African Export-Import Bank Group has reported a 22.9pc growth in earnings for the nine months period ended September this year.
Afreximbank says net income rose to $642.2 million compared to $522.5 million reported over the same period last year.
The Cairo-based Pan-African multilateral lender attributes the improved earnings which beat expectation despite challenging environment to stronger net interest income which grew by 22.1pc to $1.3 billion, compared to $1 billion reported over the nine month period last year on the backdrop of interest income which surged by 24.6pc to $2.2 billion.
“This solid performance was underpinned by growth in business volumes and healthy spreads, while maintaining a low cost-to-income ratio. Additionally, we maintained a healthy and strong balance sheet with robust liquidity position to drive the expected growth in the fourth quarter,” said Denys Denya, Afreximbank Senior Executive Vice President.
Afreximbank says Shareholders’ Funds rose by 7.96pc to reach $6.6 billion compared to $6.1 billion due to a combination of retained profits and fresh equity contributions.
The lender which is mandated to finance, facilitate and promote intra and extra-African trade also closed the third quarter with an asset base of $32.2 billion compared to $33.47 billion over the same period last year.
