Afreximbank Reports Financial Performance, Surging Profitability and Regional Reach in 2024

Afreximbank Achieves Record $973.5M Net Income in 2024, Strengthens Continental Impact Amid Global Volatility.

The African Export-Import Bank (Afreximbank or the “Group”) has released its audited consolidated financial statements for the year ended 31 December 2024, revealing a year of remarkable financial success and strategic progress despite persistent global challenges. The Group posted an impressive net income of US$973.5 million, reflecting a 29% year-on-year increase from 2023. This milestone not only cements Afreximbank’s resilience and operational efficiency but also underscores the growing contributions of its expanding portfolio of subsidiaries.

Exceptional Financial Growth Amid Economic Uncertainty

The Bank’s financial performance in 2024 stands out given the global backdrop of inflationary pressure, elevated interest rates, and geopolitical tension. Total income grew 23% to US$3.3 billion, driven by expanded business volumes and elevated interest income. Net interest income reached US$1.8 billion, a 25% year-over-year increase, reflecting astute management of borrowing costs and strategic deployment of capital.

Despite a 21% rise in total operating expenses to US$367.7 million—primarily due to global inflation and investments in talent to support business expansion—the Group’s cost-to-income ratio improved to 18%, from 19% in 2023. This indicates enhanced operational efficiency, a key performance marker under its Sixth Strategic Plan.

Total assets including contingencies expanded by 7.55% to US$40.1 billion, up from US$37.3 billion in 2023. This growth was led by increases in net loans and advances, guarantees, letters of credit, and investments in tangible assets. Notably, the carrying value of property and equipment rose by 33% to US$436.4 million, attributed to rapid construction progress on the Afreximbank African Trade Centre (AATC) facilities in Abuja, Nigeria, and Harare, Zimbabwe.

Strengthened Capital Position and Shareholder Equity

The Group’s shareholders’ funds surged 17% to US$7.2 billion, up from US$6.1 billion in 2023. This rise was driven by strong net earnings and enhanced by new equity inflows through the second general capital increase (GCI II) programme, which brought in US$412.8 million in fresh capital. Shareholder confidence was further demonstrated with the US$314.5 million dividend payout following approval in June 2024.

Additionally, the Bank’s callable capital increased to US$4.3 billion, up from US$3.7 billion in 2023. A significant portion of this was credit-enhanced, reinforcing Afreximbank’s capital management framework and strategic risk posture.

Recognition and Market Leadership in Capital Markets

Afreximbank was lauded in 2024 as the top-ranked institution across three categories in the Bloomberg Capital Markets League Tables for African Capital Markets. The Bank secured the number one spot as Sub-Saharan Africa’s leading bookrunner, administrative agent, and mandated lead arranger, confirming its pivotal role in connecting African economies with global capital.

In another funding milestone, Afreximbank priced its debut Samurai bond in Japan, raising a total of JPY 67.2 billion across five tranches. Simultaneously, it issued a JPY 14.1 billion Retail Samurai bond with a 3-year fixed-rate. Both issuances were rated ‘A-’ by the Japan Credit Rating Agency (JCR), underscoring investor confidence and the Bank’s expanding global reach.

Afreximbank’s reputation as a high-quality credit was further reinforced by the AAA/Stable rating from China Chengxin International Credit Rating Co., Ltd (CCXI)—the highest ever rating for an African multilateral financial institution.

Subsidiaries Gaining Momentum and Delivering Impact

2024 marked a year of significant expansion and impact from Afreximbank’s subsidiaries:

• Fund for Export Development in Africa (FEDA) grew its impact portfolio to over US$500 million, targeting key sectors like agribusiness, healthcare, industrial platforms, and financial services.

• AfrexInsure, the Group’s specialty insurance arm, significantly expanded its geographical footprint, closing transactions in 17 countries (up from 7 in 2023), and insuring US$3.54 billion in assets. Importantly, 97% of premiums were placed with pan-African underwriters, fulfilling its mandate to retain value on the continent.

• The Pan-African Payment and Settlement System (PAPSS) continued its expansion, adding 3 Central Banks and 50 commercial banks, raising totals to 16 and 144, respectively. The African Currency Marketplace (PACM) was also launched, supporting 12 currencies in its pilot phase, and facilitating cross-border liquidity for African corporates. Preparations for the launch of the PAPSS card are underway, further strengthening intra-African trade and transactions.

Expanding Continental and Diaspora Membership

The Bank’s geographic influence continued to grow in 2024:

• Libya joined the Bank, increasing African member states to 53 by year-end. Shortly after, Somalia became the 54th.

• On the Caribbean front, momentum accelerated with 12 of 15 CARICOM nations signing the Bank’s Participating Agreement, laying the groundwork for future expansion in the diaspora.

Looking Ahead: IATF2025 and Strategic Vision

In partnership with the African Union, AfCFTA Secretariat, and the Government of Algeria, Afreximbank will co-host the Intra-African Trade Fair (IATF2025) in Algiers from 4-10 September 2025. This flagship event is a cornerstone of the Bank’s mission to promote intra-African trade, continental integration, and to bring the AfCFTA vision to life.

Executive Commentary: Commitment to Strategic Goals

Commenting on the year’s performance, Mr. Denys Denya, Afreximbank’s Senior Executive Vice President, stated:

“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.”

He also emphasized the Bank’s strategic foresight in navigating risk and driving long-term success, noting the importance of adaptability amid ongoing economic volatility.

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With a sharp focus on sustainable growth, operational excellence, and financial resilience, Afreximbank is well-positioned to deepen its systemic role across Africa and beyond. Its 2024 performance not only reflects sound strategy and execution but also affirms its mandate to transform African trade and development in the years to come.