The African Export-Import Bank disbursed a total of $422m loans in six months, according to data from its financial statement for the half-year period ended 30 June, 2018.
The figure represents a 5.07 per cent increase in its loan disbursements as of December 2017.
The financial statement, which was released on Friday, also showed a gross revenue of $343m, which amounted to a $21m increase over the gross revenue for the same period in 2017.
The report attributed the higher gross revenue to a significant increase in fee income by 119 per cent, while interest and similar income recorded a two per cent growth compared to the prior year performance.
Punch reports that the bank’s attributable earnings over the six months amounted to $11om, beating the budget by 34 per cent.
The report read in part, “The key profitability ratios equally came in well above budget, with the return on the bank’s average shareholders’ equity standing at 10 per cent, compared to the budget of 8.08 per cent, and the return on the average assets at 1.88 per cent as against the budget of 1.57 per cent.
“Interest and similar income stood at $314.81m; interest margin at 3.17 per cent; allowance and impairment on loans and advances at $31.95m; total assets at $11.52bn; total liabilities at $9.21bn; and shareholders’ funds at $2.31bn.”
The bank said its allowance for impairment on loans and advances, which stood at $47.74m as of December 31, 2017 decreased by $15.79m to $31.95m as of June 30, 2018.
It said the decrease was due lower facilities experiencing repayment difficulties.
It added that its non-performing loans ratio increased slightly from prior year, despite the reduction in gross NPLs by 12 per cent ($30m) due to a 16 per cent ($1.7bn) decline in gross outstanding loans.
According to the report, the provisions coverage ratio was satisfactory and well above the 100 per cent minimum threshold at 149 per cent.
Posted by Juliet Ekwebelam
