Business

Afreximbank posts $285m income in 2018

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The African Export-Import Bank (Afreximbank) has posted a total comprehensive income of $285.4 million in 2018 showing strong financial and operational performance.

Afreximbank’s President, Prof. Benedict Oramah, disclosed this in a statement signed by the bank’s Head of Media, Mr Obi Emekekwue on Sunday in Abuja.

Oramah disclosed that the sum is the bank’s abridged audited financial statements for the year ended Dec. 31, 2018.

According to him, the total comprehensive income reflects a solid growth of 24 per cent compared to 2017 performance of 229.8 million dollars.

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 per cent from 11.91 billion dollars as at Dec. 31, 2017 to 13.42 billion dollars as at Dec. 31, 2018.

He further said there was solid growth in the net loans and advances, which increased by 30.3 per cent.

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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