Afreximbank grew total assets by 7.6% to $14.4bn in 2019

The African Export-Import Bank (Afreximbank) on Wednesday released its audited financial statements for the year ended 31 December 2019, showing a strong and consistent growth, with total assets growth of 7.6 per cent to $14.44 billion, as against $13.42 billion declared in the corresponding period of 2018.

The African lender reported a comprehensive income of $324.2 million and also, exceeded its one billion dollar income mark during the period under review

For instance, the lender’s 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.

However, Afreximbank on Thursday explained that its strong financial performance in 2019 was mainly by the solid growth in net loans and advances.

The breakdown of the 2019 financial results reflected a net income of $313.3 million, which represented an increase of 14.3 per cent over the 2018 performance of $275.9 million.

The lender explained that the 2019 financial positions were achieved mainly due to higher operating the income of $622.5 million compared to $489.8 million in 2018.

Commenting, the Bank 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”.