• Friday, September 22, 2023
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Afreximbank assets rise 612 per cent to $3.7bn in 10 years

Africa’s trade volume slows 2.7% on harsh environment

The total assets of the African Export-Import Bank (Afreximbank) rose 612 per cent to $3.7 billion between 2003 and 2012, Bank President Jean-Louis Ekra told the Bank’s owners over the weekend as they held their Annual General Meeting of Shareholders.

“Net Income also soared by 251 per cent during the period to hit $65 million. Shareholders’ funds were also significantly up to end 2012 at of $612 million, largely from retained earnings and accretion to reserves,” stated the President in his report to the Annual General Meeting, which was held in Addis Ababa.

“Efficiency measures were also good. Return on assets and return on equity averaged the 2003-2012 period at four per cent and 10 per cent respectively; cost to Income ratio and net interest margins also averaged the period at levels of 22 per cent and three per cent while non-performing loan (NPL) ratio remained quite below the industry level, averaging less than one per cent during the period,” said Ekra, who attributed the financial performance to solid internal controls and risk management introduced as the Bank grew.

The President announced that the Bank’s Board had recommended a dividend payment of $14.6 million.

Read also: CAP sustains impressive results with PBT growth of 22%

Earlier, the Deputy Prime Minister of Ethiopia welcomed the shareholders and pledged his country’s support for the Bank.

The Annual General Meeting subsequently approved resolutions noting and accepting the Bank’s annual report for 2012; the audited financial statements for the year ended 31 December 2012; the dividend declaration for 2012; and the appointment of the external auditors for the 2013 financial year.

It also elected Gamal Mohamed Abde-Aziz Negum, Deputy Governor of the Central Bank of Egypt, and Louis Kirangwa, Deputy Governor of the Central Bank of Uganda, to the Bank’s Board of Directors for Class A shareholders, where they will join Yerima Lawan Ngama, Minister of State for Finance of Nigeria, and Stefan Luis-Francois Nalletamby of African Development Bank.

In Class B, Caroline Abel, Deputy Governor of the Central Bank of Seychelles, and John Panonetsy Mangundya, Group Chief Executive Officer of Commercial Bank of Zimbabwe, were elected to join Jean-Marie Benoit Mani, National Director for Cameroon of the Central Bank of Central African States, and Victor-Jerome Nembelessini-Silue, former Director-General of the National Investment Bank of Cote d’Ivoire.