NEW: Afreximbank net income jumps 30% to $534.7m

The African Export-Import Bank (Afreximbank) and its subsidiaries recorded a strong financial performance in the first half of 2026, with net income rising 30% to US$534.7 million, up from US$412.7 million recorded in the corresponding period of 2025.

The Group said the performance, for the six months ended June 30, 2026, reflects the resilience of its business model and its continued financing of trade and economic development across Africa and the Caribbean.

Afreximbank’s total assets and contingencies increased by 7.8% to US$52.3 billion, compared with US$48.5 billion at the end of 2025. The growth was driven largely by increased lending activities, with net loans and advances rising 5.7% to US$35.4 billion from US$33.5 billion.

The Bank also reported an improvement in asset quality, with its non-performing loan (NPL) ratio declining to 2.20% at the end of June 2026, compared with 2.43% at year-end 2025.

Net interest income rose 22% to US$1 billion from US$840 million in H1 2025, while fee and commission income increased 15% to US$71.1 million from US$61.9 million.

The higher earnings were supported by increased fees from guarantees, letters of credit and advisory services.

Gross income also climbed to US$1.8 billion during the period, compared with US$1.6 billion a year earlier.

Afreximbank’s profitability indicators strengthened during the period, with return on average shareholders’ equity rising to 13% from 11%, while return on average assets increased to 2.54% from 2.22%.

Despite higher personnel expenses and continued inflationary pressures, the Group maintained operational efficiency, recording a cost-to-income ratio of 20%, compared with 19% in H1 2025.

Shareholders’ funds increased to US$8.5 billion, supported by US$534.7 million in internally generated profits and US$13.9 million in new equity raised during the period.

The Bank also maintained a strong liquidity position, with liquid assets accounting for 13% of total assets, within its strategic target range of 10% to 15%.

Further strengthening its funding position, Afreximbank completed a US$1.5 billion dual-tranche bond issuance after the reporting period. The transaction, described as the largest international debt capital markets issuance in the Bank’s history, comprised US$750 million in a 5.5-year tranche and another US$750 million in a 10-year tranche.

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The offering was approximately two times oversubscribed, which the Bank said demonstrated strong investor confidence and reinforced its ability to finance its strategic growth objectives.

Commenting on the results, Afreximbank’s Senior Executive Vice President, Denys Denya, said the Group’s performance reflected its resilience amid a complex global economic environment.

“Our healthy balance sheet gives us the capacity to respond when markets are disrupted, while continuing to finance the trade, industrialisation and investment that underpin longer-term economic resilience,” Denya said.

He added that the expansion of lending, strong asset quality and continued access to diversified funding would enable Afreximbank to respond to immediate challenges while supporting the structural transformation of African and Caribbean economies.