Financial Highlights

Income

  • In 2016, the Bank grew its interest income by 8% to US$ 225.18 million from US$ 208.67 million in 2015.
  • Total borrowing costs increased by 11% from US$ 98.19 million in 2015 to US$ 108.71 million.
  • Consequently, net interest income grew by 5% to US$ 116.47 million from US$ 110.48 in 2015.
  • Net fees and commission income was US$ 55.01 million from US$ 47.87 million in 2015, an increase of 15%.
  • Operating income rose by 7% to US$ 161.98 million in 2016 from US$ 151.88 million in 2015.

Assets

  • The Bank grew its total assets by 4% over 2015 to US$ 4.26 billion, exceeding by 40% the US$ 3.04 billion level planned for 2016 in the Bank’s 5 th Corporate Plan.
  • The Bank’s net loan book grew year on year by 11%.
  • Trade Finance loans, whose net balance is US$ 2.39 billion, grew 8% up from US$ 2.21 billion in 2015.
  • Project Finance loans grew by a net amount of US$ 148.22 million to US$ 846.89 million
  • Cash and cash equivalents declined by 8% fromUS$ 643.51 million in 2015 to US$ 594.84 million.
  • Other receivables decreased by US$ 108.21 million in 2016

Financial Highlights

Operating expenditure

  • Operating expenditure increased by 51% from US$ 20.90 million in 2015 to US$ 31.52 million in 2016

Impairment

  • Impairment on Project and Trade Finance loans decreased by 29%, from US$ 32.77 million in 2015 to US$ 23.11 million.

Profitability

  • The Bank made a net profit for the year 2016 of US$ 101.46 million from US$ 94.72 million in 2015.
  • This compares very favourably with the annual budget of US$ 80.27 million.

Liabilities

  • The Bank’s total liabilities grew marginally by 1% to US$ 3.40  billion from US$ 3.36 billion in 2015.
  • Short-term borrowings grew by US$ 190.08 million to US$ 2.37 billion.
  • Long-term borrowings decreased by US$ 79.89 million.
  • Collection account deposits decreased by US$ 92.70 million to  US$ 171.77 million

Capital

  • The Bank’s shareholders’ funds grew by 16% to US$ 856.48  million, exceeding the 11% growth in the Bank’s net loan assets.
  • This compares favorably with, and surpasses by 25% the US$ 685.11 million projected for 2016 in the Bank’s Corporate Plan.
  • A dividend distribution of US$24.35million is proposed for 2016.