Afreximbank records $83.7m net income

The African Export-Import Bank (Afreximbank) has reported a net income of 87.3 million dollars in the first quarter (Q1, 2021) of the year over the 2020 performance of 84.2 million dollars.

It said this in a statement it issued in Cairo on the release of its unaudited financial statements for the three months that ended on March 31.

The bank said the four per cent increase was achieved largely due to a 23 per cent growth in net interest income, showing strong and resilient growth ahead of 2020 results and in line with expectations.

It added that the increase in net interest income arose from a 41 per cent growth in net loans and advances and an 11 per cent decline in interest expense.

“Total assets grew year-on-year by 30 per cent to 19.25 billion dollars as at March 31 , primarily due to the implementation of the Pandemic Trade Impact Mitigation Facility (PATIMFA), with most of the facilities having been disbursed in the second half of 2020.

“Total assets decreased marginally from the balance of 19.31 billion dollars as at December 31 primarily driven by slight decreases in Loans and Advances and Cash and cash equivalents.’’…….TO CONTINUE READING CLICK ON

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