Cairo, 22 May 2019: – The African Export-Import Bank (Afreximbank) has released its abridged unaudited financial performance for the three months ending 31 March 2019, showing a 59 per cent growth in total revenues to $240.71 million compared to the $151.17 achieved during the same period in 2018.
The results, released in Cairo, show that the Bank achieved a 28 per cent growth in attributable income during the period, amounting to $69 million as against $54 million in 2018.
The Bank’s operating income increased by 66 per cent from $79 million in 2018 to $132 million during the quarter while loans and advances grew by 50 per cent.
A major driver of the significant growth by the Bank was interest and similar income which went up by 56 per cent from $150 million in 2018 to $235 million.
The Bank’s total assets grew by 33 per cent to $15 billion as against $11 billion in 2018) while the shareholders’ funds grew by 35 per cent to close the period at $2.63 billion.
Other highlights include an increase in the loans and advances balances from $8 billion in 2018 to $12 billion as at 31 March 2019; an increase in the net asset value per share at from $46,187 in 2018 to $51,913 (equivalent to $4.62 per Depository Receipt in 2018 and $5.19 in 2019); and growth in total liabilities by 36 per cent to $12.4 billion (2018: $9.1 billion), largely attributable to a 31 per cent 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 expected 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 2017. That strategy is anchored on four pillars: Improving Intra- Africa Trade; Facilitating Industrialization and Export Development; Strengthening Trade Finance Leadership; and Improving Financial Soundness and Performance.
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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 BBB+ (GCR), Baa1 (Moody’s), and BBB- (Fitch). The Bank is headquartered in Cairo. For more information, visit: www.afreximbank.com