Afreximbank grows assets to $19bn

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Afreximbank grows assets to $19bn

By Emma Ujah, Abuja Bureau Chief

African Export-Import Bank (Afreximbank) grew its total assets to $19.33 billion as at 30 September 2020, up 34% from $14.44 billion as at the end of last year.

This was contained in the bank’s unaudited financial statements released on Monday with an explanation that the result was achieved primarily as a result of increases in loans and advances, as well as, cash and cash equivalents. Its net interest income for the nine months under consideration rose from $362.83 million in the corresponding period of 2019 to $421.77 million in 2020, representing a growth of 16 percent.

According to the bank, the feat was achieved, despite the impact of the COVID-19 pandemic on global economy, mainly due to 18% decline in Interest expense to $272.44 million in 9M, 2020 compared to $331.36 million in the corresponding period of 2019.

The Bank, however, recorded a net income amounting to US$217.06 million (2019: US$225.36 million) for the period, showing a…



Source: Vanguard Newspaper