BKG — BK Group Plc

Graham's number is √(22.5 × EPS × BVPS): a P/E ceiling of 15 times a P/B ceiling of 1.5, applied to one year's earnings and book value. The Graham number primer works through it. It is a computation, not a recommendation.

Tests: Graham's criteria, with GrowingGrass bank tests in place of financial strength. BK Group is a Rwandan bank, primary-listed on the Rwanda Stock Exchange and cross-listed on the NSE, so GrowingGrass applies its bank tests in place of Graham's financial-strength test. BK reports in Rwandan francs. Every figure here has been converted to shillings at the CBK mean rate on the day the results were released, 11.26 RWF per KES on 31 Mar 2026 and 11.36 on 31 Aug 2026, and each note carries the franc original. Because the two years use different rates, the trailing-twelve-month earnings mix conversions about 1% apart. Per-share figures rest on 934.6m shares, the count implied by BK's own printed FY2025 earnings per share of RWF 117.8 against net income of RWF 110.1bn.

Fiscal year

six months to 30 Jun 2026

Interim: six months to 30 Jun 2026, unaudited. Earnings use the trailing twelve months to Jun 2026, built from reported half-year and full-year figures. Every test below is flagged interim and will be replaced when the full year is published.

√(22.5 × 10.88 × 51.18) = 111.93

The Graham number for the twelve months to Jun 2026, from trailing-twelve-month EPS and BVPS at the period end. Tap a figure below for its source and date.

Discount to Graham number: +39.9% at the results-day price of 67.25. Positive means the price was below the Graham number; negative means above.

The figures

Per share (KES)

Earnings (EPS) (6 months): 5.31
six-month figure: net income RWF 56.4bn ÷ 934.6m shares = RWF 60.35, converted at 11.36 RWF per KES. BK's key-ratio table prints RWF 120.6, which is the annualised figure — the release states that quarterly ratios are annualised where applicable · basic · Reviewed consolidated financial results for the six months ended 30 Jun 2026, pp.2 and 5 · 31 Aug 2026
Book value (BVPS): 51.18
computed: shareholders' equity RWF 543.4bn ÷ 934.6m shares = RWF 581.4, converted at 11.36 RWF per KES. BK's key-ratio table prints RWF 558.5, which implies about 972.9m shares and does not reconcile with its own equity and earnings figures; left for manual review · attributable · computed from Reviewed consolidated financial results for the six months ended 30 Jun 2026, pp.2 and 5 · 31 Aug 2026
Dividend (DPS): Not compiled
Price on results day: 67.25
NSE daily price list VWAP, the exchange's official end-of-day price, on the release date printed on the results · NSE daily price list 2026-08-31, p.1 · 31 Aug 2026

Size and capital

Total operating income (6 months): 13,380.3
total operating income RWF 152.0bn, converted at 11.36 RWF per KES; BK's own translation at its period-end rate prints KES 13.4bn · Reviewed consolidated financial results for the six months ended 30 Jun 2026, p.2 · 31 Aug 2026
Total capital ratio: 22.3%
total qualifying capital ÷ risk weighted assets at 30 Jun 2026 · Reviewed consolidated financial results for the six months ended 30 Jun 2026, p.6 · 31 Aug 2026
Core capital ratio: 21.1%
core capital ÷ risk weighted assets at 30 Jun 2026 · Reviewed consolidated financial results for the six months ended 30 Jun 2026, p.6 · 31 Aug 2026
Gross non-performing loans: Not compiled
Gross loans: 153,538.7
gross loans RWF 1,744.2bn, converted at 11.36 RWF per KES · Reviewed consolidated financial results for the six months ended 30 Jun 2026, p.5 · 31 Aug 2026
KES per US$: 129.45
CBK daily exchange rates (mean) · 31 Aug 2026

Computed

EPS, trailing twelve months: 10.88
attributable · computed: H1 FY2026 EPS 5.31 + FY2025 10.46 − H1 FY2025 4.89 · 31 Mar 2026
Total operating income, trailing twelve months: 26,769.1
computed: H1 FY2026 total operating income 13,380.3m + FY2025 24,964.5m − H1 FY2025 11,575.7m · 31 Mar 2026
EPS, three-year average: Not compiled
P/E on three-year EPS: Not compiled
P/B: 1.31
computed: price ÷ BVPS · 31 Aug 2026
Dividend yield: Not compiled
Non-performing loan ratio: Not compiled
Return on equity: Not compiled
Price ÷ Graham number: 0.60×
computed: price ÷ Graham number · 31 Mar 2026
Discount to Graham number: +39.9%
computed: (Graham number − price) ÷ Graham number · 31 Mar 2026

Graham's tests

1
Adequate size
GrowingGrass adaptation
Graham's size test uses annual sales, which banks do not report. GrowingGrass uses a bank's total operating income in its place, against Graham's US$100m floor.
Total operating income of at least US$100m
Interim
Met
Adequate sizeMet
Total operating income of at least US$100m · Interim: earnings on trailing twelve months
- Total operating income KES 26,769.1m ÷ 129.45 KES per US$ = US$206.8m
- US$206.8m against a floor of US$100mmeets
2
Capital adequacy
GrowingGrass adaptation
Graham gave no financial-strength test for banks (The Intelligent Investor, 1973, chapter 14). GrowingGrass tests the total capital ratio against the Central Bank of Kenya's minimum of 14.5% of risk-weighted assets.
Total capital ratio of at least 14.5%
Interim
Met
Capital adequacyMet
Total capital ratio of at least 14.5% · Interim: earnings on trailing twelve months
- Total capital ratio 22.3% against a minimum of 14.5%meets
3
Solvency
GrowingGrass adaptation
Graham gave no financial-strength test for banks (The Intelligent Investor, 1973, chapter 14). GrowingGrass tests the core capital ratio against the Central Bank of Kenya's minimum of 10.5% of risk-weighted assets.
Core capital ratio of at least 10.5%
Interim
Met
SolvencyMet
Core capital ratio of at least 10.5% · Interim: earnings on trailing twelve months
- Core capital ratio 21.1% against a minimum of 10.5%meets
Asset quality
GrowingGrass adaptation
Graham gave no financial-strength test for banks (The Intelligent Investor, 1973, chapter 14). GrowingGrass tests the share of loans not being repaid against a 10% ceiling set in its own methodology.
Non-performing loans no more than 10% of gross loans
Interim
No result: data not compiled
Asset qualityNo result: data not compiled
Non-performing loans no more than 10% of gross loans · Interim: earnings on trailing twelve months
Still needed: Gross non-performing loans for 12m to Jun 2026.
Earnings stability
Positive EPS in each of the past 10 years
Interim
No result: data not compiled
Earnings stabilityNo result: data not compiled
Positive EPS in each of the past 10 years · Interim: earnings on trailing twelve months
EPS positive in 1 of 10 years
12m to Jun 2017
not held
not held
12m to Jun 2018
not held
not held
12m to Jun 2019
not held
not held
12m to Jun 2020
not held
not held
12m to Jun 2021
not held
not held
12m to Jun 2022
not held
not held
12m to Jun 2023
not held
not held
12m to Jun 2024
not held
not held
12m to Jun 2025
not held
not held
12m to Jun 2026
10.88
positive
Still needed: EPS for 12m to Jun 2017, EPS for 12m to Jun 2018, EPS for 12m to Jun 2019, EPS for 12m to Jun 2020, EPS for 12m to Jun 2021, EPS for 12m to Jun 2022, EPS for 12m to Jun 2023, EPS for 12m to Jun 2024, EPS for 12m to Jun 2025.
Dividend record
A dividend paid in each of the past 20 years
Interim
No result: data not compiled
Dividend recordNo result: data not compiled
A dividend paid in each of the past 20 years · Interim: earnings on trailing twelve months
Dividend paid in 1 of 20 years (FY2007–FY2026)
Still needed: DPS for FY2007, DPS for FY2008, DPS for FY2009, DPS for FY2010, DPS for FY2011, DPS for FY2012, DPS for FY2013, DPS for FY2014, DPS for FY2015, DPS for FY2016, DPS for FY2017, DPS for FY2018, DPS for FY2019, DPS for FY2020, DPS for FY2021, DPS for FY2022, DPS for FY2023, DPS for FY2024, DPS for FY2026.
Earnings growth
EPS up at least one-third over 10 years, on three-year averages
Interim
No result: data not compiled
Earnings growthNo result: data not compiled
EPS up at least one-third over 10 years, on three-year averages · Interim: earnings on trailing twelve months
12m to Jun 2017
not held
not held
12m to Jun 2018
not held
not held
12m to Jun 2019
not held
not held
12m to Jun 2024
not held
not held
12m to Jun 2025
not held
not held
12m to Jun 2026
10.88
Still needed: EPS for 12m to Jun 2017, EPS for 12m to Jun 2018, EPS for 12m to Jun 2019, EPS for 12m to Jun 2024, EPS for 12m to Jun 2025.
Moderate P/E
Price no more than 15 × three-year average EPS
Interim
No result: data not compiled
Moderate P/ENo result: data not compiled
Price no more than 15 × three-year average EPS · Interim: earnings on trailing twelve months
Still needed: EPS for 12m to Jun 2024, EPS for 12m to Jun 2025.
9
Moderate P/B
Price no more than 1.5 × BVPS, or P/E × P/B no more than 22.5
Interim
Met
Moderate P/BMet
Price no more than 1.5 × BVPS, or P/E × P/B no more than 22.5 · Interim: earnings on trailing twelve months
- Price 67.25 ÷ BVPS 51.18 = 1.31
- 1.31 against a ceiling of 1.5meets

Sources and notes

Book value (BVPS): attributable · computed from Reviewed consolidated financial results for the six months ended 30 Jun 2026, pp.2 and 5 · 31 Aug 2026 (computed: shareholders' equity RWF 543.4bn ÷ 934.6m shares = RWF 581.4, converted at 11.36 RWF per KES. BK's key-ratio table prints RWF 558.5, which implies about 972.9m shares and does not reconcile with its own equity and earnings figures; left for manual review)
Price on results day: NSE daily price list 2026-08-31, p.1 · 31 Aug 2026 (NSE daily price list VWAP, the exchange's official end-of-day price, on the release date printed on the results)
Total capital ratio: Reviewed consolidated financial results for the six months ended 30 Jun 2026, p.6 · 31 Aug 2026 (total qualifying capital ÷ risk weighted assets at 30 Jun 2026)
Core capital ratio: Reviewed consolidated financial results for the six months ended 30 Jun 2026, p.6 · 31 Aug 2026 (core capital ÷ risk weighted assets at 30 Jun 2026)
Gross loans: Reviewed consolidated financial results for the six months ended 30 Jun 2026, p.5 · 31 Aug 2026 (gross loans RWF 1,744.2bn, converted at 11.36 RWF per KES)
KES per US$: CBK daily exchange rates (mean) · 31 Aug 2026
EPS, 6 months to 2026-06-30: basic · Reviewed consolidated financial results for the six months ended 30 Jun 2026, pp.2 and 5 · 31 Aug 2026 (six-month figure: net income RWF 56.4bn ÷ 934.6m shares = RWF 60.35, converted at 11.36 RWF per KES. BK's key-ratio table prints RWF 120.6, which is the annualised figure — the release states that quarterly ratios are annualised where applicable)
EPS, same 6 months a year earlier: basic · Reviewed consolidated financial results for the six months ended 30 Jun 2026, p.5 · 31 Aug 2026 (six months to 30 Jun 2025: net income RWF 51.9bn ÷ 934.6m shares = RWF 55.53, converted at 11.36 RWF per KES. BK prints no half-year EPS for the comparative)
Total operating income, 6 months to 2026-06-30: Reviewed consolidated financial results for the six months ended 30 Jun 2026, p.2 · 31 Aug 2026 (total operating income RWF 152.0bn, converted at 11.36 RWF per KES; BK's own translation at its period-end rate prints KES 13.4bn)
Total operating income, same 6 months a year earlier: Reviewed consolidated financial results for the six months ended 30 Jun 2026, p.2 · 31 Aug 2026 (total operating income for the six months to 30 Jun 2025, RWF 131.5bn, converted at 11.36 RWF per KES)