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From Uche Usim, Abuja
African Export-Import Bank on Tuesday released the consolidated financial statements of the Bank and its wholly owned subsidiaries, collectively referred to as the Afreximbank Group for the year ended December 31 2021, showing that the Group’s total assets grew by 13.4 per cent from $19.3 billion as at December 31, 2020, to about $22 billion as at 31 December 2021.
The bank reported that the progress was primarily due to the 11.5 per cent growth in net loans and advances and a 12.1 per cent increase in cash and cash equivalents to $18.2 billion and $3.1 billion respectively. With significant growth in guarantees and letters of credit, in line with strategy, total assets and guarantees of the Group rose from $21.7 billion in 2020 to $25 billion as at December 31 , 2021.
Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank , in a statement , added that the regional financial institution achieved a 10.1 per cent increase in the bank’s net income from $351.7 million in 2020 to $387.3 million in 2021 largely due to a solid growth in operating income in 2021.
He, however, revealed that the Group’s net income of $375.8 million was slightly lower than the net income reported by the Bank ($387.3 million) mainly because of the pre-establishment expenses incurred by the subsidiaries.
