Medical/Health Care

Afreximbank records $285million income in 2018

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

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, Nigeria’s capital.

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

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

The increase was mainly due to a higher net income in the period under review, which amounted to 275.9 million dollars compared to 220.5 million dollars recorded in 2017.

He said the bank’s total assets grew by 13 percent from 11.91 billion dollars as at December 31, 2017 to 13.42 billion dollars as at December 31, 2018.

Oramah noted that there was solid growth in the net loans and advances, which increased by 30.3 percent.

The performance was a reflection of the strength of Afreximbank’s underlying business, while restating commitment to driving the bank’s strategic objectives of strong orderly growth in assets and earnings.

Source: Voice of Nigeria