The African Export-Import Bank (Afreximbank) has just published its financial results for the first half of 2024. A press release from the pan-African institution, dated 19 August 2024, reveals a solid performance against a backdrop of continuing global macroeconomic challenges.
The African Export-Import Bank (Afreximbank) has published its consolidated financial statements for the six months ended 30 June 2024. In a press release published on 19 August 2024, the group’s results for this 6-month period show that the institution was able to capitalise on its achievements despite a difficult macroeconomic context marked by international geopolitical tensions. According to the press release, Afreximbank recorded a significant increase in net interest income, which reached US$826.2 million, up 24.5% on the US$663.6 million recorded in the first half of 2023. This growth was driven by a 31.42% increase in interest income to US$1.5 billion, underpinned by continued expansion of its loan portfolio.
“We delivered a solid financial performance in the first half of 2024, demonstrating the resilience of our strategy despite a complex economic environment. We remain committed to supporting Africa’s growth and development, playing a key role in continental economic integration and industrialisation through strategic initiatives.”
Denys Denya, Senior Executive Vice President at Afreximbank – Zimbabwe
Afreximbank, which is continuing its efforts to strengthen African trade, is also considering expanding its relations with Caribbean countries and the diaspora. To this end, the institution has launched the Pan African Payment and Settlement System (PAPSS), which has been adopted by the African Union (AU) as the payment and settlement platform to support the implementation of the AfCFTA. In collaboration with the AfCFTA Secretariat and the AU, the Bank has established a US$10 billion Adjustment Fund to help countries participate effectively in the AfCFTA.
“These results reflect a much greater confidence in trade on the continent. A confidence that proves that companies are finding business opportunities in our current context of development of the continental free trade zone”.
Yannick Levodo, Economist – Cameroon
Although the Ukraine Crisis Adjustment Trade Finance Programme (UKAFPA) facilities were reduced, the Group’s loans and advances adjusted slightly from US$26.7 billion to US$26 billion.At its Annual General Meeting held in Nassau, Bahamas, in June 2024, Afreximbank announced a dividend of US$264.6 million as well as additional credits of US$50 million to support concessional financing.
