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Afreximbank records US$315million in net profit

FILE PHOTO: Afreximbank president Benedict Oramah

Kampala, Uganda | Isaac Khisa | The African Export-Import Bank (Afreximbank) has released its audited financial statements for the year ended 31 December 2019, showing strong and consistent growth, with total comprehensive income of $324.2 million.

The results, which reflected a net income of $313.3 million, 14.3 percent increase over the 2018 performance of $275.9 million, were achieved mainly due to higher operating income of $622.5 million compared to $489.8 million in 2018.

Afreximbank’s total assets grew by 7.6 percent from $13.42 billion on 31 December 2018 to $14.44 billion as at 31 December 2019, explained mainly by the solid growth in net loans and advances.

The financial statements show a 29.7 percent growth in gross income, which reached $1.1 billion in 2019 compared to $813.9 million 2018, putting the Bank above the $1 billion mark for the first time.

The Bank’s net profit increased from US$275.9million to US$315.3million during the same period under review.

Bank President, Prof. Benedict Oramah, expressed satisfaction with the results, noting that the performance exceeded strategic plan targets despite a global operating environment characterized by economic uncertainties.

He said that the Bank had “continued to deliver the objectives of its current five-year strategic plan, dubbed IMPACT 2021, by prioritizing initiatives aimed at promoting and financing intra-African trade”.

Addressing concerns about COVID-19, whose emergence early in 2020 has raised concerns about a global recession, he said that Afreximbank was taking necessary steps to manage the impact, particularly on the loans and advances from customers that may be impacted, adding, “Afreximbank is making arrangements to support its member countries in need”.

Last month, the multi-lateral lender, unveiled a US$3bn facility, named Pandemic Trade Impact Mitigation Facility (PATIMFA), to help African countries deal with the economic and health impacts of the COVID-19 pandemic.

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