Afreximbank hits $1bn income mark

The African Export-Import Bank (Afreximbank) said it finished the 2019 financial year on a strong footing, thereby surpassing the $1 billion income mark.

The regional bank made the disclosure recently in Cairo where it released its audited financial statements for the year ended December 31, 2019.

According to the bank,it audited financial statements showed a 29.7 per cent growth in gross income, which reached $1.1 billion in 2019 compared to $813.9 million 2018, putting the bank above the $1 billion mark for the first time.

The bank posted a comprehensive income of $324.2 million. The results, which reflected a net income of $313.3 million, 14.3 per cent increase over the 2018 performance of $275.9 million, were achieved mainly due to higher operating income of $622.5 million compared to $489.8 million in 2018.

By the result, Afreximbank’s total assets grew by 7.6 per cent from $13.42 billion on December 31, 2018 to $14.44 billion as at December 31, 2019 explained mainly by the solid growth in net loans and advances.

Commenting on the bank’s performance, bank President, Prof. Benedict Oramah, expressed satisfaction with the results, noting that the performance exceeded strategic plan targets despite a global operating environment characterieed by economic uncertainties.