Business

Afrexim Bank grows 2019 first quarter revenue by 59%

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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.

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