Afreximbank bags $240.71 million revenue in Qtr.1

Prof. Benedict Oramah, President, Afreximbank

The African Export-Import Bank (Afreximbank) has released its abridged unaudited financial performance for the first quarter of 2019, showing a 59% growth in total revenues to $240.71 million compared to the $151.17 achieved during the same period in 2018.

The results, released in Cairo, show that the Bank achieved a 28% growth in attributable income during the period, amounting to $69 million as against $54 million in 2018.

The Bank’s operating income increased by 66% from $79 million in 2018 to $132 million during the quarter while loans and advances grew by 50%.

A major driver of the significant growth by the Bank was interest and similar income which went up by 56% from $150 million in 2018 to $235 million.

The Bank’s total assets grew by 33 % to $15 billion as against $11 billion in 2018) while the shareholders’ funds grew by 35% to close the period at $2.63 billion.

Other highlights include an increase in the loans and advances balances from $8 billion in 2018 to $12 billion as at 31 March 2019; an increase in the net asset value per share at from $46,187 in 2018 to $51,913 (equivalent to $4.62 per Depository Receipt in 2018 and $5.19 in 2019); and growth in total liabilities by 36 per cent to $12.4 billion (2018: $9.1 billion), largely attributable to a 31 per cent increase in borrowing balance to fund the growth in the loan book.

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Commenting on the results, Bank President Prof. Benedict Oramah said that the Bank expected to grow its attributable income by year-end in line with full-year targets while maintaining a sustainable balance between a strong capital base, business growth, and profitability to deliver sustainable returns to its shareholders.

Afreximbank, which implements its programmes and facilities through five-year strategic plans, began implementing its fifth strategic plan, dubbed “Impact 2021, Africa Transformed”, in 2018. That strategy is anchored on four pillars: Improving Intra- Africa Trade; Facilitating Industrialization and Export Development; Strengthening Trade Finance Leadership; and Improving Financial Soundness and Performance.

 

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