Equity Analysis /
Rwanda

Bank of Kigali: BANK OF KIGALI: Tax charge dampens stellar Q1 earnings; Hold

    Faith Mwangi
    Faith Mwangi

    Equity Research Analyst, Financials (East Africa)

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    Tellimer Research
    4 June 2018
    Published byTellimer Research
    Our Target Price is unchanged at KES315.00, with an ETR of 14.5%. Bank of Kigali is unrivalled in the market with c35% market share of total assets, net loans and deposits. Its large size gives it good access to the public sector and major corporates (c74% of its loan book).