The African Export-Import Bank (Afreximbank) said it posted a net income of 973.5 million dollars for Financial Year (FY) 2024.
According to the bank, this represents a 29 per cent increase from 2023.
This is contained in a statement issued by Vincent Musumba, Afreximbank Communications and Events Manager on the consolidated financial statements of the Bank and its subsidiaries for the year ended Dec. 31, 2024.
Musumba said the bank showed strong financial performance in spite of a complex global economic landscape marked by geo-political tensions, inflationary pressures, and elevated interest rates.
He said subsidiaries of Afreximbank were also beginning to make meaningful contributions to the Group’s financial results
Mysumba quoted Mr Denys Denya, Afreximbank’s Senior Executive Vice- President, as saying: “in a challenging and rapidly evolving global geo-political and economic environment, the Group delivered robust financial performance exceeding expectations and outperforming prior years”.
“This achievement highlights 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-capitalised balance sheet, and a high-quality asset portfolio. “
Denya said the management remained confident in the Group’s ability to navigate ongoing economic headwinds and sustain a growth trajectory.
Musumba said the bank’s total income increased by 23 per cent to reach 3.3 billion dollars, driven by growth in business volumes and supported by higher market interest rates.
“As a result, net interest income for FY2024 amounted to 1.8 billion dollars, a 25 per cent increase compared to FY2023, reflecting the effective and efficient management of borrowing costs.
“In spite of rising operating expenses, Cost-to-Income ratio improved to 18 per cent in FY2024, down from 19 per cent in 2023, demonstrating enhanced operational efficiency.
“This was achieved even as total operating expenses rose by 21 per cent amounting to 367.7 million dollars compared to 304.5 million dollars in FY2023.”
Musumba said the Group’s total assets, including contingencies, grew by 7.55 per cent, reaching 40.1 billion dollars as at Dec. 31, 2024, compared to 37.3 billion dollars at the close of FY2023.
He said the 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.