Cairo, 16 Nov 2020: – @afreximbank today in Cairo released its unaudited financials for 9-mths ended 30 Sept 2020. Notwithstanding the impact of the pandemic, the Bank recorded net income of $217.06mn (2019: $225.36mn), showing a slight decrease on the comparable period last year
Net interest income grew by 16% to US$421.77 million (2019: US$362.83 million) mainly due to 18% decline in Interest expense to US$272.44 million in 9M, 2020 compared to US$331.36 million in the corresponding period of 2019.
Net Interest Margin as a result rose to 3.37% (2019: 3.32%) reflective of cost-effective management of interest expense coupled with the relatively higher average yields sustained on the Bank’s interest-bearing assets.
"The Bank’s total assets increased by 34% to US$19.33 billion as at 30 September 2020 (31 December 2019: US$14.44 billion) primarily as a result of increases in loans and advances and cash and cash equivalents'' @afreximbank @AfreximResearch @BBoason
''Loans and advances increased on a net basis by 33% underpinned by disbursements under the Bank’s Pandemic Trade Impact Mitigation Facility (PATIMFA), a facility launched in March 2020 in response to the COVID-19 pandemic''
Cash & cash equivalents were up 41% to US$3.13 billion resulting in the Bank ending the period with a strong Liquid Asset to Total Assets ratio of 16% (31 Dec 2019: 15%). The higher liquidity level was considered necessary to contend with uncertainties arising from the pandemic.
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