"Afreximbank Records Robust Performance in H1 2024"

" Afreximbank Records Robust Performance in H1 2024 \r\n\r\nAfrican Export-Import Bank (Afreximbank) has released its consolidated financial statements for the six months ended 30 June 2024.\r\n\r\nThe group\u2019s results for the six-month period once again demonstrate resilience amid challenging macroeconomic conditions. The Group delivered solid year-on-year growth across key performance metrics and an increase in shareholder value.\r\n\r\nNet Interest Income for H1\u20192024 grew by 24.5% to US$826.2 million, compared to US$663.6 million for the same period last year (H1\u20192023).\r\n\r\nThe increase was driven by a 31.42% increase in interest income to US$1.5 billion, on the back of growth in the Bank\u2019s portfolio of Loans and advances.\r\n\r\nThe group\u2019s performance for the period reflects that of the Bank as subsidiary entities are still in their early stages of development, with the notable exception of the Funds for Export Development in Africa (FEDA) which contributed US$11 million to the Net Interest Income of the Group, compared to US$9.1 million at H1\u20192023.\r\n\r\nThe group\u2019s total fees and commission income for H1\u20192024 increased by 20.07% to US$71.2 million, compared to US$59.2 in H1\u20192023.\r\n\r\nDuring the period, the group continued to make strategic progress in its mission to develop African trade, including deepening ties with Caribbean countries and the broader diaspora. Operating expenses increased by 30.38 percent, to US$152.8 million, compared to US$117.2 million at H1\u20192023 reflecting higher personnel and administrative costs to support the initiatives of the Bank and subsidiaries amid high inflationary external environment. The cost to income ratio remained low at 16.98 percent, well within the strategic upper limit of 30%.\r\n\r\nThe winding down of the Ukraine Crisis Adjustment Trade Financing Programme for Africa (UKAFPA) facilities as African economies demonstrated resilience, and adapted to the crisis, resulted in a marginal decline in Loans and advances from US$26.7 billion to US$26 billion.\r\n\r\nCash and cash equivalents closed the period at US$3.9 billion (FY 2023: US$5.6 billion), while the Liquid Assets to Total Assets ratio remained high, at 12.50%.\r\n\r\nThe group\u2019s shareholders\u2019 funds rose by 1.64% to US$6.2 billion compared to US$6.1 billion at FY 2023, reflecting growth in internally generated Net Income of US$407.7 million. The Bank\u2019s Capital Adequacy Ratio remained strong at 25%.\r\n\r\nAt the Afreximbank Annual General Meeting held in Nassau, The Bahamas in June 2024, shareholders approved a dividend of US$264.6 million and other appropriation amounting to US$50 million to support concessionary funding.\r\n\r\nDenys Denya, Afreximbank\u2019s senior executive vice-president said, \u201cAfreximbank 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 \u2013 Extending the Frontiers.\r\n\r\n\u201cThe bank continued to demonstrate its commitment to enhancing Africa\u2019s economic resilience, by helping countries mitigate the negative effects emanating from the external challenges, advocating for the Continent\u2019s interests on the global stage, and contributing to \u201cGlobal Africa\u201d by connecting the continent with its global diaspora through strategic interventions,\u201d Denya added.\r\n\r\nThe 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\u2019s strategy and its commitment to operational excellence.\r\n\r\nLeveraging its healthy financial position, the group will continue to play a central role in the implementation of the African Continental Free Trade Area (AfCFTA) by fostering accelerating economic integration, industrialisation, and trade across the continent.\r\n\r\nHe indicated that group management remained focused on maintaining a healthy and strong liquidity position, and sound asset quality while strengthening Afreximbank\u2019s institutional capacity to support Africa\u2019s growth and development aspirations.\u201d"

"Afreximbank Records Robust Performance in H1 2024"

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