AFREXIMBANK REVENUE HITS $1.47BN
Summary:
- Afreximbank's Gross Income:
- The pan-African financial institution, African Export-Import Bank (Afreximbank), reported a gross income of $1.47 billion for the first half of 2024. This is a significant increase from $1.12 billion at the end of 2023.
- Net Interest Income Growth:
- The bank's net interest income saw a 24.5% growth, reaching $826.2 million compared to $663.6 million during the same period in 2023. This growth is attributed to the increase in the bank's portfolio of loans and advances.
- Contributions from Subsidiaries:
- The Funds for Export Development in Africa, a subsidiary of Afreximbank, contributed $11 million to the net interest income, up from $9.1 million in the first half of 2023. However, other subsidiaries are still in their early development stages.
- Fees and Commissions:
- The bank reported a 20.07% increase in total fees and commission income, which rose to $71.2 million from $59.2 million in the previous year.
- Loans and Advances:
- Due to the winding down of the Ukraine Crisis Adjustment Trade Financing Programme for Africa, loans and advances experienced a slight decline from $26.7 billion to $26 billion.
- Dividends and Appropriations:
- At its Annual General Meeting in Nassau, The Bahamas, in June 2024, Afreximbank's shareholders approved a dividend of $264.6 million and additional appropriations totaling $50 million to support concessionary funding.
- Strategic Initiatives:
- Afreximbank's Senior Executive Vice President, Denys Denya, highlighted the bank's strong performance in the first half of 2024, reflecting its strategic commitment to enhancing Africa’s economic resilience. The bank plays a central role in implementing the African Continental Free Trade Area (AfCFTA) and continues to contribute to the "Global Africa" initiative by connecting the continent with its global diaspora.
Summary:
- Afreximbank's Gross Income:
- The pan-African financial institution, African Export-Import Bank (Afreximbank), reported a gross income of $1.47 billion for the first half of 2024. This is a significant increase from $1.12 billion at the end of 2023.
- Net Interest Income Growth:
- The bank's net interest income saw a 24.5% growth, reaching $826.2 million compared to $663.6 million during the same period in 2023. This growth is attributed to the increase in the bank's portfolio of loans and advances.
- Contributions from Subsidiaries:
- The Funds for Export Development in Africa, a subsidiary of Afreximbank, contributed $11 million to the net interest income, up from $9.1 million in the first half of 2023. However, other subsidiaries are still in their early development stages.
- Fees and Commissions:
- The bank reported a 20.07% increase in total fees and commission income, which rose to $71.2 million from $59.2 million in the previous year.
- Loans and Advances:
- Due to the winding down of the Ukraine Crisis Adjustment Trade Financing Programme for Africa, loans and advances experienced a slight decline from $26.7 billion to $26 billion.
- Dividends and Appropriations:
- At its Annual General Meeting in Nassau, The Bahamas, in June 2024, Afreximbank's shareholders approved a dividend of $264.6 million and additional appropriations totaling $50 million to support concessionary funding.
- Strategic Initiatives:
- Afreximbank's Senior Executive Vice President, Denys Denya, highlighted the bank's strong performance in the first half of 2024, reflecting its strategic commitment to enhancing Africa’s economic resilience. The bank plays a central role in implementing the African Continental Free Trade Area (AfCFTA) and continues to contribute to the "Global Africa" initiative by connecting the continent with its global diaspora.