{"id":477787,"date":"2023-09-12T22:53:04","date_gmt":"2023-09-12T22:53:04","guid":{"rendered":"https:\/\/www.kapitalafrik.com\/?p=477787"},"modified":"2023-09-12T22:53:11","modified_gmt":"2023-09-12T22:53:11","slug":"afreximbank-announces-first-half-2023-results-delivers-strong-1h-financials-performance","status":"publish","type":"post","link":"https:\/\/www.financialafrik.com\/en\/2023\/09\/12\/afreximbank-announces-first-half-2023-results-delivers-strong-1h-financials-performance\/","title":{"rendered":"Afreximbank announces first half 2023 results delivers strong 1H financials performance"},"content":{"rendered":"
<\/div>\n

African Export-Import Bank (\u201cAfreximbank\u201d or the \u201cGroup\u201d) has released the consolidated financial statements of the Bank and its subsidiaries, for the half year ended 30 June 2023. The results demonstrate a strong and resilient performance, which was ahead of expectations. <\/p>\n\n\n\n

Afreximbank Group\u2019s total balance sheet assets grew by 8% from US$27.9 billion as of 31 December 2022 (FY-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% to close the period at US$26 billion. The liquidity position remained strong at US$3 billion, representing 11% of total assets and achieving a Liquidity Coverage ratio of 310%
Due to increased volume of interest-earning assets, particularly loans and advances and higher interest rates, total interest income recorded a strong growth of 107.1% to reach $1.1 billion for the half-year (H1-2023) period compared to $540.8 million for the same period in 2022.<\/p>\n\n\n\n

Net interest income amounted to $663.6 million, up 76% from the prior year, mainly due to continuous effective management of interest expenses.  Net Interest Margin as a result increased to 4.77%, compared to 3.47% last year.<\/p>\n\n\n\n

The Group\u2019s shareholders\u2019 funds rose by 7.63% to US$5.6 billion as of 30 June 2023 compared to FY-2022. The growth was largely attributable to the $261 million fresh equity contributions from existing and new shareholders who have supported the ongoing General Capital Increase exercise which aims to raise US$2.6 billion paid-in equity by 2026.  In addition, the growth in shareholders\u2019 funds was also underpinned by $125.5 million internally generated net earnings after taking into account the approved dividend and other appropriations which amounted to US$209 million.<\/p>\n\n\n\n

Mr. Denys Denya, Afreximbank\u2019s Executive Vice President, Finance, Administration and Banking Services<\/strong>, commented:
\u201cDuring the period in which the Bank celebrated its 30th<\/sup> Anniversary, we have delivered a strong set of results, driven largely by a focused execution of our mandate as a countercyclical lender which generated increased volume of interest-earning assets, particularly loans and advances and benefited from a rising interest rate environment. The Bank continued to make progress on its strategy implementation, carefully balancing the need to be profitable and sustainable, while maintaining sufficient liquidity, capital, and a quality portfolio of assets. \u201c<\/p>\n\n\n\n

He further highlighted that despite the continued challenges caused by the Ukraine crisis, ongoing geo-political tensions and persistently high inflation, the half-year period saw some headwinds receding, including relatively lower energy and food prices, reduced supply bottlenecks and the re-opening of China, Africa\u2019s biggest trading partner.<\/p>\n\n\n\n

Mr. Denya pointed out that Global Credit Rating (GCR) and Japanese Credit Rating (JCR) respectively affirmed Afreximbank\u2019s international scale long and short-term issuer ratings of A\/A2 and A-, with a \u201cStable\u201d Outlook, while Moody\u2019s maintained the Bank\u2019s credit rating at Baa1. In addition, African Banker recently bestowed on Afreximbank, the 2023 African Bank of the Year and the DFI of the Year awards in recognition of the Bank\u2019s contributions to the continent\u2019s Trade and Development.  Significant progress was made during the first half of the year with the Bank\u2019s subsidiary FEDA generating profit after only two years of operation and AfrexInsure generated premium income on assets valued at over $2 billion.<\/p>\n\n\n\n

\u201cWe began the second half of 2023 well and are confident that Afreximbank\u2019s strong financial position will provide a solid base for the Group to continue assisting its clients and African countries in expanding trade and investments, meet trade finance obligations, boost production especially of food and export value added products, as well as alleviate supply chain constraints and enable the continent to adapt sustainably to the challenging effects of climate change.\u201d<\/p>\n\n\n\n

Highlights of the results for the Group are shown below:<\/strong><\/p>\n\n\n\n

Financial Metrics<\/strong><\/td>Group, H1 2022<\/strong>
($ million)<\/strong><\/td>		Group, H1 2023<\/strong>
($ million)<\/strong><\/td>		Change, %<\/strong><\/td><\/tr>
Gross Income<\/strong><\/td>589.3<\/td>1,190.1<\/td>+102.1%<\/td><\/tr>
Net Interest Income<\/strong><\/td>377.3<\/td>663.6<\/td>+75.9%<\/td><\/tr>
Net Fee and Commission Income<\/strong><\/td>39.7<\/td>53.5<\/td>+35.0%<\/td><\/tr>
Operating Expenses<\/strong><\/td>92.7<\/td>117.2<\/td>+26.4%<\/td><\/tr>
Net income<\/strong><\/td>181.6<\/td>345.6<\/td>+90.3%<\/td><\/tr>
Total Assets<\/strong><\/td>27,863 (Dec)<\/td>30,119<\/td>+8.1%<\/td><\/tr>
Loans and advances<\/strong><\/td>22,966 (Dec)<\/td>26,015<\/td>+13.3%<\/td><\/tr>
Guarantees and Letters of Credit<\/strong><\/td>3,243 (Dec)<\/td>2,404<\/td>-25.9%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
 <\/td>Jun 23<\/strong><\/td>Dec 22<\/strong><\/td>Jun 22<\/strong><\/td><\/tr>
Profitability<\/strong>
Return on average assets (ROAA)<\/strong>
Return on average equity (ROAE)<\/strong><\/td>		 
2.36%
 
12%<\/td>		 
1.87%
 
10%<\/td>
1.52%
 
8.52%<\/td><\/tr>
Operating Efficiency<\/strong>
Net interest margin<\/strong>
Cost -to -income ratio<\/strong><\/td>		4.77%
16%<\/td>		n\/a
22%<\/td>		3.47%
22%<\/td><\/tr>
Asset Quality<\/strong>
Non-performing loans ratio (NPL)<\/strong>
Loan loss coverage ratio<\/strong><\/td>		 
3.60%
 
90%<\/td>		 
3.40%
 
100%<\/td>		 
3.45%
 
116%<\/td><\/tr>
Liquidity and capital adequacy<\/strong>
Cash\/Total assets<\/strong>
Capital Adequacy ratio (Basel II)<\/strong><\/td>		11%
25%<\/td>		15%
28%<\/td>		 
14%
26%
 <\/td><\/tr><\/tbody><\/table><\/figure>\n
<\/div>","protected":false},"excerpt":{"rendered":"

African Export-Import Bank (\u201cAfreximbank\u201d or the \u201cGroup\u201d) has released the consolidated financial statements of the Bank and its subsidiaries, for the half year ended 30 June 2023. The results demonstrate a strong and resilient performance, which was ahead of expectations.  Afreximbank Group\u2019s total balance sheet assets grew by 8% from US$27.9 billion as of 31 December<\/p>\n","protected":false},"author":527180,"featured_media":477788,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"aside","meta":{"pmpro_default_level":"","jetpack_post_was_ever_published":false,"_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_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}},"categories":[12591,12040],"tags":[],"class_list":{"0":"post-477787","1":"post","2":"type-post","3":"status-publish","4":"format-aside","5":"has-post-thumbnail","7":"category-feature","8":"category-international-institutions","9":"post_format-post-format-aside","10":"pmpro-has-access"},"yoast_head":"\nAfreximbank announces first half 2023 results delivers strong 1H financials performance - 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. 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