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Thursday, April 11, 2019 / 05:00PM / Afreximbank
The African Export-Import Bank (Afreximbank) has released its abridged
audited financial statements for the year ended 31 December 2018, showing
strong financial and operational performance, with total comprehensive income
for the year amounting to $285.4 million.
The total comprehensive income reflects a solid growth of 24 per cent
compared to the prior year performance of $229.8 million and was achieved
mainly due to higher net income in 2018 amounting to $ 275.9 million compared
to $220.5 million in 2017.
The results, released in Cairo, show that the Bank’s total assets grew
by 13 per cent from $11.91 billion as at 31 December 2017 to $13.42 billion as
at 31 December 2018, with that result explained mainly by the solid growth in
net loans and advances which went up 30.3 per cent.
Commenting on the results, Bank President Prof. Benedict Oramah said
that the performance was a reflection of the strength of Afreximbank’s
underlying business and restated commitment to “driving our strategic
objectives, to strong orderly growth in assets and earnings.”
Results Highlights
In a
presentation on the results, Bank President Prof. Benedict Oramah said that the
results reflected the continuing successful implementation of the Bank’s five-year
strategic plan, “Impact 2021”, which emphasized: Improving Intra-Africa
Trade; Facilitating Industrialisation and Export Development; Strengthening
Trade Finance Leadership; and Improving Financial Soundness and Performance.
The
results reaffirmed the Bank’s transition to normal operations, with growing
loan book and improving interest margins, he said, noting that the pursuit of
the medium-term strategy had led to higher operating expenses driven by staff
costs and one-off general expenses relating to ongoing initiatives.
The
Bank’s Intra-African Trade Strategy, including the Intra-African Trade Fair
being held in collaboration with the African Union, underpinned the expected
growth in trade finance, project finance and advisory services in the short to
medium-term, he said.
Prof. Oramah
announced that the Bank was planning a secondary listing of its depositary
receipts in order to improve liquidity and access to diversified investor base.
It had also explored alternative sources of funding the balance sheet and
deployed excess cash holdings to finance loans with better interest margins.
It was
developing an African payment platform to facilitate intra-African trade and to
help mitigate the challenge posed by low access to international foreign
exchange, added President Oramah.
The result highlights include:
Further
details about the financial statements can be found here
(PDF).
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