The gross income of the pan-African multilateral financial institution, African Export-Import Bank, has risen to $1.47bn in the first half of 2024, compared to $1.12bn at the close of 2023.
This was disclosed in a statement following the release of its consolidated financial statements for the six months ended June 30, 2024, on Monday.
Afreximbank is a continental financial institution mandated to finance and promote intra- and extra-African trade.
In the period under review, its net interest income grew by 24.5 per cent to $826.2m, compared to $663.6m for the same period last year, on the back of growth in the bank’s portfolio of loans and advances
It was indicated that the group’s performance for the period was primarily that of the bank, except the Funds for Export Development in Africa, which contributed $11m to the net interest income of the group, compared to $9.1m in H1’2023.
It explained that its subsidiaries were still in the early stages of development
Total fees and commission income increased by 20.07 per cent to $71.2m, compared to $59.2m in the previous year.
The bank added that the winding down of the Ukraine Crisis Adjustment Trade Financing Programme for Africa facilities as African economies demonstrated resilience, and adapted to the crisis, resulted in a marginal decline in loans and advances from $26.7bn to $26bn.
At the Afreximbank annual general meeting held in Nassau, The Bahamas, in June 2024, shareholders approved a dividend of $264.6m and other appropriations amounting to $50m to support concessionary funding.
Speaking on the results, Afreximbank’s Senior Executive Vice President, Mr Denys Denya, said, “Afreximbank Group reported a strong performance in the first half of 2024, delivering robust financial results and making significant strides in its implementation of the 6th Strategic Plan: Extending the Frontiers. The bank continued to demonstrate its commitment to enhancing Africa’s economic resilience, by helping countries mitigate the negative effects emanating from external challenges, advocating for the Continent’s interests on the global stage, and contributing to ‘Global Africa’ by connecting the continent with its global diaspora through strategic interventions.
“The strong results achieved during this period were delivered against a backdrop of a continuously challenging and evolving macro environment, reflecting the effectiveness of the group’s strategy and its commitment to operational excellence.
“Leveraging its healthy financial position, the group will continue to play a central role in the implementation of the African Continental Free Trade Area by fostering accelerating economic integration, industrialisation and trade across the continent.”
