Despite a turbulent global economic backdrop marked by geopolitical tensions, persistent inflation, and elevated interest rates, Afreximbank has emerged with one of its strongest financial performances to date.
The African Export-Import Bank reported a 29% increase in net income for the year ending 31 December 2024, reaching $973.5 million.
The impressive results were unveiled in the Bank’s consolidated financial statements, revealing that subsidiaries played a significant role in the group’s performance, helping drive a total revenue increase of 23% year-on-year to $3.3 billion.
Key Metrics Show Sharp Growth
Net interest income climbed 25% to $1.8 billion, attributed to effective management of borrowing costs and rising business volumes.
Although operating expenses rose by 21% to $367.7 million, the cost-to-income ratio improved from 19% to 18%, highlighting greater operational efficiency.
Total group assets, including off-balance-sheet items, expanded by 7.55%, reaching $40.1 billion, up from $37.3 billion in 2023.
This growth was largely driven by increased loans, guarantees, letters of credit, and financial investments.
Afreximbank also made significant strides in capital investment.
Property and equipment values jumped 33% to $436.4 million, fuelled by the development of African Trade Centres (AATC) in Abuja and Harare.
Equity rose to $7.2 billion, up 2.89%, supported by strong earnings and capital contributions through the second General Capital Increase programme (GCI II), which brought in $412.8 million.
Callable capital increased to $4.3 billion from $3.7 billion the previous year.
Market Leadership and Global Recognition
In 2024, Afreximbank topped three categories in the Bloomberg Capital Markets League Tables Report for Sub-Saharan Africa—as top bookrunner, administrative agent, and mandated lead arranger.
The bank also entered the Samurai bond market for the first time, raising ¥67.2 billion across five tranches, and issued a three-year fixed-rate retail bond of ¥14.1 billion, both rated “A-” by Japan Credit Rating Agency.
Furthermore, it earned a historic AAA/stable rating from China’s CCXI, the highest ever for an African multilateral financial institution.
Continental Integration Gains Momentum
The Bank expanded its membership, welcoming Libya and Somalia and bringing the number of African member states to 54.
Twelve of the fifteen Caribbean Community (CARICOM) nations also joined Afreximbank in 2024.
The Pan-African Payment and Settlement System (PAPSS) added three central banks and 50 commercial banks, reaching a total of 16 central banks and 144 commercial banks.
The platform also launched the Pan-African Currency Market (PACM), which began trial operations with 12 currencies, while development of a PAPSS-linked payment card is underway.
Looking ahead, Afreximbank will co-host the Intra-African Trade Fair (IATF2025) in Algiers from 4–10 September 2025, alongside the African Union, AfCFTA Secretariat, and the Algerian government, aiming to advance the goals of continental economic integration.
“In a constantly shifting geopolitical and economic landscape, the Group has outperformed expectations, confirming the strength of its strategy, governance, and financial structure.
Our priority remains to maintain a balance between growth, liquidity, profitability, and risk management, while pursuing sustainable expansion,” said Denys Denya, First Executive Vice President of Afreximbank.
Source: apanews
