• About Us
  • Contact Us
  • Privacy Policy
Tuesday, May 17, 2022
The Union Nigeria
  • Home
  • News
    • National
    • International
    • Security
    • Judiciary
    • Special Reports
  • Politics
  • Investigations
  • Business
    • Economy
    • Agriculture
    • Aviation
    • Banking
    • Communication
    • Energy
    • Maritime
    • Oil & Gas
    • Technology
    • Tourism
  • Health
  • Education
  • Arts & Life
    • Art
    • Books
    • Fashion
    • Lifestyle
  • Sports
    • Football
    • Athletics
    • Tennis
    • Racing
    • Golf
  • Press Freedom
  • Opinion
    • Editorial
    • Interviews
    • Columns
  • Home
  • News
    • National
    • International
    • Security
    • Judiciary
    • Special Reports
  • Politics
  • Investigations
  • Business
    • Economy
    • Agriculture
    • Aviation
    • Banking
    • Communication
    • Energy
    • Maritime
    • Oil & Gas
    • Technology
    • Tourism
  • Health
  • Education
  • Arts & Life
    • Art
    • Books
    • Fashion
    • Lifestyle
  • Sports
    • Football
    • Athletics
    • Tennis
    • Racing
    • Golf
  • Press Freedom
  • Opinion
    • Editorial
    • Interviews
    • Columns
The Union Nigeria

Afrexim Bank  Records $217m Net Income In 9 Months

“The bank’s total assets increased by 34 per cent to 19.33 billion dollars as at Sept. 30, 2020 against 14.44 billion dollars as at Dec. 31, 2019, primarily as a result of increases in loans and advances and cash and cash equivalents.

by The Union Nigeria
November 16, 2020
in Banking
Benedict-Oramah-Afreximbank

Benedict Oramah, Afreximbank

Share on FacebookShare on TwitterShare To WhatsAppSend To Mail

The African Export-Import Bank (Afreximbank) says it recorded net income of 217.06 million dollars for the nine months ended Sept. 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.

According to the bank, the amount recorded was a slight decrease on the comparable period of 2019 which recorded 225.36 million dollars.

It said that the net interest income for the nine months grew by 16 per cent to 421.77 million dollars as against 362.83 million dollars in 2019.

This was mainly due to 18 per cent decline in interest expense to 272.44 million dollars in nine months in 2020, compared to 331.36 million dollars in the corresponding period of 2019, it said.

“Net interest margin as a result rose to 3.37 per cent as against 3.32 per cent in 2019, reflective of cost-effective management of interest expense coupled with the relatively higher average yields sustained on the bank’s interest-bearing assets.

Benedict-Oramah-Afreximbank
Benedict Oramah, Afreximbank

“The bank’s total assets increased by 34 per cent to 19.33 billion dollars as at Sept. 30, 2020 against 14.44 billion dollars as at Dec. 31, 2019, primarily as a result of increases in loans and advances and cash and cash equivalents.

“Loans and advances increased on a net basis by 33 per cent underpinned by disbursements under the Bank’s Pandemic Trade Impact Mitigation Facility (PATIMFA), a facility launched in March 2020 in response to the COVID-19 pandemic.

“Cash and cash equivalents were up by 41 per cent to 3.13 billion dollars resulting in the bank ending the period with a strong Liquid Asset to Total Assets ratio of 16 per cent against 15 per cent as at Dec. 31, 2019.”

According to the bank, the higher liquidity level was considered necessary to contend with the uncertainties arising from the pandemic.

It added that in spite of the bank’s interventions in support of entities in its member countries to enable them to better contend with the challenges of the COVID-19, its Capital Adequacy Ratio remained strong at 22 per cent in line with the bank’s Capital Management Policy targets.

It also said that credit ratings agency, Fitch, recently affirmed the bank’s long-term Issuer Default Ratings (IDR) at ‘BBB-‘ with a stable outlook.

The rating was driven by the bank’s intrinsic features, including solvency and liquidity, assessed at ‘a-‘ with a downward adjustment to reflect the current business environment.

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.

“It entered the pandemic in a strong financial position, with a solid capital base, high operating efficiency, diversified and high-quality loan portfolio and a strong liquidity position.

“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.”

Oramah said that in March, the bank launched a Pandemic Trade Impact Mitigation Facility (PATIMFA), aimed at helping African sovereigns, commercial banks and corporates to weather the impact of the pandemic.

In addition, in September, it launched a 100 million dollar overdraft facility to enable African states to procure COVID-19 related medical resources through the Africa Medical Supplies Platform.

He added that the platform was an online marketplace for the sale and purchase of medical supplies and equipment.

“Looking ahead, with this strong foundation and the strategic measures put in place to mitigate the adverse impacts of COVID-19, we are confident in meeting our expectations for the full year as well as the long-term prospects for the business.”

The News Agency of Nigeria   reports that Afreximbank is a Pan-African multilateral financial institution with the mandate of financing and promoting intra-and extra-African trade.

close

Subscribe To Receive Newsletters

Check your inbox or spam folder to confirm your subscription.

ShareTweetSendSend
Previous Post

Stop Panic Buying – IPMAN Tells Nigerians

Next Post

Banditry: Masari Urges Synergy Among Security Agencies

MORE STORIES

2023: Akeredolu Calls For Emefiele’s Resignation As CBN Governor

2023: Akeredolu Calls For Emefiele’s Resignation As CBN Governor

May 7, 2022
Reps To CBN: Provide Details Of $40m Recovered By EFCC

PARIS CLUB: CBN Gov, Emiefele Accused of Gross Abuse of Office, As CCB Takes Over Case

January 6, 2022
Reps To CBN: Provide Details Of $40m Recovered By EFCC

EXPOSE: How CBN Spent N58.6bn To Print 2.5bn Naira Notes

November 5, 2021
FirstBank Confirms Odukale As Single-Largest Shareholder

FirstBank Confirms Odukale As Single-Largest Shareholder, Ranks Otedola Second

October 28, 2021

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

TRENDING STORIES

  • kidnapping spots

    SPECIAL REPORT: 49 Kidnapping Hotspots On South-West Roads Identified

    0 shares
    Share 0 Tweet 0
  • SPECIAL REPORT: Despite Lack Of Funds Nigeria Gifts ₦806 Million To Guinea Bissau (See Implications)

    0 shares
    Share 0 Tweet 0
  • 2023: Why Jonathan Agreed To Run For President Under APC

    0 shares
    Share 0 Tweet 0
  • How An American Scammed Two Nigerians Of $368,000 – FBI

    0 shares
    Share 0 Tweet 0
  • Goodluck Is Coming! (Part 1)

    0 shares
    Share 0 Tweet 0
  • EXCLUSIVE: Bello, Amaechi, Three Other Presidential Aspirants Allegedly Secretly Pick Senate Forms

    0 shares
    Share 0 Tweet 0
  • PRESIDENCY: PDP Has Failed, Neglected The S/East Despite Support — APC Stakeholders

    0 shares
    Share 0 Tweet 0
  • Meet Man With Over 2600 Court Cases, See What He Did To Guinness For Publishing His Record

    0 shares
    Share 0 Tweet 0
  • I Would Act Nude Scenes For 10 Million Dollars – Actress Modola Osifuwa

    0 shares
    Share 0 Tweet 0
  • 2023: How APC Northern Governors Shunned Tinubu, Others & Sold Jonathan To Buhari

    0 shares
    Share 0 Tweet 0
ADVERTISEMENT

RECENT STORIES

Kano Prison Official Kills Trader ‘Over Cigarette’

Kano Prison Official Kills Trader ‘Over Cigarette’

May 16, 2022
Prepare For Flight Cancellations, Airline Operators Alert Nigerians

Prepare For Flight Cancellations, Airline Operators Alert Nigerians

May 16, 2022
How Nigeria Lost N2.4trn To Crude Oil Theft In 28 Months

How Nigeria Lost N2.4trn To Crude Oil Theft In 28 Months

May 15, 2022
WIKE: APC Doesn’t Want Me To Win PDP Ticket Because...

WIKE: APC Doesn’t Want Me To Win PDP Ticket Because…

May 15, 2022
2023: Why Ngige, Other Ministers Can’t Withdraw Resignation – Femi Falana

2023: Why Ngige, Other Ministers Can’t Withdraw Resignation – Femi Falana

May 15, 2022

THE UNION NIGERIA

TheUnionNigeria.com is an independent, nonprofit news website that seeks to promote transparency and accountability through robust and objective reporting. We aim to critically engage you with news reports, Opinions, Editorials, Politics, Business Sports, Entertainment news, Lifestyle, Education, Videos, Photos, Documents and investigative reports.

  • Facebook
  • Twitter
  • YouTube

GET NEW POST ALERT

Check your inbox or spam folder to confirm your subscription.

NEWS SOURCES

  • Africa.com
  • Businessday
  • Channels Television
  • Daily Independent
  • Daily Times
  • Daily Trust
  • Leadership Newspaper
  • National Daily
  • NewsDiary Online
  • Nigerian Tribune
  • Economic Confidential
  • Peoples Gazette
  • PM News
  • Pointblanknews
  • Premium Times
  • Punch
  • The Guardian
  • The Nation
  • The Sun
  • Thisday
  • TV360 Nigeria
  • Vanguard

©The Union Nigeria | Published By Flying Dutchman Limited.

No Result
View All Result
  • Home
  • News
    • National
    • International
    • Judiciary
    • Security
    • Crime
    • Special Reports
  • Politics
  • Investigations
  • Business
    • Economy
    • Agriculture
    • Aviation
    • Banking
    • Communication
    • Energy
    • Maritime
    • Oil & Gas
    • Technology
    • Tourism
  • Health
  • Education
  • Arts & Life
    • Art
    • Books
    • Fashion
    • Lifestyle
  • Entertainment
    • Movies
    • Music
  • Sports
    • Football
    • Athletics
    • Tennis
    • Golf
    • Racing
  • Opinion
    • Editorial
    • Interviews
  • Press Freedom
  • Columns
  • TUN TV
  • ABOUT US
  • CONTACT US

©The Union Nigeria | Published By Flying Dutchman Limited.