Afreximbank Makes $343 Million Gross Revenue In Six Months

Prof. Benedict Oramah, President Afreximbank

The half-year unaudited financial statement of African Export-Import Bank (Afreximbank) showed that the bank made gross revenue amounting to $343 million.

According to the half-year financial result , ended 30th June, 2018, released by the bank in Cairo, the gross revenue figure represents a $21 million increase over the gross revenue for the same period in 2017.

The Bank  attributed the higher gross revenue to a significant increase in fee income by 119 per cent while interest and similar income recorded a two per cent growth compared to prior year performance.

The Bank’s attributable earnings over the six months also amounted to$110 million, beating the budget by 34 per cent.

The key profitability ratios equally came in well above budget, with the return on the Bank’s average shareholders’ equity (ROAE) standing
at 10 per cent, compared to the budget: of 8.08 per cent and the
return on the average assets (ROAA) at 1.88 per cent as against the budget of 1.57 per cent.

Other key figures from the results include:     Interest and similar income – $314.81 million; Net interest margin – 3.17%; Net fee and commission income – 23 million; and Operating expenses – 23.04 million.

It also include: Allowance and impairment on loans and advances –  31.95million; Total assets – $11.52 billion; Total liabilities – $ 9.21 billion;
Shareholders’ funds – $2.31 billion; among other positive indices.