding of 39.5% (minimum requirement 20%) domestic franchise value, strong capital position, its systemic importance, strong asset quality and financial performance. Management team with significant banking sector experience Experienced Complemented by an experienced and diversified Board of Directors Management 7. Best Financial Reporting Team Track record of producing stellar results Company Rwanda 2012 & Profitable 2015 Robust asset growth at a CAGR of 14.7% (2013 - 2018) - FRw 731.8 billion as at 30 June 2018 Growth ROAA ranging from 3.4 % - 4.0% between 2013 and 1H 2018 Page 5 COUNTRY OVERVIEW INFORMATION Page 6 Rwanda – Country Profile National Facts Business Environment Area 26,338 sq km Population 12.2 million Ranked Second after Mauritius as the best destination to do business in Official Languages Kinyarwanda, French, English Africa in the World Bank 2018 Doing Business Report. Capital Kigali Rwandan Franc (FRw) 859.76189 Rwanda has implemented over 22 business regulation reforms in the Currency FRw = 1 US$ as of 29 June 2018 areas measured by the World Bank Doing Business Index. Today, Credit Rating ‘B/B’ (S&P Ratings) entrepreneurs can register a new business online in 6 hours. Nominal GDP 2018 US$10 billion Rwanda maintains its position as East Africa’s most competitive economy Nominal GDP Per Capita 2018 US$ 800 and second in Africa by Global Competitiveness Index Report 2017/18 Nominal GDP 2019P US$ 11 billion Rwanda has championed the establishment of the Single Africa Nominal GDP Per Capita 2019P US$ 900 Air Transport. To this effect, the construction Macro Economic Indicators of Bugesera International Airport has been prioritized.​ Other key projects, are the construction of four ports on Lake Real GDP Growth rate - 2018 6.5% Kivu, expansion and support to RwandAir operations, promoting MICE Real GDP Growth rate - 2019P 7.0% tourism by attracting 142 international Events and conferences, and Inflation Rate - 2018 5% improving and sustaining a quality road network throughout the country. Private Sector Growth - 2018P 29.5% Private Sector Credit % GDP - 2018P 20.2% Net External Debt %GDP - 2018P 11.8% Currency Depreciation against USD Jun 2018 1.7% Foreign Reserves 2018 4-4.5 Months of Imports Source: MINECOFIN, BNR, NISR, WEF, IMF, Worldometers, S&P Report Page 7 Sound Macro Fundamentals GDP per Capita continues to grow Population Pyramid for Rwanda Mln US $ 14 900 724 12 719 800 644 720 800 700 10 739 540 600 65+ 0.96 1.47 8 500 6 400 300 4 55-64 1.82 2.27 200 2 10.4 10.5 10.9 11.2 11.8 12.4 12.0 100 0 0 2010 2012 2014 2015 2016 2017 1H 2018 25-54 15.50% 17.26 Population Nominal GDP per capita Healthy GDP growth with moderating inflation 0-24 30.56 30.16 US $ Bn Nominal GDP(US $ Bn) 10 7.0% 6.3% 8.8 8.8 8.0 8.1 8.0 6.0% 8 7.3 5.7% 4.9% Male Female 5.0% 5.6 5.0% 6 4.0% 60% of the population is under 24 years. 4 2.5% 3.0% 2.3% 1.8% 2.0% 93% of the population is under 54 years. 2 1.0% 2.4% of the population over 65 years. 0 0.0% 2010 2012 2014 2015 2016 2017 1H 2018 Source: Finscope Rwanda Report Source: Ministry of Finance and Economic Planning, World Bank Page 8 Macroeconomic Indicators GDP Breakdown By Economic Activity 2018 Trade Structure Taxes less Subsidies Rwanda’s exports are dominated by coffee, tea and minerals (tin, on products 7% coltan and wolfram). The country remains a net importer. Major imports include fuel and oils, intermediary goods especially construction materials, Agriculture, 31% consumer goods, and capital goods. Other services, 36% Other services include Real estate activities 8%, administration 10%, financial service 3% to mention but a few Industry, 15% “Made in Rwanda” has sought to improve the perceptions of Rwandan products within Rwanda, promote nascent industries, and boost the productivity of exporting sectors. Trade and Transport, 11% Source: BNR Monetary Policy Statement, NISR, International Growth Centre/MINEACOM Source: National Institute of Statistics of Rwanda Trade Deficit as a % of GDP Current Account Deficit as a % of GDP 16.0% 13.7% 14.7% 19% 14.0% 12.7% 20% 11.9% 15% 15% 16% 15% 16% 12.0% 10.1% 14% 15% 9.0% 15% 13% 10.0% 11% 10% 7.3% 7.2% 7.4% 8.0% 5.9% 4.9% 10% 6.0% 5% 4.0% 2.0% 0% 0.0% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 1H 2018 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 1H Source: S&P Report Source: S&P Report 2018 Page 9 Review of the Macro Economic Environment Macro Economic Review Inflationary Environment In the first quarter of 2018, GDP at current market prices was 7.7% 8.0% 7.4% estimated to be Frw 1,985 billion, up from Frw 1,816 billion in 7.3% Q1 2017. Estimates calculated in 2014 prices show that GDP 7.0% 6.4% 6.0% was 10.6 percent higher in real terms compared to the same 4.8% quarter of 2017. 5.0% 4.0% 3.8% Activities in the industry sector increased by 12 percent and 3.0% 3.0% 2.9% contributed 1.2 percentage points to GDP growth rate. 2.0% 0.7% 1.3% 0.9% Manufacturing activities increased by 7 percent boosted mainly 0.7% 1.7% by an increase of 9 percent in food processing activities, 24 1.0% percent in textile, clothing & leather and 19 percent in mineral 0.0% products.
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