The African Export-Import Bank (Afreximbank) reported a significant increase in gross income, reaching $1.47 billion in the first half of 2024, up from $1.12 billion at the end of 2023. This information was disclosed in a statement following the release of the bank’s consolidated financial statements for the six months ending June 30, 2024.
Afreximbank, a pan-African multilateral financial institution, is mandated to finance and promote intra- and extra-African trade. During the review period, the bank’s net interest income rose by 24.5% to $826.2 million, compared to $663.6 million for the same period last year, driven by growth in its portfolio of loans and advances.
The group’s performance was primarily attributed to the bank, with its subsidiary, the Funds for Export Development in Africa, contributing $11 million to net interest income, up from $9.1 million in the first half of 2023. However, the bank noted that its subsidiaries are still in the early stages of development.
Additionally, total fees and commission income grew by 20.07%, reaching $71.2 million, compared to $59.2 million in the previous year. The winding down of the Ukraine Crisis Adjustment Trade Financing Programme for Africa, as African economies adapted to the crisis, led to a slight decline in loans and advances, from $26.7 billion to $26 billion.
At Afreximbank’s annual general meeting in Nassau, The Bahamas, in June 2024, shareholders approved a dividend of $264.6 million and other appropriations amounting to $50 million to support concessionary funding.
Commenting on the results, Afreximbank’s Senior Executive Vice President, Mr. Denys Denya, highlighted the bank’s strong performance in the first half of 2024. He emphasized the bank’s role in advancing its 6th Strategic Plan, “Extending the Frontiers,” and its commitment to enhancing Africa’s economic resilience by supporting countries in overcoming external challenges and advocating for the continent’s interests on the global stage.
Denya further noted that despite a challenging macroeconomic environment, the bank’s strategy and commitment to operational excellence had proven effective. He also reaffirmed the group’s central role in implementing the African Continental Free Trade Area, aiming to accelerate economic integration, industrialization, and trade across the continent.
