Afreximbank’s net income rises 29% as strategic plan, samurai bonds drive growth
The African Export-Import Bank (Afreximbank) has reported a 29 percent rise in its net income for the financial year 2024 despite a complex global economy marked by geopolitical tensions, inflationary pressures, and elevated interest rates.
According to the data seen by BusinessDay, the bank’s net income increased to $973.5 million in 2024 from $756.1 million recorded in 2023.
In a statement, the bank said this performance was driven by a combination of increased business volumes, higher interest rates, and efficient cost management..
The data also disclosed that its total income surged 23 percent to $3.3 billion, with net interest income rising by 25 percent to $1.8 billion, reflecting the bank’s effective management of borrowing costs amid an inflationary and high-interest rate environment.
Despite a 21 percent increase in total operating expenses to $367.7 million, the Group improved its cost-to-income ratio to 18.35 percent, down from 19.09 percent in 2023 This underscores enhanced operational efficiency in the face of global inflation and increased investment in human capital to support expansion.
Total assets rose by 7.55 percent to $40.1 billion, compared to $37.3 billion in 2023, driven by growth in loans, advances, guarantees, and investments.
Read also: Inside Afreximbank’s $200m Trade Centre: What it really means
The Group’s shareholders’ funds grew to $7.2 billion, driven by the robust net income and a successful capital-raising campaign under the General Capital Increase II (GCI II), which secured $412.8 million in fresh equity contributions.
“This achievement highlights management’s commitment to executing the 6th Strategic Plan, ensuring operational efficiency, and enhancing value,” said Denys Denya, Afreximbank’s Senior Executive Vice President. “The Bank’s strong financial position is underpinned by solid liquidity, a well-capitalised balance sheet, and a high-quality asset portfolio.”
Afreximbank successfully tapped into the Japanese capital markets with its debut Samurai bond, raising JPY 67.2 billion across five tranches, and launched a JPY 14.1 billion Retail Samurai bond. The bonds were rated ‘A-’ by the Japan Credit Rating Agency.
Adding to its global credibility, the Bank earned a AAA/Stable rating from China Chengxin International Credit Rating Co., Ltd (CCXI)—the highest rating ever awarded to an African multilateral financial institution.
“This milestone strengthens Afreximbank’s appeal to international investors and supports its strategic engagement with China,” the statement reads.
As part of its continental integration agenda, Afreximbank will co-host the Intra-African Trade Fair 2025 (IATF2025) in Algiers, Algeria, from September 4–10, 2025, in partnership with the African Union and the AfCFTA Secretariat. The fair aims to deepen intra-African trade and showcase Africa’s economic potential on a global stage.
