Afreximbank Reports Robust Financial Performance in 2024.

Friday 18th April 2025

The new Afreximbank African Trade Centre (AATC) Abuja

非洲记者报道

The African Export-Import Bank (Afreximbank) has reported strong financial results for the year ending December 2023, with total revenues increasing by 31.73% to reach $2.6 billion, up from $1.98 billion the previous year. This growth was driven by an expansion in interest income, which grew by 31.73% to $2.06 billion, following a 33.32% increase in the bank’s loan portfolio. Total assets also rose by 11.29% to $33.4 billion, up from $30 billion in 2022.

The bank’s net interest income reached $1.06 billion, while operating income stood at $1.3 billion. Profit before tax rose by 2.11% to $648.6 million, and net profit reached $546.8 million. This financial stability has enabled Afreximbank to maintain its investment-grade credit ratings from agencies including GCR, Fitch, Moody’s, and Japan Credit Rating Agency, with a stable outlook from all four.

Afreximbank President Prof. Benedict Oramah noted that the bank’s financial success reflects its mission to support African development, particularly during challenging global economic conditions. The bank played a major role in supporting African economies through supply chain disruptions and inflationary pressures by expanding its loan book and investing in critical sectors.

During 2023, the bank significantly increased its activities under key initiatives such as the Pan-African Payment and Settlement System (PAPSS), the Fund for Export Development in Africa (FEDA), and AfrexInsure. PAPSS, a key initiative supporting the African Continental Free Trade Area (AfCFTA), is now operational in nine African countries and has onboarded more than 13 central banks and over 150 commercial banks. PAPSS processed over $2 billion in transactions, with volumes expected to rise as adoption grows.

FEDA, the bank’s impact investment arm, welcomed new investors and concluded major investments across sectors including blue economy, manufacturing, and logistics. Meanwhile, AfrexInsure expanded its underwriting services, providing tailored risk solutions in logistics and trade, including insuring over 100,000km of road and billions in trade value.

The bank also announced progress on the African Trade Gateway (ATG), which links PAPSS, MANSA Know Your Customer Repository, ATEX for critical goods procurement, and TRADAR Club, a trade-focused digital platform. These innovations are part of Afreximbank’s effort to build a more resilient trade infrastructure for Africa.

The Annual General Meetings (AGM) of shareholders are scheduled to take place from June 12 to 15, 2024, in Nassau, The Bahamas. These meetings will include the launch of the Afreximbank Annual Development Effectiveness Report, showcasing the bank’s impact on Africa’s development. This will coincide with the 3rd AfriCaribbean Trade and Investment Forum (ACTIF2024), a major platform aimed at strengthening Africa-Caribbean economic ties.

With its 2023 performance and active involvement in building trade and financial infrastructure, Afreximbank continues to solidify its role as a major force in Africa’s economic transformation.