The Afreximbank 2024 profit surged to US$ 973.5 million, marking a 29% increase year-over-year, as the African Export-Import Bank continues to scale its operations and strengthen its position in both Africa and CARICOM regions.
📈 Key Financial Highlights
| Metric | FY2024 | FY2023 | Change |
|---|---|---|---|
| Net Profit | $973.5M | $756.1M | +29% |
| Gross Income | $3.3B | $2.6B | +23% |
| Net Interest Income | $1.8B | $1.4B | +25% |
| Total Assets (On-Balance) | $35.3B | $33.5B | +5.37% |
| Assets + Contingencies | $40.1B | $37.3B | +7.55% |
Afreximbank attributed its growth to higher lending volumes and rising market interest rates, alongside improved asset-liability management.
🌍 Expanding Reach Across Continents
Afreximbank’s total loan portfolio climbed 8.54% to $29 billion, now covering:
- 47 African countries
- 10 CARICOM countries
Its equity investment arm (FEDA) also scaled up to $565.3 million, targeting healthcare, agribusiness, and industry. Meanwhile, AfrexInsure, the bank’s insurance subsidiary, now covers $3.54 billion in assets across 17 African nations, with 97% of premiums retained within the continent.
💹 Strong Returns and Asset Quality
The bank’s financial performance reflects robust risk and cost management:
| Metric | FY2024 | FY2023 |
|---|---|---|
| NPL Ratio | 2.33% | 2.47% |
| ROAA | 2.96% | 2.56% |
| ROAE | 15.31% | 13.31% |
| Op. Expenses | $367.7M | — |
| Cost-Income | 18% | — |
| Equity | $7.2B | — |
| CAR | 24% | — |
With shareholders’ equity rising by 17%—partly due to $412.8 million in fresh capital—the bank remains in a strong capital position.
“We exceeded expectations despite global challenges. We remain focused on sustainable growth.”
— Denys Denya, Senior EVP
🔁 PAPSS and Currency Integration
Afreximbank’s Pan-African Payment and Settlement System (PAPSS) added:
- 3 more central banks
- 50 commercial banks
Bringing totals to 144 commercial and 16 central banks, PAPSS also launched the African Currency Marketplace, enabling smoother trade in 12 African currencies.
💴 Samurai Bond and Global Recognition
In Q4 2024, the bank issued a JPY 67.2 billion Samurai bond, including a JPY 14.1 billion retail tranche, showcasing its growing appeal to Asian investors. Afreximbank also received a AAA rating from China Chengxin International—the highest for any African multilateral.
🌐 Looking Ahead: IATF 2025 in Algiers
Afreximbank will co-host the Intra-African Trade Fair (IATF 2025) in Algiers from September 4–10, reinforcing its commitment to the AfCFTA and continent-wide integration.
🧠 Final Thought
The Afreximbank 2024 profit underscores the bank’s resilience, strategic diversification, and pan-African vision. As it expands both geographically and operationally, Afreximbank continues to play a pivotal role in transforming trade finance, investment, and economic cooperation across the African continent and beyond.
