The African Export-Import Bank (Afreximbank) has said it recorded net income of $217.06 million for the nine months ended September 30 in spite of the impact of the COVID-19 pandemic.
The bank announced this in a statement issued in Cairo, Egypt, after the release of its unaudited financial statements for the nine-month period.
The amount recorded was a slight decrease on the comparable period of 2019 which recorded $225.36m.
It said the net interest income for the nine months grew by 16 per cent to $421.77m as against $362.83m in 2019.
This was mainly due to 18 per cent decline in interest expense to $272.44m in nine months in 2020, compared to $331.36m in the corresponding period of 2019, it said.
“The bank’s total assets increased by 34 per cent to $19.33 billion as at September 30, 2020 against $14.44b in 2019, primarily as a result of increases in loans and advances and cash and cash equivalents.
Prof. Benedict Oramah, President of Afreximbank, said in spite of the ravages of the COVID-19 pandemic, the bank remained financially solid across all metrics.
“The bank solidified its policy relevance by rising strongly in support of its member countries. This has enabled us to record a sound financial performance for the nine-month period and continue to deliver on the Bank’s strategic initiatives while fulfilling its obligations to its member countries under conditions of market failure.” (NAN)