The African Export-Import Bank (Afreximbank) has showcased remarkable financial resilience and robust growth in 2024, delivering a strong performance despite a challenging global economic landscape characterized by geopolitical tensions, persistent inflation, and elevated interest rates.
Afreximbank’s consolidated financial statements for the year ending December 31, 2024, revealed a significant 29 percent increase in net income, reaching $973.5 million, up from $754.7 million in 2023. This substantial growth reflects, in part, the increasing contributions from the bank’s various subsidiaries to the overall financial health of the Group.
Key financial indicators show significant improvement:
The Group’s total revenue saw a substantial 23 percent increase, reaching $3.3 billion, driven by higher business volumes and the impact of rising interest rates. Net interest income also experienced strong growth, rising by 25 percent year-on-year to $1.8 billion, demonstrating effective management of borrowing costs. Despite a 21 percent increase in operating expenses to $367.7 million, the bank managed to improve its cost-to-income ratio from 19 percent to a more efficient 18 percent, highlighting operational efficiencies within the institution.
The Group’s total assets, including off-balance sheet commitments, expanded by 7.55 percent to $40.1 billion at the end of 2024, compared to $37.3 billion at the close of 2023. This growth was primarily fueled by increases in net loans, guarantees, letters of credit, and financial investments.
Strengthening investment and equity base:
Afreximbank continued to invest in its infrastructure, with the value of property, plant, and equipment increasing by a significant 33 percent to $436.4 million. This growth was largely driven by ongoing progress in the construction of the African Trade Centre (AATC) projects in Abuja, Nigeria, and Harare, Zimbabwe, strategic initiatives aimed at fostering trade and investment across the continent. The Group’s shareholders’ equity also strengthened, reaching $7.2 billion, a 2.89 percent increase year-on-year. This was supported by the year’s profits and capital contributions related to the second general capital increase (GCI II), which successfully raised $412.8 million. The bank’s callable capital stood at a robust $4.3 billion at the end of 2024, up from $3.7 billion in the previous year, providing a strong buffer for future growth and stability.
Confirmed leadership in financial markets:
Afreximbank further solidified its position as a leader in African financial markets in 2024. The bank achieved top rankings in three key categories of the Bloomberg Capital Markets League Tables Report for Sub-Saharan Africa, securing the number one spot as lead bookrunner, administrative agent, and mandated lead arranger. The bank also demonstrated its innovative approach to funding by issuing its first Samurai Bonds, successfully raising 67.2 billion yen across five tranches. Additionally, it issued a 14.1 billion yen three-year fixed-rate retail bond, which received a strong “A-” rating from the Japan Credit Rating Agency. In a significant recognition of its financial strength, Afreximbank also obtained a AAA/stable rating from China’s CCXI rating agency, the highest rating ever assigned to an African multilateral financial institution.
Expanding membership and facilitating Pan-African integration:
Afreximbank continued to expand its reach and influence across the African continent in 2024. With the accession of Libya and then Somalia, the total number of African member states now stands at an impressive 54. The bank also made significant strides in the Caribbean, with 12 out of the 15 CARICOM countries having now signed the Bank’s Participation Agreement, further extending its network and impact.
The Pan-African Payment and Settlement System (PAPSS), a key initiative championed by Afreximbank to facilitate intra-African trade and reduce reliance on hard currencies, also recorded significant progress. Three new central banks and 50 commercial banks joined the platform in 2024, bringing the total number of participating central banks to 16 and commercial banks to 144. PAPSS also launched the African Currency Market (PACM) in a pilot phase, enabling the processing of transactions in 12 African currencies. Furthermore, the development of a PAPSS card is currently underway, promising to further streamline payments across the continent.
A strategic vision for African integration:
Looking ahead, Afreximbank is set to play a pivotal role in promoting intra-African trade and integration. The bank will co-host, in partnership with the African Union, the AfCFTA Secretariat, and the Algerian government, the next Intra-African Trade Fair (IATF2025) in Algiers, scheduled to take place from September 4 to 10, 2025. This flagship event is a key platform for realizing the ambitious goals of the African Continental Free Trade Area (AfCFTA).
Commenting on the bank’s exceptional performance, Denys Denya, Senior Executive Vice President of Afreximbank, stated: “In a constantly evolving global geopolitical and economic environment, the Group has exceeded expectations, confirming the robustness 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. These results underscore Afreximbank’s unwavering commitment to supporting African trade and development, even in the face of significant global challenges, and its crucial role in fostering economic integration across the continent.”
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