Afreximbank has recorded strong financial performance in its consolidated financial statements for the year ended December 31, 2024, posting a net income of $973.5 million, representing 29 per cent increase from the previous year with subsidiaries beginning to make meaningful contributions to the Group’s financial results, amid harsh operating environment.

These impressive results highlight Afreximbank’s resilience, systemic relevance and its commitment to delivering on its mandate and the objectives set under its sixth Strategic Plan.

The Group’s total income increased by 23 per cent to hit $3.3 billion, 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, a 25 per cent increase compared to FY2023, reflecting the effective and efficient management of borrowing costs.

Despite rising operating expenses, Cost-to-Income ratio improved to 18 per cent in FY 2024, down from 19 per cent in the previous year – demonstrating enhanced operational efficiency.

This was achieved even as total operating expenses rose by 21 per cent to $367.7 million from $304.5 million achieved during the same period in 2023 primarily due to global inflationary pressures and increased investment in human capital to support expanded business activities.

The Group’s total assets, including contingencies also grew by 7.55 per cent, reaching $40.1 billion as of 31 December 2024, compared to $37.3 billion at the close of FY’2023.

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.

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.

The Group’s Shareholders’ funds grew by 17 perper cent in 2024, reaching $7.2 billion from $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 FY’2023 dividends of $314.5 million were appropriated following the shareholders’ approval in June 2024.

Additionally, 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’s 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 as at 31 December 2024 (FY’2023: $3.7 billion).

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.

These rankings affirm 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 organisations.

Afreximbank continued to expand its membership, further deepening its continental and diaspora reach. 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.

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 towards 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 3-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.

Afreximbank, in collaboration with the African Union and the AfCFTA Secretariat, and the Government of the People’s Democratic Republic of Algeria will hold the Intra-African Trade Fair 2025 (IATF2025) in Algiers, Algeria, from 4-10 September 2025.

Afreximbank’s Senior Executive Vice President, Denys Denya said: “In a challenging and rapidly evolving global geopolitical 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. Management remains confident in the Group’s ability to navigate ongoing economic headwinds and sustain growth trajectory. Strategic initiatives to mitigate risks and optimise 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.”