African Export-Import Bank (Afreximbank) has released the consolidated financial statements of the Bank and its subsidiaries, for the year ended December 31, 2024.
Afreximbank reported strong financial performance despite a complex global economic landscape marked by geopolitical tensions, inflationary pressures, and elevated interest rate, posting a net income of US$973.5 million for FY 2024, a 29% increase from the previous year – with subsidiaries beginning to make meaningful contributions to the Group’s financial results.
These impressive results highlight Afreximbank’s resilience, systemic relevance and its commitment to delivering on its mandate and the objectives set under its Sixth Strategic Plan. The Group’s total income increased by 23% to reach US$3.3 billion, driven by growth in business volumes and supported by higher market interest rates. As a result, net interest income for FY2024 amounted to US$1.8 billion, a 25% increase compared to FY2023, reflecting the effective and efficient management of borrowing costs.
Despite rising operating expenses, Cost-to-Income ratio improved to 18% in FY 2024, down from 19% in the previous year – demonstrating enhanced operational efficiency. This was achieved even as total operating expenses rose by 21% to US$367.7 million (FY2023: US$304.5 million), primarily due to global inflationary pressures and increased investment in human capital to support expanded business activities.
Group’s total assets, including contingencies, grew by 7.55%, reaching US$40.1 billion as of December 31, 2024, compared to US$37.3 billion at the close of FY’2023. The growth was largely driven by increases in net loans and advances to customers, guarantees and letters of credit, as well as investments at fair value, property and equipment.
The carrying value of property and equipment increased by 33%, rising from US$328.1 million to US$436.4 million, primarily driven by the accelerated construction of the state-of-the-art Afreximbank African Trade Centre (AATC) facilities in Abuja, Nigeria, and Harare, Zimbabwe.
The Group’s Shareholders’ funds grew by 17% in 2024, reaching US$7.2 billion (FY’2023: US$6.1 billion). This growth was largely driven by the Net income of US$973.5 million generated in 2024 which contributed to the increase in equity, while FY’2023 dividends of US$314.5 million were appropriated following the Shareholders’ approval in June 2024. Additionally, the successful capital-raising efforts under the second general capital increase (GCI II) programme, which secured fresh equity contributions totalling US$412.8 million during the year also contributed to the increase in Group shareholders’s funds.
The Bank’s callable capital, a significant proportion of which was credit enhanced as part of the Bank’s Capital Management Strategy, amounted to US$4.3 billion as at 31 December 2024 (FY’2023: US$3.7 billion).
In 2024, Afreximbank was ranked number one in all three categories in the Bloomberg Capital Markets League Tables Report for African Capital Markets. The Bank was the top Sub-Saharan Africa bookrunner, administrative agent and mandated lead arranger. These rankings affirm the Bank’s role as a market leader in facilitating capital from within and outside of the continent from a diverse range of investors and stakeholders for financing needs for African member states and organisations.
Afreximbank’s Senior Executive Vice President, Mr. Denys Denya, commented: “In a challenging and rapidly evolving global geopolitical and economic environment, the Group delivered robust financial performance, exceeding expectations and outperforming prior years. This achievement highlights management’s commitment to executing the 6th Strategic Plan, ensuring operational efficiency, and enhancing value.
The Bank’s strong financial position is underpinned by solid liquidity, a well-capitalized balance sheet, and a high-quality asset portfolio. Management remains confident in the Group’s ability to navigate ongoing economic headwinds and sustain growth trajectory. Strategic initiatives to mitigate risks and optimize operations have reinforced the foundation for long-term success. Looking ahead, global economic conditions are expected to remain volatile, with inflationary pressures, tighter financial conditions, and geopolitical uncertainties posing potential risks. The Bank will continue to play its role as a systemically relevant institution, balancing growth, liquidity, profitability, and risk management while pursuing sustainable expansion.”
Against Global Odds, Afreximbank Reports Strong Financial Performance For 2024
African Export-Import Bank (Afreximbank) has released the consolidated financial statements of the Bank and its subsidiaries, for the year ended December 31, 2024.
Afreximbank reported strong financial performance despite a complex global economic landscape marked by geopolitical tensions, inflationary pressures, and elevated interest rate, posting a net income of US$973.5 million for FY 2024, a 29% increase from the previous year – with subsidiaries beginning to make meaningful contributions to the Group’s financial results.
These impressive results highlight Afreximbank’s resilience, systemic relevance and its commitment to delivering on its mandate and the objectives set under its Sixth Strategic Plan. The Group’s total income increased by 23% to reach US$3.3 billion, driven by growth in business volumes and supported by higher market interest rates. As a result, net interest income for FY2024 amounted to US$1.8 billion, a 25% increase compared to FY2023, reflecting the effective and efficient management of borrowing costs.
Despite rising operating expenses, Cost-to-Income ratio improved to 18% in FY 2024, down from 19% in the previous year – demonstrating enhanced operational efficiency. This was achieved even as total operating expenses rose by 21% to US$367.7 million (FY2023: US$304.5 million), primarily due to global inflationary pressures and increased investment in human capital to support expanded business activities.
Group’s total assets, including contingencies, grew by 7.55%, reaching US$40.1 billion as of December 31, 2024, compared to US$37.3 billion at the close of FY’2023. The growth was largely driven by increases in net loans and advances to customers, guarantees and letters of credit, as well as investments at fair value, property and equipment.
The carrying value of property and equipment increased by 33%, rising from US$328.1 million to US$436.4 million, primarily driven by the accelerated construction of the state-of-the-art Afreximbank African Trade Centre (AATC) facilities in Abuja, Nigeria, and Harare, Zimbabwe.
The Group’s Shareholders’ funds grew by 17% in 2024, reaching US$7.2 billion (FY’2023: US$6.1 billion). This growth was largely driven by the Net income of US$973.5 million generated in 2024 which contributed to the increase in equity, while FY’2023 dividends of US$314.5 million were appropriated following the Shareholders’ approval in June 2024. Additionally, the successful capital-raising efforts under the second general capital increase (GCI II) programme, which secured fresh equity contributions totalling US$412.8 million during the year also contributed to the increase in Group shareholders’s funds.
The Bank’s callable capital, a significant proportion of which was credit enhanced as part of the Bank’s Capital Management Strategy, amounted to US$4.3 billion as at 31 December 2024 (FY’2023: US$3.7 billion).
In 2024, Afreximbank was ranked number one in all three categories in the Bloomberg Capital Markets League Tables Report for African Capital Markets. The Bank was the top Sub-Saharan Africa bookrunner, administrative agent and mandated lead arranger. These rankings affirm the Bank’s role as a market leader in facilitating capital from within and outside of the continent from a diverse range of investors and stakeholders for financing needs for African member states and organisations.
Afreximbank’s Senior Executive Vice President, Mr. Denys Denya, commented: “In a challenging and rapidly evolving global geopolitical and economic environment, the Group delivered robust financial performance, exceeding expectations and outperforming prior years. This achievement highlights management’s commitment to executing the 6th Strategic Plan, ensuring operational efficiency, and enhancing value.
The Bank’s strong financial position is underpinned by solid liquidity, a well-capitalized balance sheet, and a high-quality asset portfolio. Management remains confident in the Group’s ability to navigate ongoing economic headwinds and sustain growth trajectory. Strategic initiatives to mitigate risks and optimize operations have reinforced the foundation for long-term success. Looking ahead, global economic conditions are expected to remain volatile, with inflationary pressures, tighter financial conditions, and geopolitical uncertainties posing potential risks. The Bank will continue to play its role as a systemically relevant institution, balancing growth, liquidity, profitability, and risk management while pursuing sustainable expansion.”
