Afreximbank Reports Growth in Assets to $33.5 Billion in 2023 Fiscal Year



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The African Export-Import Bank (Afreximbank) announced a significant increase in its assets, reaching $33.5 billion by the end of the 2023 fiscal year. This performance marks a notable 20.12 percent rise compared to the previous year’s figure of $27.9 billion.

In its released Financial Statement, Afreximbank highlighted a surge in net interest income, which reached $1.4 billion, up from $910.3 million in 2022.

The bank attributed the growth in total assets primarily to increases in net loans and advances to customers, as well as cash and cash equivalents. Shareholders’ funds also experienced a robust expansion, rising by 17.55% to reach $6.1 billion by December 31, 2023, compared to $5.2 billion in FY2022. This growth was fueled by retained income of $546.8 million and fresh equity of $349.8 million raised during the year.

Afreximbank emphasized that the surge in net interest income, reflecting a 58.67% increase, was driven by the growth in interest income, particularly from the bank’s portfolio of loans and advances. The net interest margin also rose to 4.96%, compared to the previous year’s level of 3.83%.

Operating expenses for the group amounted to $304.5 million, attributed to inflationary pressures and investments in human capital to support increased business activities. This represents a 34.93% increase compared to 2022.

The bank explained that the rise in expenditures aligns with its capacity expansion plans outlined in the ongoing five-year Sixth Strategic Plan, scheduled for implementation until December 2026.

Mr. Denys Denya, Afreximbank’s Senior Executive Vice President, expressed satisfaction with the results, highlighting the bank’s focus on fueling industrial growth, boosting intra-African trade, and promoting exports with added value for the continent’s prosperity. He expressed optimism for delivering stronger financial outcomes in 2024, building upon the bank’s successful performance in 2023.

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