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Afreximbank records $285m income in 2018

Afreximbank records $285m income in 2018
African Export-Import Bank (Afreximbank) has shown strong financial and operational performance in 2018 with a total comprehensive income of $285.4 million.
Afreximbank’s president, Benedict Oramah, disclosed this in a statement signed by the bank’s head of media, Obi Emekekwue, on Sunday in Abuja.
Oramah disclosed that the sum was the bank’s abridged audited financial statements for the year ended December 31, 2018.
According to Oramah, the total comprehensive income reflects a solid growth of 24 percent compared to 2017 performance of $229.8 million.
He said the increase was mainly due to a higher net income in the period under review, which amounted to $275.9 million compared to $220.5 million recorded in 2017.
He said the bank’s total assets grew by 13 percent from $11.91 billion as of December 31, 2017, to $13.42 billion as of December 31, 2018.
He further said there was solid growth in the net loans and advances, which increased by 30.3 percent.
Oramah said the performance was a reflection of the strength of Afreximbank’s underlying business while restating commitment to driving the bank’s strategic objectives to strong orderly growth in assets and earnings.

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