Afreximbank 9-month gross income rises 14.3%

The African Export-Import Bank (Afreximbank) reported a 14.3 percent rise in nine-month gross income to $546.6 million, according to its unaudited financial statements released on Friday.

Cairo-based Afreximbank, which was founded by African governments and other investors in 1993 and focuses on trade finance, registered a 11.9 percent in net income for the first nine months of the year to $172.4 million.

Total assets stood at $12 billion, while loans and advances rose 14.2 percent to $9.5 billion at the end of September.

Non-performing loans (NPL) coverage ratio reached 145 percent, compared to 141 percent last year.  NPL ratio recorded 2.5 percent from 2.4 percent in 2017.

The results reflected the continuing successful implementation of Afreximbank’s five-year strategic plan, Impact 2021, said its president Benedict Oramah.

The Impact 2021plan emphasises on 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, Oramah added.

“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.” Oramah said.

Afreximbank is planning a secondary listing of its depositary receipts in order to improve liquidity and access to diversified investor base, he said.