The African Export-Import Bank – Afreximbank has announced its financial results for the year ended 31 December 2024, showcasing strong performance despite global economic challenges.
The Bank posted a net income of US$973.5 million, marking a 29% increase from 2023, driven by higher business volumes and improved interest income. Total income reached US$3.3 billion, while net interest income rose by 25% to US$1.8 billion. The Bank maintained efficiency with a cost-to-income ratio of 18%, despite rising global inflation.
“In a challenging and rapidly evolving global environment, the Group delivered robust performance, exceeding expectations,” said Denys Denya, Senior Executive Vice President. “This highlights our commitment to executing our strategic plan while maintaining operational efficiency and value creation.”
Afreximbank’s total assets grew to US$40.1 billion, reflecting growth in lending, investments, and infrastructure development. Notably, construction of the Bank’s African Trade Centres in Abuja and Harare led to a 33% rise in property and equipment value.
Shareholders’ funds increased by 17% to US$7.2 billion, supported by strong profits and new capital from the ongoing General Capital Increase [GCI II], which attracted US$412.8 million in fresh equity.
On the operational front, Afreximbank was ranked No. 1 in African capital markets by Bloomberg in three categories: bookrunner, lead arranger, and administrative agent. Its reach expanded to 54 African countries and 12 Caribbean nations.
Subsidiaries made notable progress:
- FEDA, the equity investment arm, expanded its portfolio to over US$0.5 billion, targeting key sectors.
- AfrexInsure covered US$3.54 billion in assets across 17 countries, with 97% of premiums retained within Africa.
- PAPSS, the Bank’s cross-border payment system, now connects 16 central banks and 144 commercial banks, and launched a pilot currency marketplace.
In fundraising, Afreximbank issued its debut Samurai and Retail Samurai bonds, totalling JPY 81.3 billion, while earning a AAA rating from CCXI, the highest ever for an African multilateral.
Looking ahead, Mr. Denya emphasized, “The Bank remains confident in its ability to navigate uncertainties and will continue to balance growth, risk, and profitability while pursuing sustainable expansion.”
Afreximbank will co-host the Intra-African Trade Fair 2025 in Algiers this September to further support continental trade under the AfCFTA.
