African Export-Import Bank (Afreximbank) grew its top-line by 23 per cent to $3.3 billion in 2024, as subsidiaries started making considerable contributions to the group.
Key extracts of the audited report and accounts for the year ended December 31, 2024 showed that Afreximbank reported a net income of $973.5 million, 29 per cent increase on the previous year.
Group’s total income of $3.3 billion was driven by growth in business volumes, supported by higher market interest rates. As a result, net interest income rose by 25 per cent to $1.8 billion in 2024, reflecting the effective and efficient management of borrowing costs.
Despite rising operating expenses, cost-to-income ratio improved from 19 per cent in 2023 to 18 per cent in 2024, demonstrating enhanced operational efficiency. This was achieved even as total operating expenses rose by 21 per cent to $367.7 million in 2024 as against $304.5 million in 2023, largely 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 per cent, reaching $40.1 billion in 2024 as against $37.3 billion in 2023. Balance sheet 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 per cent, rising from $328.1 million to $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.
Group’s shareholders’ funds grew by 17 per cent to $7.2 billion in 2024 compared with $6.1 billion in 2023. This growth was largely driven by the net income of $973.5 million generated in 2024 which contributed to the increase in equity, while 2023 dividends of $314.5 million were appropriated following the shareholders’ approval in June 2024.
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The successful capital-raising efforts under the second general capital increase (GCI II) programme, which secured fresh equity contributions totalling $412.8 million during the year also contributed to the increase in group shareholders’ 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 $4.3 billion in 2024 as against $3.7 billion in 2023.
Senior Executive Vice President, African Export-Import Bank (Afreximbank), Mr. Denys Denya said the group exceeded expectations and outperformed the previous year despite the challenges in a rapidly evolving global geopolitical and economic environment.
According to him, the results highlighted 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,” Denya said.
He noted that 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, rankings that affirmed 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 organizations.
He pointed out that Afreximbank continued to expand its membership, further deepening its continental and diaspora reach.
According to him, Libya’s accession to the Establishment Agreement brought the number of African member states to 53 by year-end, and just weeks later, Somalia became the 54th participating state. On the Caribbean front, membership momentum remained strong, with 12 of the 15 CARICOM countries having signed the bank’s Participating Agreement, paving way for Afreximbank to expand its operations into the region.
He said: “The bank’s subsidiaries also delivered a robust growth and made a significant impact throughout the year. The Fund for Export Development (FEDA), the equity investment subsidiary of the bank, expanded its impact portfolio to over $0.5 billion, targeting key sectors such as industrial platforms, financial services, agribusiness, and healthcare. AfrexInsure, the bank’s specialty insurance subsidiary, successfully deployed its solutions to an expanding customer base across multiple sectors and geographies. By year-end, AfrexInsure had completed transactions in seventeen countries, up from seven the previous year, covering $3.54 billion in assets. Notably, AfrexInsure was able to place 97 per cent of its premiums with pan-African players, in line with its mandate to keep premiums on the continent.
“The Pan African Payment and Settlement System (PAPSS) continued its upward trajectory in 2024, with three additional Central Banks and 50 commercial banks joining the platform, bringing the total number of Central Banks to 16 and commercial banks to 144. In addition, PAPSS launched the African Currency Marketplace (PACM) in 2024, which successfully handled 12 currencies during its pilot phase and becoming a useful platform for large corporates encountering difficulties in repatriating funds across the continent. Work is also progressing toward the launch of the PAPSS card, further enhancing the platform’s capacity to facilitate seamless financial transactions across the continent.
“In the last quarter of 2024, the bank priced its debut Samurai bond, securing a regular 5 tranche JPY 67.2 billion. Concurrently, the Bank launched its inaugural Retail Samurai bond with a three-year fixed-rated tranche valued at JPY 14.1 billion. The bonds are rated ‘A-’ by Japan Credit Rating Agency, Ltd and helped with diversifying the bank’s funding sources.
“The fundraising opportunities were further validated by the AAA/Stable rating awarded to the bank by China Chengxin International Credit Rating Co., Ltd (CCXI), the highest rating ever granted to an African multilateral financial institution. This prestigious rating not only affirms the bank’s developmental impact and operational strength but also enhances our ability to diversify funding sources and strengthen our partnership with China, Africa’s largest trading partner,” Denya said.
He noted that Afreximbank, in collaboration with the African Union and the AfCFTA Secretariat, and the Government of the People’s Democratic Republic of Algeria would hold the Intra-African Trade Fair 2025 (IATF2025) in Algiers, Algeria, from September 4 to 10, 2025.
He explained that IATF, the largest of its kind in Africa, champions the cause of changing the socio-economic landscape of Africa by devising progressive initiatives aimed at promoting intra-African trade, continental integration and a platform for bringing the AfCFTA vision to life.
