Despite the impact of COVID-19 on businesses and income, the African Export-Import Bank (Afreximbank) has posted a net income of $217.06 million for the nine months ended September 30, 2020. This is according to reports by the News Agency of Nigeria.
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Other key highlights of the report are:
- Net income decreased to $217.06 million, down by -3.7% Y-o-Y.
- Net interest income grew to $421.77 million, indicating a gain of +16% Y-o-Y.
- Interest expense declined to $272.44, down by -18% Y-o-Y.
- Net interest margin rose by 3.37% as against 3.32% recorded in comparable period last year.
- The bank’s total assets increased to $19.33 billion, up by +34 % Y-o-Y.
- Loan and advances increased on a net basis by +33%.
- Cash and cash equivalents increased to $3.13 billion, up by +41%.
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What they are saying
Commenting on its recent financials, the President of Afreximbank, Prof. Benedict Oramah, remarked that in spite of the wreck caused by the widespread of the COVID-19 pandemic, the bank remained financially solid across all metrics. He was quoted saying,
“The bank solidified its policy relevance by rising strongly in support of its member countries.
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“It entered the pandemic in a strong financial position, with a solid capital base, high operating efficiency, diversified and high-quality loan portfolio and a strong liquidity position.
“This has enabled us to record a sound financial performance for the nine-month period and continue to deliver on the Bank’s strategic initiatives while fulfilling its obligations to its member countries under conditions of market failure.”
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What you should know
Afreximbank is a Pan-African multilateral financial institution established in 1993 with the mandate of financing and promoting intra-and extra-African trade. Its headquarters is currently in Cairo, Egypt.
