Afreximbank records $169m net income in 6 months

The rise was driven by the growth in interest income and a 13% decrease in interest expense

African Export-Import Bank (Afreximbank) has released its audited financial statements for the six months ended June 30, showing a net income of $168.9 million for the period.

This is a 12 percent increase over $150.75m recorded in 2020.

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The rise was driven by the growth in interest income and a 13% decrease in interest expense arising from a cost-effective funding mix, the bank said.

Afreximbank’s total assets grew by 5.5% to $20.37 billion as of June 30 from $19.31bn as of December 31, driven by increases in loans and advances and cash and cash equivalents.

The bank’s shareholders’ funds increased by 5.1% to $3.54bn from $3.37bn recorded in December 31, reflecting support from existing shareholders and strong internal capital generation capacity.

Mr. Denys Denya, Afreximbank’s Executive Vice President in charge of Finance, Administration and Banking Services, said, “The first six months of the year witnessed some positive momentum as the African economy has rebounded from the challenges faced in the previous year.

“We are confident that Afreximbank’s solid financial position and growth trajectory provide a strong foundation for us to support the Continent sustain its economic rebound in the second half of 2021.”