Cairo, 08 April 2020: – The African Export-Import Bank (Afreximbank) today in Cairo released its audited financial statements for the year ended 31 December 2019, showing strong and consistent growth, with total comprehensive income of $324.2 million.
The results, which reflected a net income of $315.3 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 financial statements show 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 $1 billion mark for the first time.
Bank President, Prof. Benedict Oramah, expressed satisfaction with the results, noting that the performance exceeded strategic plan targets despite a global operating environment characterized by economic uncertainties.
He said that the Bank had “continued to deliver the objectives of its current five-year strategic plan, dubbed IMPACT 2021, by prioritizing initiatives aimed at promoting and financing intra-African trade”.
Addressing concerns about COVID-19, whose emergence early in 2020 has raised concerns about a global recession, he said that Afreximbank was taking necessary steps to manage the impact, particularly on the loans and advances from customers that may be impacted, adding, “Afreximbank is making arrangements to support its member countries in need”.
Highlights of the results are shown below:
| Financial Metrics | 2019
($ million) |
2018
($ million) |
| Gross Income | 1,059 | 816.2 |
| Net Interest & similar Income | 524.9 | 403.8 |
| Operating Income | 622.5 | 489.8 |
| Operating Expenses | 108.1 | 87.6 |
| Profit for the Year | 315.3 | 275.9 |
| Total Assets | 14,439.6 | 13,419.4 |
| Loans and advances | 12,029.5 | 11,134.4 |
| Dec. 2019 | Dec. 2018 | |
| Profitability
Return on average assets (ROAA) Return on average equity (ROAE) |
2.3% 11.8% |
2.2% 11.8% |
| Operating Efficiency
Net interest margin Cost -to -income ratio |
3.7% 17.4% |
3.7% 17.9% |
| Asset Quality
Non-performing loans ratio (NPL)
Loan loss coverage ratio |
2.8%
118% |
2.9%
132% |
| Liquidity and capital adequacy
Cash/Total assets Capital Adequacy ratio (Basel II) |
15.4% 23% |
14.3% 25% |
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Media Contact: Amadou Labba Sall (asall@afreximbank.com; Tel. +202-2456-4085)
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About Afreximbank: The African Export-Import Bank (Afreximbank) is the foremost pan-African multilateral financial institution devoted to financing and promoting intra- and extra-African trade. The Bank was established in October 1993 by African governments, African private and institutional investors, and non-African investors. Its two basic constitutive documents are the Establishment Agreement, which gives it the status of an international organization, and the Charter, which governs its corporate structure and operations. Since 1994, it has approved more than $67 billion in credit facilities for African businesses, including $7.2 billion in 2018. Afreximbank had total assets of $13.4 billion as at 31 December 2018. It is rated A- (GCR), Baa1 (Moody’s), and BBB- (Fitch). The Bank is headquartered in Cairo. For more information, visit: www.afreximbank.com