Money Market

November 19, 2020

Afreximbank grows assets to $19bn

Afreximbank grows assets to $19bn

By Emma Ujah, Abuja Bureau Chief

African Export-Import Bank (Afreximbank) grew its total assets to $19.33 billion as at 30 September 2020, up 34% from $14.44 billion as at the end of last year.

This was contained in the bank’s unaudited financial statements released on Monday with an explanation that the result was achieved primarily as a result of increases in loans and advances, as well as, cash and cash equivalents. Its net interest income for the nine months under consideration rose from $362.83 million in the corresponding period of 2019 to $421.77 million in 2020, representing a growth of 16 percent.

According to the bank, the feat was achieved, despite the impact of the COVID-19 pandemic on global economy, mainly due to 18% decline in Interest expense to $272.44 million in 9M, 2020 compared to $331.36 million in the corresponding period of 2019.

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The Bank, however, recorded a 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.

The bank’s President, Prof. Benedict Oramah 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.

“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.”

Vanguard News Nigeria