Afreximbank Rakes in $973.5m Profit in 2024, Bolsters Expansion into Africa and Caribbean
Thank you for reading this post, don't forget to subscribe!Abuja, April 14, 2025 – Naija247news – In a strong display of financial resilience, the African Export-Import Bank (Afreximbank) has reported a net income of $973.5 million for the 2024 financial year, marking a 29% surge from 2023.
This was disclosed by Vincent Musumba, Communications and Events Manager at Afreximbank, in a statement on the bank’s consolidated financial results released Monday.
Despite global headwinds such as geopolitical instability, high inflation, and soaring interest rates, Afreximbank achieved a record performance that outpaced market expectations, with group subsidiaries now making tangible contributions to the balance sheet.
“In a rapidly changing global environment, the Group delivered robust financial performance, exceeding expectations and outperforming previous years,” said Mr. Denys Denya, Senior Executive Vice President of Afreximbank.
According to the report, total income grew 23% to $3.3 billion, while net interest income rose 25% to $1.8 billion, reflecting efficient cost management and growth in business volumes.
Despite a 21% rise in operating expenses to $367.7 million, the bank’s cost-to-income ratio improved to 18%, down from 19% in 2023.
Afreximbank’s total assets swelled by 7.55% to reach $40.1 billion, driven by increased net loans, guarantees, and significant investment in infrastructure. The value of property and equipment surged 33%, with the ongoing construction of the Afreximbank African Trade Centre (AATC) in Abuja and Harare being major contributors.
The Group’s shareholders’ funds climbed 17% to $7.2 billion, powered by its 2024 net income and the reinvestment of previous earnings after distributing $314.5 million in dividends approved in mid-2024.
The bank also achieved key capital market milestones in 2024:
• Ranked No. 1 in Sub-Saharan Africa by Bloomberg as bookrunner, lead arranger, and administrative agent.
• Expanded African membership to 54 countries with Libya and Somalia joining.
• Continued its Caribbean expansion, with 12 of 15 CARICOM nations signing up for participation.
Other 2024 highlights include:
• FEDA, Afreximbank’s equity investment arm, grew its impact portfolio beyond $500 million, focusing on agribusiness, healthcare, financial services, and industrial platforms.
• AfrexInsure, the Bank’s specialty insurance arm, executed transactions in 17 countries, up from 7, covering $3.54 billion in assets.
• The Pan African Payment and Settlement System (PAPSS) added three more central banks and 50 commercial banks, now operating with 16 central banks and 144 commercial banks continent-wide.
• PAPSS also launched the African Currency Marketplace (PACM), which processed 12 currencies during its pilot phase, tackling corporate challenges with fund repatriation across Africa.
• In Q4 2024, the bank issued its debut Samurai bond, raising JPY 67.2 billion across five tranches, solidifying its presence in the Japanese capital market.
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