Business

Afreximbank grows net income by 10% in H1’20

African Export-Import Bank (Afreximbank) yesterday released its unaudited financial statements for the six months ended 30 June 2020, which showed that despite the impact of the Covid-19 pandemic on socio-economic conditions globally, the lender’s net Income rose by 10per cent from $137.63 million in June 2019 to $150.75 million in June 2020. It attributed this to a strong growth in net fee and commission income, which rose by 134 per cent.

 

Net interest income for the period grew by 17 per cent to $285.71 million (2019: $243.93 million). The Net Interest Margin improved from 3.3 per cent to 3.7 per cent, driven by lower costs of funds as interest rates declined globally. Total revenues were strong, rising by 4.4 per cent compared to the first half of 2019, to amount to $519.8million.

 

Fees and commission income supported the growth in revenues, reflecting continuing progress towards achieving the Bank’s goal of diversifying its revenue sources.

 

Total assets increased by 34 per cent from $14.44 billion as at December 31, 2019 to $19.35 billion as at June 30, 2020, largely driven by a 26 per cent increase in loans to $15.20 billion and a 76 per increase in cash and cash equivalents to $3.91 billion.

 

The high liquidity level was in response to the uncertainties caused by the Covid-19. Liquidity sources were well diversified by geography and products, with African sources accounting for almost 40 per cent, an indication of progress being made under the Bank’s Africa Resource Mobilisation Initiative.

 

Despite the growth in total assets, the bank’s Capital Adequacy Ratio remained strong at 23 per cent in line with the bank’s Capital Management Policy targets.

 

The capitalisation level was supported by equity injection, internal capital generation and the nature of collateralization of some of the loan assets funded during the period.

 

Prof. Benedict Oramah, President of Afreximbank, said: “Our financial performance in the first half of the year was pleasing and demonstrated that we remained focused on delivering value to shareholders even as we pursued the bank’s development agenda and intensified our support to our continent in its effort to contain the spread of the new coronavirus disease and its devastating economic consequences.

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