Afreximbank achieves outstanding financial results in 2023

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By Okeoghene Akubuike

Amid challenging operating environment, the African Export-Import Bank (Afreximbank) says it delivered exceptional financial results in 2023 well ahead of expectations.

This is contained in a statement signed by Vincent Musumba, Manager, Communications and Events, Afreximbank, on Friday.

Msumba said that largely propelled by the bank’s and its subsidiaries’ growth, the group’s results for the financial year ended Dec. 31, 2023, demonstrated a strong and resilient performance which surpassed the prior year’s results.

“It is noteworthy that this performance has been enhanced by the group’s ability to successfully execute its four strategic pillars.

“These pillars are focused on Promoting Intra-African Trade, Facilitating Industrialisation and Export Development, Strengthening Trade Finance Leadership and Improving Financial Performance and Soundness.”

Msumba said the bank’s net interest income reached 1.4 billion dollars at the end of the 2023 financial year, compared to 910.3 million dollars in 2022.

He said the 58.67 per cent increase was driven by the growth in interest income, which in turn was driven primarily by the growth in the bank’s portfolio of loans and advances.

“ Net Interest Margin grew to 4.96 per cent compared to the previous year’s level of 3.83 per cent.

“Due to global inflationary pressures and investment in human capital to support increased business activities, the group’s total operating expenses were 304.5 million dollars.

“This was 34.93 per cent higher than what was recorded in 2022.

“The capacity expansion and rise in expenditures were envisaged in the five-year 6th Strategic Plan, which is currently under implementation until December 2026.”

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Msumba said the group’s total assets grew by 20.12 per cent from 27.9 billion dollars in 2022 to 33.5 billion dollars in 2023.

According to him, this is largely on account of increases in net loans and advances to customers and cash and cash equivalents.

Masumba said the group’s shareholders’ funds, which largely mirrored the bank’s shareholders’ funds, recorded a growth of 17.55 per cent to reach 6.1 billion dollars as of December 31, 2023, compared to the FY’2022 position of 5.2 billion dollars.

“Accounting for this growth were the 546.8 million dollars retained income (which is net of appropriated 2022 dividends) and the 349.8 million dollars fresh equity.

“This fresh equity was raised during the year as shareholders supported the GCI II programme, which aims to raise 2.6 billion dollars paid-in-capital (3.9 billion dollars callable capital) by 2026.”

Msumba quoted Denys Denya, Afreximbank’s Senior Executive Vice-President, as saying
“during the 2023 financial year, the Afreximbank Group exceeded the budget and significantly surpassed its 2022 performance.

Denya said the outcome was mainly driven by the bank’s and its subsidiaries’ achievements.

“ Our focus is steadfast on fueling industrial growth, boosting trade within Africa, and promoting exports with added value, which are crucial for the continent’s prosperity.

“We will continue to maintain a cautious balance between profitability, liquidity, and safety to ensure a decent net interest margin and deliver profitable and sustainable growth and quality assets.

“We are delighted to report results well above forecasts for the financial year ended 31 December 2023, and look forward to delivering stronger financial outcomes in 2024.”

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Msumba said in 2023, the bank was ranked number one in all three categories in the Bloomberg Capital Markets League Tables Report for African Capital Markets.

He said this was a testament to the bank’s leadership role in facilitating capital from within and outside the continent.

“The bank also celebrated its 30th anniversary and inaugurated its Afreximbank Caribbean Office, a pivotal step in supporting the implementation of the partnership agreement between Afreximbank and the Caribbean Community (CARICOM) member states.

“in spite of Africa’s economic challenges and constraints, Afreximbank’s management and team demonstrated a focus on supporting member countries by offering customised programmes and facilities designed to address the continent’s distinctive needs.

“These efforts and interventions assisted member countries in meeting trade finance commitments, assessing crucial imports, boosting food security and commodity production, alleviating supply chain bottlenecks, and adjusting to challenges arising from climate change”(NAN)(


Edited by Vivian Ihechu

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