The African Export-Import Bank (Afreximbank) Wednesday in Cairo released its audited financial statements for the year ended 31 December 2019, showingstrong 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.”