Business

Afrexim Bank grows 2019 first quarter revenue by 59%

357

African Export-Import Bank (Afreximbank) reported that it grew its first quarter revenue in 2019 by 59 percent, up from $151.17 million to $240.71 million, on improved intra- Africa trade, industrialization and export development as well as strengthening trade finance leadership.

The unaudited financial report for the three months ended 31 March 2018, showed a 28 percent growth in attributable income during the period, amounting to $69 million this year, opposed to $54 million in 2018.

The bank’s operating income increased by 66 percent from $79 million in 2018 to $132 million during the quarter while loans and advances grew by 50 per cent.

The bank’s major driver of growth is attributed to interest and similar income which went up by 56 percent from $150 million in 2018 to $235 million, with total assets growing 33 per cent to $15 billion opposed to $11 billion in 2018, while shareholders’ funds grew by 35 percent 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; increased 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.

Leave a comment

Related Articles

Domestic Crude Oil Sale Initiative: Tinubu’s Strategic Move Pays Off

President Bola Tinubu’s directive to sell crude oil and refined products in...

CBN Sets Daily POS Transaction Cap at N100,000 for Agents

The Central Bank of Nigeria (CBN) has introduced a new policy aimed...

FirstBank’s Decemberissavybe 2024 kicks off with Kenny Blaq’s “Reckless” Musicomedy

December is a joyous season in Nigeria, a time when individuals take...

Nigeria’s Inflation Rate Rises to 34.6% in November

Nigeria’s inflation rate has risen to 34.6% in November, up from 33.8%...

Illicit mint naira sale: CBN slaps N150m fine on erring banks

The Central Bank of Nigeria (CBN) has introduced a strict measure to...

FG Sets December 16 for N120 Billion Bond Sale

The Federal Government, through the Debt Management Office (DMO), has announced plans...

Naira plummets to N1,780 per dollar, reversing recent gains

The Nigerian Naira experienced a sharp value decline on Wednesday, falling from...

Naira Posts Strong Gains Against Euro Amid Forex Market Reforms, European Political Uncertainty

The Nigerian naira has made significant gains against the European currency at...

Netflix debunks exit rumour, reaffirms commitment to Nigeria

Streaming platform Netflix has dismissed rumours suggesting it plans to withdraw from...

Nigeria’s private sector records first job decline in months amid inflationary pressures

Nigeria’s private sector experienced its first decline in employment in seven months,...

Foreign Holdings in Nigeria Drop Amid Naira Crisis, Corporate Cos’ Exits

Nigeria has experienced a sharp decline in foreign direct investment (FDI) inward...

FG begins N50 electronic levy deductions on Opay, Moniepoint, Kuda transactions

The Federal Government has commenced the deduction of a N50 electronic levy...

Nigerian Exchange Records Modest 1.97% Increase in October Transactions

The Nigerian Exchange (NGX) has reported a total transaction value of N502.73...

Breaking: CBN Raises Benchmark Interest Rate to 27.50% Amid Inflation

For the umpteenth time, the Central Bank of Nigeria (CBN) has raised...

UBA to empower MSME’s with wealth management strategies at its ‘Built to Last’ series

As part of its commitment to deepen the growth and sustainability of...

FirstBank Hosts First-ever China-Africa Interbank Association Forum

FirstBank, the premier West African financial institution and financial inclusion service provider,...

UBA to raise N239.4bln via right issues – Elumelu

The Group Chairman of United Bank for Africa, Tony Elumelu, has announced...

Nigeria’s Domestic Debt Reaches N66.957trn in H1 2024

Nigeria’s domestic debt stock has surged to N66.957 trillion in the first...

China’s imports from Nigeria soar to $15.1bln, 36.1% increase

China’s imports from Nigeria have reached an all-time high of $15.1 billion...

Bitcoin Surges to New High on Trump’s Presidential Victory

The price of bitcoin has skyrocketed to a record high of $75,345,...