Afreximbank records $285.4m comprehensive income in 2018

The African Export-Import Bank (Afreximbank) on Sunday released its abridged audited financial statements for the year ended 31 December 2018, showing strong financial and operational performance, with total comprehensive income for the year amounting to $285.4 million.

The total comprehensive income reflects a solid growth of 24 per cent compared to the prior year performance of $229.8 million and was achieved mainly due to higher net income in 2018 amounting to $ 275.9 million compared to $220.5 million in 2017.

The regional bank’s total assets grew by 13 percent from $11.91 billion as at 31 December 2017 to $13.42 billion as at 31 December 2018, with that result explained mainly by the solid growth in net loans and advances which went up 30.3 percent.

Commenting on the bank’s performance, Afreximbank President Prof. Benedict Oramah said: “it is a reflection of the strength of our underlying business and reaffirmed commitment to driving our strategic objectives, to strong orderly growth in assets and earnings.”

Afreximbank, which implements its programmes and facilities through five-year strategic plans, began implementing its fifth strategic plan, dubbed “Impact 2021, Africa Transformed”, in 2018. That strategy is anchored on four pillars: Improving Intra- Africa Trade; Facilitating Industrialization and Export Development; Strengthening Trade Finance Leadership; and Improving Financial Soundness and Performance.