Afreximbank Posts $973.5m Profit, up 29% in 2024

Samuel Mobolaji

African Export-Import Bank (Afreximbank) has reported a robust financial performance for the year ended 31 December 2024, posting a net income of $973.5 million — a 29 per cent jump from $756.1 million recorded in 2023.

The pan-African trade finance institution also saw its total income rise by 23 per cent to $3.3 billion, driven by strong business volumes and higher market interest rates. Net interest income climbed 25 per cent to $1.8 billion, reflecting the bank’s effective cost management in a year marked by global inflationary pressure and geopolitical uncertainty.

Afreximbank’s total assets rose by 7.5 per cent, reaching $40.1 billion from $37.3 billion in 2023. Shareholders’ funds surged 17 per cent to $7.2 billion, buoyed by the bank’s strong net earnings and fresh equity injections worth $412.8 million under its second general capital increase programme.

The bank also posted improved operational efficiency, trimming its cost-to-income ratio to 18 per cent from 19 per cent a year earlier, despite total operating expenses rising by 21 per cent to $367.7 million.

During the year, Afreximbank’s property and equipment portfolio rose by 33 per cent to $436.4 million, fuelled by the ongoing construction of its flagship African Trade Centre projects in Abuja and Harare. The bank’s callable capital stood at $4.3 billion, up from $3.7 billion in 2023.

Subsidiaries also delivered notable growth. AfrexInsure expanded its coverage across 17 countries, safeguarding assets worth $3.54 billion, while the Pan African Payment and Settlement System (PAPSS) grew to 144 commercial banks and 16 central banks. The bank also priced its debut Samurai bond, raising JPY 67.2 billion, and launched its inaugural Retail Samurai bond valued at JPY 14.1 billion.

Afreximbank’s asset quality remained strong, with non-performing loans dropping slightly to 2.33 per cent from 2.47 per cent. Return on average equity rose to 15.31 per cent from 13.31 per cent, while return on average assets improved to 2.96 per cent.

Senior Executive Vice President, Mr. Denys Denya, said the results underscored the bank’s resilience and relevance in an increasingly complex global environment, adding that the bank remains committed to balancing growth, liquidity and risk as it advances its strategic goals across Africa.