{"id":461883,"date":"2018-08-17T13:57:54","date_gmt":"2018-08-17T12:57:54","guid":{"rendered":"https:\/\/en.financialafrik.com\/?p=461883"},"modified":"2018-08-17T13:57:54","modified_gmt":"2018-08-17T12:57:54","slug":"afreximbank-releases-half-year-results-shows-343-million-in-gross-revenue","status":"publish","type":"post","link":"https:\/\/www.financialafrik.com\/en\/2018\/08\/17\/afreximbank-releases-half-year-results-shows-343-million-in-gross-revenue\/","title":{"rendered":"Afreximbank Releases Half-Year Results, Shows $343 million in Gross Revenue"},"content":{"rendered":"<div class=\"pdfprnt-buttons pdfprnt-buttons-post pdfprnt-top-bottom-left\"><\/div><div class=\"m_-3976769775789500016m_1196759325036370846WordSection1\">\n<p class=\"m_-3976769775789500016m_1196759325036370846BodyA\"><span class=\"m_-3976769775789500016m_1196759325036370846None\">The African Export-Import Bank (Afreximbank) <\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\">has<\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\">release<\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\">d<\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\"> its <\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\">unaudited financial statements for the <\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\">half-year p<\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\">e<\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\">riod en<\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\">d<\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\">ed 30<\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\"> June 2018, <a rel=\"noreferrer\" name=\"m_-3976769775789500016_m_1196759325036370846__Hlk522009520\"><\/a>showing<\/span> <span class=\"m_-3976769775789500016m_1196759325036370846None\">gross revenue of $343 million<\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\">.<\/span><u><\/u><u><\/u><\/p>\n<p class=\"m_-3976769775789500016m_1196759325036370846BodyA\"><span class=\"m_-3976769775789500016m_1196759325036370846None\">The figure represents a $21 million increase over the gross revenue for the same period in 2017.<\/span><u><\/u><u><\/u><\/p>\n<p class=\"m_-3976769775789500016m_1196759325036370846BodyA\"><span class=\"m_-3976769775789500016m_1196759325036370846None\">The results, released<\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\"> by the Bank in Cairo <\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\">today, <\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\">attributed the <\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\">higher gross revenue<\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\"> to <\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\">a significant<\/span> <span class=\"m_-3976769775789500016m_1196759325036370846None\">increase in fee income by 119<\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\"> per cent<\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\"> while interest and<\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\">similar income recorded a 2<\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\"> per cent<\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\"> growth compared<\/span> <span class=\"m_-3976769775789500016m_1196759325036370846None\">to prior year performance.<\/span><u><\/u><u><\/u><\/p>\n<p class=\"m_-3976769775789500016m_1196759325036370846BodyA\"><span class=\"m_-3976769775789500016m_1196759325036370846None\">The Bank\u2019s a<\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\">ttributable earnings over the<\/span> <span class=\"m_-3976769775789500016m_1196759325036370846None\">six months <\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\">also <\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\">amounted to <\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\">$<\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\">110 million<\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\">, beating the <\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\">budget by 34<\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\"> per cent<\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\">.<\/span><u><\/u><u><\/u><\/p>\n<p class=\"m_-3976769775789500016m_1196759325036370846BodyA\"><span class=\"m_-3976769775789500016m_1196759325036370846None\">T<\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\">he key profitability ratios<\/span> <span class=\"m_-3976769775789500016m_1196759325036370846None\">equally<\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\"> came in <\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\">well above budget<\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\">,<\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\"> with the return on the Bank\u2019s<\/span> <span class=\"m_-3976769775789500016m_1196759325036370846None\">average shareholders\u2019 equity (ROAE) <\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\">standing <\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\">at 10<\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\"> per cent, compared to the b<\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\">udget:<\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\"> of <\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\">8.08<\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\"> per cent, and<\/span> <span class=\"m_-3976769775789500016m_1196759325036370846None\">the <\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\">return on the average assets (ROAA) at 1.88<\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\"> per cent as against the budget of<\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\"> 1.57<\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\"> per cent.<\/span><u><\/u><u><\/u><\/p>\n<p class=\"m_-3976769775789500016m_1196759325036370846BodyA\"><span class=\"m_-3976769775789500016m_1196759325036370846None\">Other key <\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\">figures<\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\"> from the results include:<\/span><u><\/u><u><\/u><\/p>\n<p class=\"m_-3976769775789500016m_1196759325036370846BodyA\"><u><\/u><span class=\"m_-3976769775789500016m_1196759325036370846None\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><u><\/u><span class=\"m_-3976769775789500016m_1196759325036370846None\">Interest and similar income &#8211; $314.81 million;<\/span><u><\/u><u><\/u><\/p>\n<p class=\"m_-3976769775789500016m_1196759325036370846BodyA\"><u><\/u><span class=\"m_-3976769775789500016m_1196759325036370846None\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><u><\/u><span class=\"m_-3976769775789500016m_1196759325036370846None\">Net interest margin \u2013 3.17%;<\/span><u><\/u><u><\/u><\/p>\n<p class=\"m_-3976769775789500016m_1196759325036370846BodyA\"><u><\/u><span class=\"m_-3976769775789500016m_1196759325036370846None\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><u><\/u><span class=\"m_-3976769775789500016m_1196759325036370846None\">Net fee and commission income <\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\">\u2013<\/span> <span class=\"m_-3976769775789500016m_1196759325036370846None\">23 million;<\/span><u><\/u><u><\/u><\/p>\n<p class=\"m_-3976769775789500016m_1196759325036370846BodyA\"><u><\/u><span class=\"m_-3976769775789500016m_1196759325036370846None\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><u><\/u><span class=\"m_-3976769775789500016m_1196759325036370846None\">Operating expenses \u2013 23.04 million<\/span><u><\/u><u><\/u><\/p>\n<p class=\"m_-3976769775789500016m_1196759325036370846BodyA\"><u><\/u><span class=\"m_-3976769775789500016m_1196759325036370846None\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><u><\/u><span class=\"m_-3976769775789500016m_1196759325036370846None\">Allowance and impairment on loans and advances &#8211;\u00a0 31.95<\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\"> million<\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\">;<\/span><u><\/u><u><\/u><\/p>\n<p class=\"m_-3976769775789500016m_1196759325036370846BodyA\"><u><\/u><span class=\"m_-3976769775789500016m_1196759325036370846None\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><u><\/u><span class=\"m_-3976769775789500016m_1196759325036370846None\">T<\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\">otal assets<\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\"> &#8211; $11.52 billion;<\/span><u><\/u><u><\/u><\/p>\n<p class=\"m_-3976769775789500016m_1196759325036370846BodyA\"><u><\/u><span class=\"m_-3976769775789500016m_1196759325036370846None\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><u><\/u><span class=\"m_-3976769775789500016m_1196759325036370846None\">Total liabilities <\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\">&#8211;<\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\"> $ 9.21 billion<\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\">;<\/span><u><\/u><u><\/u><\/p>\n<p class=\"m_-3976769775789500016m_1196759325036370846BodyA\"><u><\/u><span class=\"m_-3976769775789500016m_1196759325036370846None\">\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><u><\/u><span class=\"m_-3976769775789500016m_1196759325036370846None\">S<\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\">hareholders\u2019 funds <\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\">&#8211; <\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\">$2.31 billion<\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\">;<\/span><u><\/u><u><\/u><\/p>\n<p class=\"m_-3976769775789500016m_1196759325036370846BodyA\"><span class=\"m_-3976769775789500016m_1196759325036370846None\">Full <\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\">details of<\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\"> the <\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\">abridged<\/span> <span class=\"m_-3976769775789500016m_1196759325036370846None\">unaudited<\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\"> financial <\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\">statement<\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\"> can be found at<\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\"> the following website:<\/span><u><\/u><u><\/u><\/p>\n<p class=\"m_-3976769775789500016m_1196759325036370846BodyA\"><span class=\"m_-3976769775789500016m_1196759325036370846MsoHyperlink\"><a href=\"http:\/\/stockexchangeofmauritius.com\/downloads\/InterimAccounts\/16082018afrexim.pdf\" target=\"_blank\" rel=\"noopener noreferrer\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=http:\/\/stockexchangeofmauritius.com\/downloads\/InterimAccounts\/16082018afrexim.pdf&amp;source=gmail&amp;ust=1534595363470000&amp;usg=AFQjCNETemt0BPc-_fReBbpPyOBaS9t_pg\">http:\/\/<wbr \/>stockexchangeofmauritius.com\/<wbr \/>downloads\/InterimAccounts\/<wbr \/>16082018afrexim.pdf<\/a><\/span><u><\/u><\/p>\n<p class=\"m_-3976769775789500016m_1196759325036370846BodyA\"><span class=\"m_-3976769775789500016m_1196759325036370846None\"><u><\/u>\u00a0<u><\/u><\/span><\/p>\n<p class=\"m_-3976769775789500016m_1196759325036370846BodyA\" align=\"center\"><span class=\"m_-3976769775789500016m_1196759325036370846None\">&#8212;&#8211;<\/span><\/p>\n<p class=\"m_-3976769775789500016m_1196759325036370846BodyA\"><u><\/u><img decoding=\"async\" src=\"https:\/\/mail.google.com\/mail\/?ui=2&amp;ik=77d141e596&amp;attid=0.0.2&amp;th=16547dc69f1daa56&amp;view=fimg&amp;rm=16547dc69f1daa56&amp;sz=w1600-h1000&amp;attbid=ANGjdJ-Jez3mWhoYd7VJkXMldNp-7TLqC36id8x6lfiPYA_V-pAxUqtvz-WnyH0DA-WtEnF77l5I_erYIaKoHEh24PuX59aENC98HPI5cbAX1FY-DTS6L9vvLP2QHYk&amp;disp=emb&amp;realattid=16547dbeb2371e11194&amp;zw\" alt=\"Picture 8\" align=\"left\" hspace=\"13\" vspace=\"13\" \/><u><\/u><u><\/u><img decoding=\"async\" src=\"https:\/\/mail.google.com\/mail\/?ui=2&amp;ik=77d141e596&amp;attid=0.0.3&amp;th=16547dc69f1daa56&amp;view=fimg&amp;rm=16547dc69f1daa56&amp;sz=w1600-h1000&amp;attbid=ANGjdJ_oJJhHGws-FISz-0Ly_TtoWvdAq2RnlQu6CT_0MYOpsgr2P5j4O9ddXqMSWLB4pDygbaMPONGpYtOvd1xEVdWvDbj2uNZXKZnUeOGiPIJnyFhK0MLN8MoB4W0&amp;disp=emb&amp;realattid=16547dbeb23cfaa391b5&amp;zw\" alt=\"Picture 4\" align=\"left\" hspace=\"13\" vspace=\"13\" \/><u><\/u><span class=\"m_-3976769775789500016m_1196759325036370846None\">Follow us on Twitter: <\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\"><u>@<\/u><\/span><span class=\"m_-3976769775789500016m_1196759325036370846Hyperlink1\"><a href=\"https:\/\/twitter.com\/afreximbank\" target=\"_blank\" rel=\"noopener noreferrer\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/twitter.com\/afreximbank&amp;source=gmail&amp;ust=1534595363470000&amp;usg=AFQjCNF0MNkV9SyeBfEBYzFqPX_FoU5EMQ\">Afreximbank<\/a>\u00a0\u00a0\u00a0\u00a0 <\/span>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Like us on Facebook:<span class=\"m_-3976769775789500016m_1196759325036370846Hyperlink1\"><a href=\"https:\/\/www.facebook.com\/pages\/African-Export-Import-Bank-Afreximbank\/406603026114918\" target=\"_blank\" rel=\"noopener noreferrer\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/www.facebook.com\/pages\/African-Export-Import-Bank-Afreximbank\/406603026114918&amp;source=gmail&amp;ust=1534595363471000&amp;usg=AFQjCNF7YIlao_abxKMBA37oeK1GMdgBYg\">Afreximbank<\/a><\/span><\/p>\n<p class=\"m_-3976769775789500016m_1196759325036370846BodyA\"><span class=\"m_-3976769775789500016m_1196759325036370846None\"><u><\/u>\u00a0<u><\/u><\/span><\/p>\n<p class=\"m_-3976769775789500016m_1196759325036370846BodyA\"><span class=\"m_-3976769775789500016m_1196759325036370846None\"><b>About Afreximbank: <\/b><\/span><span class=\"m_-3976769775789500016m_1196759325036370846None\"><i>The African Export-Import Bank (Afreximbank) is the foremost pan-African multilateral financial institution devoted to financing and promoting intra- and extra-African trade. The Bank was established in October 1993 by African governments, African private and institutional investors, and non-African investors. Its two basic constitutive documents are the Establishment Agreement, which gives it the status of an international organization, and the Charter, which governs its corporate structure and operations. Since 1994, it has approved about $60 billion in credit facilities for African businesses, including about $8.5 billion in 2017. Afreximbank had total assets of $11.9 billion as at 31 December 2017 and is rated BBB+ (GCR), Baa1 (Moody\u2019s), and BBB- (Fitch). The Bank is headquartered in Cairo. For more information, visit: <\/i><\/span><span class=\"m_-3976769775789500016m_1196759325036370846Hyperlink2\"><a href=\"http:\/\/www.afreximbank.com\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=http:\/\/www.afreximbank.com&amp;source=gmail&amp;ust=1534595363471000&amp;usg=AFQjCNGlwAa-b9PREJ35DMONcfhyEC3T9Q\">www.afreximbank.com<\/a><\/span><\/p>\n<\/div>\n<p>The contents of this e-mail and of any attachments are confidential and privileged and are intended for the attention and use solely of the addressee(s). The contents do not necessarily represent the official view(s) of the African Export-Import Bank (Afreximbank). In the event that you are not named as an addressee, please notify the sender immediately, permanently delete the e-mail and any attachments, and do not disclose, disseminate, store or circulate either in whole or partial the contents of this e-mail or any attachments. Afreximbank will not accept any liability whatsoever for any loss or damage by reason of viruses affecting this e-mail.<\/p>\n<div class=\"pdfprnt-buttons pdfprnt-buttons-post pdfprnt-top-bottom-left\"><\/div>","protected":false},"excerpt":{"rendered":"<p>The African Export-Import Bank (Afreximbank) hasreleased its unaudited financial statements for the half-year period ended 30 June 2018, showing gross revenue of $343 million. The figure represents a $21 million increase over the gross revenue for the same period in 2017. The results, released by the Bank in Cairo today, attributed the higher gross revenue<\/p>\n","protected":false},"author":4,"featured_media":461884,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"aside","meta":{"pmpro_default_level":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"translated_post_url_fr":"","_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[12000,12065],"tags":[2360],"class_list":["post-461883","post","type-post","status-publish","format-aside","has-post-thumbnail","category-banks-insurance","category-press-releases","tag-afreximbank","post_format-post-format-aside","pmpro-has-access"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.5 (Yoast SEO v28.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Afreximbank Releases Half-Year Results, Shows $343 million in Gross Revenue - Financial Afrik<\/title>\n<meta name=\"description\" content=\"Headed by Adama Wade and his team of 20 journalists, Kapital Afrik offers strategic and financial information to executives and managers. The aim of Kapital Afrik is to provide financial and political news, give priority to human entrepreneurial experiences, lend life to economic policies, givemeaning to statistics. Our \u201cexaggerated pretensions\u201d inspire us. We will strive, and gradually, to conceive, comfort and reach them. Three versions, three approaches and a global vision. The website is constantly on the news. The newsletter relays information every morning to executives, bankers, university financiers, students. The monthly edition analyzes the information and explains the setbacks. A single credo initiates our journalistic approach: information = actors, facts = a pluralistic vision. We aspire to neutrality, but we assume our subjectivity\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.financialafrik.com\/en\/2018\/08\/17\/afreximbank-releases-half-year-results-shows-343-million-in-gross-revenue\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Afreximbank Releases Half-Year Results, Shows $343 million in Gross Revenue\" \/>\n<meta property=\"og:description\" content=\"Headed by Adama Wade and his team of 20 journalists, Kapital Afrik offers strategic and financial information to executives and managers. The aim of Kapital Afrik is to provide financial and political news, give priority to human entrepreneurial experiences, lend life to economic policies, givemeaning to statistics. Our \u201cexaggerated pretensions\u201d inspire us. We will strive, and gradually, to conceive, comfort and reach them. Three versions, three approaches and a global vision. The website is constantly on the news. The newsletter relays information every morning to executives, bankers, university financiers, students. The monthly edition analyzes the information and explains the setbacks. A single credo initiates our journalistic approach: information = actors, facts = a pluralistic vision. 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