African Export-Import Bank Exceeds $1B Target for 2019

The African Export-Import Bank (Afreximbank) finished the 2019 financial year on a strong footing, thus surpassing the $1 billion income mark.

The regional bank made the disclosure recently in Cairo where it released its audited financial statements for the year ended 31 December 2019.

The financial statements showed 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.

The bank posted a comprehensive income of $324.2 million.

The results, which reflected a net income of $313.3 million, 14.3 per cent increase over the 2018 performance of $275.9 million, was 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.

Commenting on the bank’s performance, the 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.”