Uche Usim, Abuja
In what could be described as a good year for the African Export-Import Bank (Afreximbank), the continental bank, on Friday, released its unaudited financial statements for the nine months ended 30 September 2018, showing strong financial and operational performance.
The posted a gross income of $546.6 million (a 14.3 per cent increase from the same period last year) and net income of $172.4 million (a growth of 11.9 per cent from the same period last year).
The financial statements, released in Cairo, by its Spokesman, Obi Emekekwue, showed that Afreximbank’s total assets stood at $12 billion; loans and advances at $9.5billion (+14.2% from FY17); return on average assets at 1.9 per cent; return on average equity at 10.3 per cent; and capital adequacy ratio at 23 per cent.). The balance sheet remained solid with shareholder funds growing by 11 per cent since 31 December 2017 to reach $2.36 billion.
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