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Nigerian Export-Import Bank (NEXIM) has posted record profits as a satisfactory financial condition and strong capacity to meet obligations relative to other development finance institutions in the country earned the lender a Bbb+ rating by leading credit rating agency, Agusto & Co. Limited, (DFIs) in the country.
The banks posted profit after tax (PAT) of N30.74 billion as at December 2024 which is 131.35 percent higher than 2023’s N13.17 billion as at December 2023.
Net interest income (NII) spiked by 39 percent to N22.63 billion in the period under review from N16.28 billion as at December 2023.
The net interest income is the earnings generated by a company’s interest-bearing assets, subtracted from its interest-bearing liabilities. The net interest income, frequently abbreviated as “NII”, is a measure of profitability most often used within the financial sector.
Through its intervention in the non-oil sector, the development financial institution has disbursed over N495 billion, which led to the creation of and sustenance of over 36,000 direct and indirect jobs.
NEXIM is also developing tailored financing schemes for the mining sector, including contract mining, equipment leasing, and Buyers’ Credit/ECA financing, designed to unlock export potential and boost foreign exchange earnings.
The development institution’s total assets has hit N456.06 billion as at December 2024, which is 51.34 billion higher than 2023’s N301.33 billion.
Consistent profit over a period of quarters have helped the bank revert back to accumulated gains of N25.20 billion from a loss of N3.25 billion the previous year.
That’s responsible for a 87.14 percent uptick in total shareholders’ fund to N162.65 billion from N86.15 billion.
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