The African Export-Import Bank, Afreximbank, recorded a net income of $973.5 million for the 2024 financial year, a 29% rise from 2023.
In a statement by Vincent Musumba, Communications and Events Manager, the Bank said its strong financial performance was achieved despite global economic uncertainty, marked by geopolitical tensions, inflation, and high interest rates.
The Group’s total income grew by 23% to $3.3 billion, driven by increased business volumes and higher market interest rates. Net interest income rose by 25% to $1.8 billion, reflecting efficient management of borrowing costs.
Operating expenses climbed 21% to $367.7 million, but the cost-to-income ratio improved to 18%, down from 19% in 2023, demonstrating better operational efficiency.
Total assets, including contingencies, reached $40.1 billion, up 7.55% from $37.3 billion in 2023. Growth was attributed to increased loans, guarantees, letters of credit, and investments.
The value of property and equipment jumped by 33% to $436.4 million, driven by ongoing construction of Afreximbank African Trade Centre facilities in Abuja and Harare.
Shareholders’ funds increased by 17% to $7.2 billion, supported by 2024’s net income. The Bank paid out $314.5 million in dividends for FY2023, approved in June 2024.
READ ALSO: Afreximbank investment in Nigeria peaks at $50bn
Denys Denya, Senior Executive Vice President, said the Group’s performance exceeded expectations and highlighted the management’s commitment to operational efficiency and strategic execution.
Afreximbank topped all three Bloomberg Capital Markets League Tables categories for African Capital Markets, emerging as the leading bookrunner, administrative agent, and mandated lead arranger in Sub-Saharan Africa.
Membership rose with Libya and Somalia joining, raising African member states to 54. In the Caribbean, 12 of 15 CARICOM countries signed the Bank’s Participating Agreement.
The equity investment subsidiary, FEDA, expanded its impact portfolio beyond $500 million, targeting sectors like agribusiness, healthcare, financial services, and industrial platforms.
AfrexInsure, the Bank’s insurance arm, operated in 17 countries by year-end, covering $3.54 billion in assets, up from seven countries in 2023.
PAPSS grew to include 16 central banks and 144 commercial banks. Its African Currency Marketplace handled 12 currencies during its pilot phase.
In Q4 2024, the Bank debuted its Samurai bond, securing a five-tranche JPY 67.2 billion issuance.
NAN
