Afrexim Bank Q1 revenue grows to $240.71

AFRICAN Export-Import Bank (Afrexim bank) has released its abridged unaudited financial performance for the three months ended 31 March 2018, 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 pan African financial institution said in a statement on Wednesday from Cairo that the result shows that it achieved a 28 per cent growth in attributable income during the period, amounting to $69 million as against $54 million in 2018.

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.

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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 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.

Afrexim bank, which implements its programmes and facilities through five-year strategic plans, began implementing its fifth strategic plan, dubbed “Impact 2021, Africa Transformed,” in 2018.

That strategy is anchored on four pillars of improving Intra- Africa trade; facilitating industrialisation and export development; strengthening trade finance leadership; and improving financial soundness and performance.