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.
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%.
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.
“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.”
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.