Benedict Oramah, Afreximbank President
The
African Export-Import Bank (Afreximbank) today in Cairo released its
audited financial statements for the year ended 31 December 2019,
showing strong and consistent growth, with total 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, were
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.
The
financial statements show 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 $1 billion mark for the first time.
Bank
President, Prof. Benedict Oramah, expressed satisfaction with the
results, noting that the performance exceeded strategic plan targets
despite a global operating environment characterized by economic
uncertainties.
He
said that the Bank had “continued to deliver the objectives of its
current five-year strategic plan, dubbed IMPACT 2021, by prioritizing
initiatives aimed at promoting and financing intra-African trade”.
Addressing
concerns about COVID-19, whose emergence early in 2020 has raised
concerns about a global recession, he said that Afreximbank was
taking necessary steps to manage the impact, particularly on the
loans and advances from customers that may be impacted, adding,
“Afreximbank is making arrangements to support its member countries
in need”.
Highlights
of the results are shown below:
Financial
Metrics
|
2019
($
million)
|
2018
($
million)
|
Gross
Income
|
1,059
|
816.2
|
Net
Interest & similar Income
|
524.9
|
403.8
|
Operating
Income
|
622.5
|
489.8
|
Operating
Expenses
|
108.1
|
87.6
|
Profit
for the Year
|
315.3
|
275.9
|
Total
Assets
|
14,439.6
|
13,419.4
|
Loans
and advances
|
12,029.5
|
11,134.4
|
Dec.
2019
|
Dec.
2018
|
|
Profitability
Return
on average assets (ROAA)
Return
on average equity (ROAE)
|
2.3%
11.8%
|
2.2%
11.8%
|
Operating
Efficiency
Net
interest margin
Cost
-to -income ratio
|
3.7%
17.4%
|
3.7%
17.9%
|
Asset
Quality
Non-performing
loans ratio (NPL)
Loan
loss coverage ratio
|
2.8%
118%
|
2.9%
132%
|
Liquidity
and capital adequacy
Cash/Total
assets
Capital
Adequacy ratio (Basel II)
|
15.4%
23%
|
14.3%
25%
|
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