The Bank’s total assets increased by 34 percent to $19.33 billion as at 30 September 2020 (31 December 2019: $14.44 billion) primarily as a result of increases in loans and advances and cash and cash equivalents.
Loans and advances increased on a net basis by 33 percent underpinned by disbursements under the Bank’s Pandemic Trade Impact Mitigation Facility (PATIMFA), a facility launched earlier in March in response to the COVID-19 pandemic.
Cash and cash equivalents were up by 41 percent to $3.13 billion resulting in the Bank ending the period with a strong Liquid Asset to Total Assets ratio of 16 percent (31 December 2019: 15 percent). The higher liquidity level was considered necessary to contend with the uncertainties arising from the pandemic.
President of Afreximbank, Prof. Benedict Oramah, said: “Despite the ravages of the COVID-19 pandemic, the Bank remains financially solid across all metrics. The Bank solidified its policy relevance by rising strongly in support of its member countries. It entered the pandemic in a strong financial position, with a solid capital base, high operating efficiency, diversified and high-quality loan portfolio and a strong liquidity position. This has enabled us to record a sound financial performance for the nine-month period and continue to deliver on the Bank’s strategic initiatives while fulfilling its obligations to its member countries under conditions of market failure.