Afreximbank Posts Record $973.5M Profit in 2024
The African Export-Import Bank (Afreximbank) has reported outstanding financial results for the year ending December 31, 2024, reinforcing its reputation as a cornerstone of pan-African trade finance and economic development.
The Bank posted a net income of US$973.5 million, marking a 29% increase over the previous year. Total income surged to US$3.3 billion, buoyed by increased business volumes and favorable market interest rates. Net interest income rose 25% to US$1.8 billion, despite a rise in operating expenses influenced by inflation and strategic investments in talent.
Afreximbank’s total assets, including contingencies, rose 7.55% to US$40.1 billion, while shareholders’ funds grew 17% to US$7.2 billion, thanks to retained earnings and a successful second capital raise totaling US$412.8 million.
“The Group delivered robust financial performance, exceeding expectations despite global headwinds,” said Denys Denya, Senior Executive Vice President at Afreximbank. “This reflects our strategic execution, operational efficiency, and unwavering commitment to Africa’s economic transformation.”
Key highlights include:
- Cost-to-Income Ratio improved to 18.35% from 19.09%
- Return on Average Equity (ROAE) rose to 15.31%
- Non-Performing Loans Ratio (NPL) decreased to 2.33%
- Capital Adequacy Ratio stood strong at 24%
The Bank expanded its footprint with Libya and Somalia joining its membership, bringing the total to 54 African countries. Afreximbank also deepened its presence in the Caribbean, with 12 out of 15 CARICOM nations on board.
Its subsidiaries also made major strides. FEDA, the impact investment arm, grew its portfolio to over US$0.5 billion, while AfrexInsure expanded operations to 17 countries, covering US$3.54 billion in assets. The Pan African Payment and Settlement System (PAPSS) welcomed more banks and central banks, supporting seamless cross-border trade with plans to launch the African Currency Marketplace.
On the funding side, Afreximbank launched its first Samurai bond and Retail Samurai bond, raising a combined JPY 81.3 billion. It also received a historic AAA rating from China Chengxin International Credit Rating Co., the highest ever for an African multilateral financial institution.
Looking ahead, the Bank will host Intra-African Trade Fair (IATF2025) in Algiers, Algeria, from September 4–10, 2025, in partnership with the African Union and AfCFTA Secretariat. The event aims to drive continental integration and intra-African commerce.
Afreximbank continues to play a pivotal role in Africa’s economic journey, balancing growth, liquidity, and profitability while championing sustainable development across the continent.
For more information, visit: www.afreximbank.com
