Afreximbank increases gross revenue to $343 million


The African Export-Import Bank (Afreximbank) has released its unaudited financial statements today, 17 August 2018, for the half-year period ended 30 June 2018, showing gross revenue of $343 million.

The figure represents a $21 million increase over the gross revenue for the same period in 2017.

The results attributed the higher gross revenue to a significant increase in fee income by 119% while interest and similar income recorded a 2% 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%.

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

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

· Operating expenses – 23.04 million

· Allowance and impairment on loans and advances – 31.95 million

· Total assets – $11.52 billion

· Total liabilities – $ 9.21 billion

· Shareholders’ funds – $2.31 billion


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