The President, AfreximBank, Dr. Benedict Oramah, said the feat was achieved despite a financial year’s operations that were filled with uncertainties.According to him, by all measures, the bank is financially sound, profitable, liquid and under solid management, as Net Income rose by 25 percent, from $107 million in 2014 to $134 million in 2015.
Describing the bank risks as a “solid loans growth,” he noted the portfolio rose by 40 percent between December 2014 and December 2015 to reach $6.1 billion, as assets and sources of income were well diversified, with key financial ratios being in line with plans.Equity mobilization exercise and the quality of collateral that supported a large proportion of the bank’s loans also contributed in ensuring that it remained strongly capitalized, with Capital Adequacy Ratio now at 26 percent, up from 20 percent in 2014.
“We set ourselves the target of raising an amount of $500 million US dollars by the end of 2016 about six months to go, we have achieved that goal. Based on ongoing discussions with several potential investors, we expect additional investments in the coming months. “The bank’s shareholders funds have risen from $920 million in December 2014 to about $1.5 billion in June 2016, a growth rate of 51 percent,” Oramah said.
Total capital, including contingent (callable capital) stood at about $2 billion in June this year, as some new shareholders have joined the bank over the period. Meanwhile, the Republic of Congo (Brazzaville), the Dangote Group, the Seychelles Pension Fund, and Nouvobanq, Seychelles, to the family of the financial institutions shareholders.
