Afreximbank records $168.9m net

African Export-Import Bank (Afreximbank) has released its audited financial statements for the six months ended 30 June 2021, showing a net income of $168.9 million for the period a 12% increase over $150.75 million recorded in 2020.

A statement from the bank indicates that the results, were achieved largely due to the growth in interest income and a 13% decrease in interest expense arising from a cost-effective funding mix.

Afreximbank’s total assets grew by 5.5% to $20.37 billion as at 30 June 2021 from $19.31 billion as at 31 December 2020. This was driven predominantly by increases in loans and advances and cash and cash equivalents.

The Bank’s shareholders’ funds increased by 5.1% to $3.54 billion from the position at 31 December 2020 of US$3.37 billion, reflecting support from existing shareholders and strong internal capital generation capacity.

Mr. Denys Denya, Afreximbank’s Executive Vice President in charge of Finance, Administration and Banking Services, commented:

“The first six months of the year witnessed some positive momentum as the African economy has rebounded from the challenges faced in the previous year. Notwithstanding the continued Covid 19 challenges, we are delighted to have posted year-on-year growth of 12% in profitability and closed the period in a strong financial position.

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