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.
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.