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African Export-Import Bank (Afreximbank) Group has a total balance sheet assets growth of eight percent in its half-year (H1) operations from US$27.9 billion as of 31 December 2022 to approximately US$30.1 billion as of 30 June 2023
African Export-Import Bank (Afreximbank) Group has a total balance sheet assets growth of eight percent in its half-year (H1) operations from US$27.9 billion as of 31 December 2022 to approximately US$30.1 billion as of 30 June 2023. The growth was driven by the increase in loans and advances to customers, which grew by 13 percent to close the period at US$26 billion.
The liquidity position remained strong at US$3 billion, representing 11 percent of total assets with a liquidity coverage ratio of 310 percent. The bank stated that total interest income recorded a strong growth of 107.1 percent to US$1.1 billion compared to US$540.8 million achieved in the corresponding period in 2022 due to an increased volume of interest-earning assets.
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Net interest income also rose US$663.6 million, 76 percent growth from the prior year while net interest margin increased by 4.77 percent, compared to 3.47 percent recorded in the previous year. The group’s shareholders’ funds rose by 7.63 percent to US$5.6 billion largely attributable to the US $261 million fresh equity contributions from existing and new shareholders that supported the ongoing general capital increase exercise which aimed at raising to US$2.6 billion paid-in equity by 2026.
In addition, the bank also hinged the growth in shareholders’ funds to US$125.5 million in internally generated net earnings after considering the approved dividend and other appropriations which amounted to US$209 million.
