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Afreximbank posts 24% growth

by CredibleNews

The African Export-Import Bank, Afreximbank, has announced a 24 per cent growth in incomefor the year ended 31 December 2018, showing strong financial and operational performance, with total   income for the year amounting to $285.4 million.

The performance reflects a solid growth compared to the 2017 performance of $229.8 million and was achieved mainly due to higher net income in the reporting year amounting to $ 275.9 million compared to $220.5 million in the preceding year.

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 while restating commitment to “driving our strategic objectives, to strong orderly growth in assets and earnings.”

Afreximbank implements its programmes and facilities through five-year strategic plans. It began implementing its fifth strategic plan, dubbed “Impact 2021, Africa Transformed”, in 2018. That strategy is anchored on four pillars: Improving Intra- Africa Trade; Facilitating Industrialization and Export Development; Strengthening Trade Finance Leadership; and Improving Financial Soundness and Performance.

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