Afreximbank’s assets hit $3.7b in decade

The total assets of the African Export-Import Bank (Afreximbank) reached $3.7 billion in ten years, rising 612% between 2003 and 2012.

During the Bank’s Annual General Meeting last week in Addis Ababa, its President Jean-Louis Ekra attributed the asset growth and the financial performance to “solid internal controls and risk management introduced”.

“Net Income also soared by 251% during the period to hit $65 million. Shareholders’ funds were also significantly up to end 2012 at of $612 million, largely from retained earnings and accretion to reserves,” Mr Ekra told shareholders.

For 2012, he said that the Bank’s total assets were up by 30% compared to 2011 while net income rose by 12% and shareholders’ funds grew by 20%.

Afreximbank’s return on equity was 11.5% and non-performing loan (NPL) ratio remained at 2%, the Bank said in its report.

The President announced that the Bank’s Board had recommended a dividend payment of $14.6 million.

By Ekow Quandzie