The African Export-Import Bank (Afreximbank) has released its abridged unaudited financial performance for the three months ended 31 March 2018, showing a 59 per cent growth in total revenues to $240.71 million($86billion) compared to the $151.17 achieved during the same period in 2018.
The results, released in Cairo, showed that the bank achieved a 28 per cent growth in attributable income during the period, amounting to $69 million as against $54 million in 2018.
The bank said its operating income increased by 66 per cent from $79 million in 2018 to $132 million during the quarter while loans and advances grew by 50 per cent.
A major driver of the significant growth,according to the bank, was interest and similar income which went up by 56 per cent from $150 million last year to $235 million.
The Bank’s total assets grew by 33 per cent to $15 billion as against $11 billion in 2018, while the shareholders’ funds grew by 35 per cent to close the period at $2.63 billion.
Other highlights include an increase in the loans and advances balances from $8 billion in 2018 to $12 billion as at 31 March 2019; an increase in the net asset value per share at from $46,187 in 2018 to $51,913 (equivalent to $4.62 per Depository Receipt in 2018 and $5.19 in 2019); and growth in total liabilities by 36 per cent to $12.4 billion (2018: $9.1 billion), largely attributable to a 31 per cent increase in borrowing balance to fund the growth in the loan book.