Afreximbank Records $1bn Income

The African Export-Import Bank (Afreximbank), recently released its audited financial statements for the year ended December 31, 2019, showing strong and consistent growth, with total comprehensive income of $324.2 million.

According to the bank, the report showed a 29.7 per cent growth in gross income, which reached $1.1 billion in 2019, compared to $813.9 million recorded in 2018.

This put the Bank above the $1 billion mark for the first time.

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.

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

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

Oramah further revealed that the bank had, “continued to deliver the objectives of its current five-year strategic plan, dubbed IMPACT 2021, by prioritising initiatives aimed at promoting and financing intra-African trade.”

Addressing concerns about COVID-19, whose emergence early in 2020, has raised concerns about a global recession, he said Afreximbank was taking necessary steps to manage the impact, particularly on the loans and advances from customers that may be impacted, adding, “Afreximbank is making arrangements to support its member countries in need.”