Afreximbank bags US$240.71m revenue in Q1

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 US$240.71million compared to the US$151.17million 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 US$69million as against US$54million in 2018.

The Bank’s operating income increased by 66% from US$79million in 2018 to US$132million 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 US$150million in 2018 to US$235million.

The Bank’s total assets grew by 33 % to US$15billion as against US$11billion in 2018, while the shareholders’ funds grew by 35% to close the period at US$2.6billion.

Other highlights include an increase in the loans and advances balances from US$8billion in 2018 to US$12billion as at 31 March 2019; an increase in the net asset value per share at from US$46,187 in 2018 to US$51,913 (equivalent to US$4.62 per Depository Receipt in 2018 and US$5.19 in 2019); and growth in total liabilities by 36 percent to US$12.4billion (2018: US$9.1billion), largely attributable to a 31 percent 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 expects 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 Industrialisation and Export Development; Strengthening Trade Finance Leadership; and Improving Financial Soundness and Performance.

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