Afreximbank Announces 9M 2020 Results

Categories: Press Releases

Cairo, 16 November 2020: – African Export-Import Bank (Afreximbank) today in Cairo released its unaudited financial statements for the nine months ended 30 September 2020. Notwithstanding the impact of the pandemic, the Bank recorded net income amounting to US$217.06 million (2019: US$225.36 million) for the period, showing a slight decrease on the comparable period last year.

Net interest income for the nine months grew by 16% to US$421.77 million (2019: US$362.83 million) mainly due to 18% decline in Interest expense to US$272.44 million in 9M, 2020 compared to US$331.36 million in the corresponding period of 2019. Net Interest Margin as a result rose to 3.37% (2019: 3.32%) reflective of cost-effective management of interest expense coupled with the relatively higher average yields sustained on the Bank’s interest-bearing assets.

The Bank’s total assets increased by 34% to US$19.33 billion as at 30 September 2020 (31 December 2019: US$14.44 billion) primarily as a result of increases in loans and advances and cash and cash equivalents. Loans and advances increased on a net basis by 33% underpinned by disbursements under the Bank’s Pandemic Trade Impact Mitigation Facility (PATIMFA), a facility launched in March 2020 in response to the COVID-19 pandemic. Cash and cash equivalents were up by 41% to US$3.13 billion resulting in the Bank ending the period with a strong Liquid Asset to Total Assets ratio of 16% (31 December 2019: 15%). The higher liquidity level was considered necessary to contend with the uncertainties arising from the pandemic.

Despite the Bank’s interventions in support of entities in its member countries to enable them to better contend with the challenges of the COVID-19, its Capital Adequacy Ratio remained strong at 22% in line with the Bank’s Capital Management Policy targets.

Credit ratings agency, Fitch, recently affirmed the Bank’s long-term Issuer Default Ratings (IDR) at ‘BBB-‘ with a stable outlook. The rating was driven by the Bank’s intrinsic features, including solvency and liquidity, assessed at ‘a-‘ with a downward adjustment to reflect the current business environment.

Prof. Benedict Oramah, President of Afreximbank, said:

“Despite the ravages of the COVID-19 pandemic, the Bank remains financially solid across all metrics. The Bank solidified its policy relevance by rising strongly in support of its member countries. It entered the pandemic in a strong financial position, with a solid capital base, high operating efficiency, diversified and high-quality loan portfolio and a strong liquidity position. This has enabled us to record a sound financial performance for the nine-month period and continue to deliver on the Bank’s strategic initiatives while fulfilling its obligations to its member countries under conditions of market failure.

In March, the Bank launched a Pandemic Trade Impact Mitigation Facility (PATIMFA), aimed at helping African sovereigns, commercial banks and corporates to weather the impact of the crisis. In addition, in September, we launched a US$100 million overdraft facility to enable African states to procure Covid-19 related medical resources through the Africa Medical Supplies Platform, an online marketplace for the sale and purchase of medical supplies and equipment.

Looking ahead, with this strong foundation and the strategic measures put in place to mitigate the adverse impacts of Covid-19, we are confident in meeting our expectations for the full year as well as the long-term prospects for the business.”

Highlights of the results are shown below:

Financial Metrics  9M 2020

(US$ million)

9M 2019

(US$ million)

Net Income 217.06 225.36
Net Interest Income 421.77 362.83
Net fee and commission Income 57.89 64.27

Return on average assets (ROAA)

Return on average equity (ROAE)







Operating Efficiency

Net interest margin

Cost to income ratio








  September 2020 December 2019
Total Assets 19,332 14,440
Loans and advances 15,962 12,030
Asset Quality

Non-performing loans ratio (NPL)





Liquidity and capital adequacy

Liquid assets/Total assets







About Afreximbank: The African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution with the mandate of financing and promoting intra-and extra-African trade. Afreximbank was established in October 1993 and owned by African governments, the African Development Bank and other African multilateral financial institutions as well as African and non-African public and private investors. The Bank was established under two constitutive documents, an Agreement signed by member states, which confers on the Bank the status of an international organization, and a Charter signed by all Shareholders, which governs its corporate structure and operations. Afreximbank deploys innovative structures to deliver financing solutions that are supporting the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby sustaining economic expansion in Africa. At the end of 2019, the Bank’s total assets and guarantees stood at USD$15.5 billion and its shareholders funds amounted to US$2.8 billion. Afreximbank was “African Bank of the Year” in 2019. The Bank disbursed more than US$38 billion between 2016 and 2020. Afreximbank has ratings assigned by GCR (international scale) (A-), Moody’s (Baa1) and Fitch (BBB-). The Bank is headquartered in Cairo, Egypt.


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