Afreximbank profit jumps 30% to $535m as lending hits $35.4bn

The African Export-Import Bank (Afreximbank) grew its first-half 2026 net income by 30 per cent to $534.7 million, as stronger lending and trade-finance activity lifted interest and fee income and pushed the bank’s total assets and contingencies to $52.3 billion.

The latest profit compares with $412.7 million recorded in the first half of 2025, according to the bank’s financial results for the six months ended June 30, 2026.

Afreximbank said the stronger performance was driven mainly by a 22 per cent increase in net interest income to $1 billion, from $840 million a year earlier, reflecting the continued expansion of its lending activities.

Fee and commission income also increased 15 per cent to $71.1 million, from $61.9 million, supported by higher fees from guarantees, letters of credit and advisory services.

The growth in earnings coincided with a significant expansion of the bank’s balance sheet.

Total assets and contingencies increased 7.8 per cent to $52.3 billion from $48.5 billion at the end of 2025, while net loans and advances rose 5.7 per cent to $35.4 billion from $33.5 billion.

The expansion in lending did not result in a deterioration in asset quality. Afreximbank’s non-performing loan ratio improved to 2.20 per cent, from 2.43 per cent at the end of 2025.

Profitability also strengthened during the period. Return on average shareholders’ equity rose to 13 per cent, from 11 per cent in the first half of 2025, while return on average assets increased to 2.54 per cent, from 2.22 per cent.

Gross income rose to $1.8 billion, compared with $1.6 billion a year earlier, while shareholders’ funds increased to $8.5 billion.

The bank’s Senior Executive Vice President, Denys Denya, said the results reflected the resilience of the group despite a difficult global economic environment.

He said the bank’s stronger balance sheet would allow it to continue financing trade, industrialisation and investment across its member countries while responding to market disruptions.

Afreximbank also strengthened its funding position after the end of the reporting period through a $1.5 billion dual-tranche bond issuance, comprising $750 million in a 5.5-year tranche and another $750 million in a 10-year tranche.

The transaction, the largest international debt capital markets issuance in the bank’s history, was approximately two times oversubscribed, indicating strong investor appetite for the institution’s debt.

Despite higher personnel expenses and inflationary pressures, the group maintained a relatively strong cost-to-income ratio of 20 per cent, compared with 19 per cent a year earlier.

The first-half performance builds on a strong 2025 financial year, when Afreximbank reported $1.15 billion in profit, up from $973.5 million in 2024.

The bank’s expanding balance sheet comes as intra-African trade continues to grow. In 2025, intra-African trade increased 5.47 per cent to $213.8 billion, from $202.7 billion in 2024.

Afreximbank said stronger trade flows in economies including Ethiopia, Uganda, the Democratic Republic of Congo and Zambia contributed to the increase, while South Africa remained the largest contributor to intra-African trade.

As of June 2026, liquid assets accounted for 13 per cent of total assets, within the bank’s strategic target range of 10 to 15 per cent.

The latest results leave Afreximbank with stronger earnings, a larger lending book and solid liquidity as it expands its role in financing African and Caribbean trade, industrialisation and investment