Afreximbank Group Interest Income Surpasses $1 Billion in 2021

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Afreximbank Group reported interest income exceeding $1 billion in 2021. The Bank has released its consolidated financial statements and those of its wholly owned subsidiaries, for the year ended December 31, 2021.

Its total assets also increased by 13.4%, from $19.3 billion as of December 31, 2020 to approximately $22 billion as of December 31, 2021, primarily due to growth of 11.5% in loans and advances. net income and a 12.1% increase in cash. and cash equivalents at $18.2 billion and $3.1 billion respectively.

The statement shows that with significant growth in guarantees and letters of credit, in line with strategy, the Group’s total assets and guarantees have grown from $21.7 billion in 2020 to $25 billion as of December 31. 2021.

The statement shows that the Bank achieved a 10.1% increase in net income, from $351.7 million in 2020 to $387.3 million in 2021, largely due to growth in profit from operation in 2021.

However, the Group’s net profit of $375.8 million was slightly lower than the net profit reported by the Bank ($387.3 million) mainly due to pre-establishment expenses incurred by subsidiaries, it said. he adds.

He noted that the Group’s gross income profile improved after recording $1.13 billion (2020: $1.08 billion) thanks to strong interest income, which exceeded $1 billion in 2021. The increase in funded income was driven by healthy interest margins and higher loan volumes. Group equity increased by 17.4% to $4 billion from the $3.4 billion position in the prior year, primarily due to progress on the general increase capital of $6.5 billion (AGC, $2.6 billion expected as paid out). Overall, the Group maintained a healthy, liquid and robust balance sheet position with respective NPL, liquidity coverage and capital adequacy ratios of 3.4%, 169% and 25% in 2021.

Commenting on the statement, Chairman and Chairman of the Board of Afreximbank, Prof. Benedict Oramah said, “2021 has been, yet again, a challenging year with continued economic and trade disruption caused by the pandemic, including including continued supply chain disruptions, delays in access to COVID-19 vaccines and rising global prices.

“Throughout 2021, the Bank remained focused on proactively and aggressively supporting the fight against Covid-19 in Africa by acting as financial and transactional advisor, guarantor, payment agent and provider of installment payment facilities. under the $2 billion Advance Supply Commitment (APC) Guarantee Facility which supported Africa Vaccine Acquisition Trust (“AVAT”) to secure 400 million doses of Covid-19 vaccines for the continent with 220 million doses committed in parallel, we have maintained strong support for financial institutions, businesses and our member states in other areas,” he said.

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