Afreximbank records net income growth of 24% to US$813.5m; assets and contingencies exceed US$54.1bn

African Export-Import Bank (Afreximbank) and its subsidiaries (the “Group”) delivered a satisfactory financial performance for the nine months ended 30 September 2026, demonstrating resilient growth, sound asset quality and continued support for trade and economic development across Africa and the Caribbean Community (CARICOM).

Net income rose by 24% to US$813.5 million, compared with US$654.3 million in the corresponding period of 2025, driven by growth in lending activities, improved interest income and disciplined cost management, despite a challenging global operating environment.

The Group’s total assets and contingencies increased by 12% to US$54.1 billion, from US$48.5 billion in 2025. This growth was underpinned by an expansion of the Bank’s lending portfolio, with net loans and advances increasing by 8% to US$36.2 billion, compared to US$33.5 billion at year-end 2025.

Gross income increased to US$2.7 billion in nine months of 2026, up 11% from the prior period, supported by continued balance sheet growth and strong earnings generation. This performance was largely driven by a 9.1% increase in interest income to US$2.4 billion, from US$2.2 billion in nine months of 2025, underpinned by growth in average loan balances, which increased from US$28.9 billion in nine months of 2025 to US$34.8 billion in nine months of 2026, reflecting sustained demand for trade and project financing across the Bank’s member countries. Net interest income also strengthened by 15% to US$1.5 billion.

Fees and commission income from unfunded business activities, including guarantees, letters of credit and advisory services, increased to US$136.9 million, from US$117.2 million in the prior-year period.

The Group maintained strong operational efficiency, with its cost-to-income ratio improving to 20%, compared with 21% for the nine months ended September 2025, remaining comfortably below the Bank’s strategic ceiling of 30%. Return on average shareholders’ equity (ROAE) remained robust at 12%, while return on average assets (ROAA) improved to 2.48%, from 2.34% compared to the nine months of 2025.

Asset quality remained sound, with the non-performing loans (NPL) ratio at 2.48%, compared with 2.43% as at 31 December 2025. Provisions for expected credit losses amounted to US$537.6 million, compared with US$481.3 million in the corresponding period of 2025.

The Group’s liquidity position remained strong, with liquid assets totalling US$6.1 billion, representing 13% of total assets, compared with 15% at the end of 2025. The capital adequacy ratio stood at 22%, compared with 23% at the end of 2025, underscoring the resilience of the Bank’s balance sheet and alignment with its long-term capital management objectives.

Shareholders’ funds increased to US$9.0 billion, from US$8.4 billion at the end of 2025, supported by internally generated profits and US$195.2 million in new equity contributions under the Bank’s General Capital Increase programme.

Commenting on the results, Denys Denya, Afreximbank’s Senior Executive Vice President, said, “This performance underscores Afreximbank’s ability to deliver strong and sustainable performance while continuing to fulfil its development mandate across Africa and the Caribbean. Our expanded lending portfolio, robust profitability and strong capital position demonstrate the effectiveness of our strategy and the growing relevance of our interventions across our target markets. As global economic and geopolitical uncertainties persist, Afreximbank remains committed to providing the financing, trade facilitation and strategic investments needed to strengthen regional value chains, support industrialisation and accelerate the continent’s economic transformation.”

During the period, Afreximbank further strengthened its access to international debt capital markets, successfully completing a US$1.5 billion dual-tranche bond issuance in July 2026. The transaction comprised US$750 million in 5.5-year notes and US$750 million in 10-year notes and was approximately two times oversubscribed. As a result, debt securities in issue increased to US$4.4 billion, from US$3.4 billion at the end of 2025, further supporting the diversification of the Group’s funding base.

The Bank continued to demonstrate its countercyclical role in response to geopolitical and economic disruptions. Its US$10 billion Gulf Crisis Response Programme was established to provide critical liquidity support, facilitate trade and payment flows, and help member countries maintain access to essential imports, including energy products, fertilisers, food and other strategic commodities.

In line with its commitment to transformative development, the Group’s high-impact investments also increased by 23% to US$1.6 billion, from US$1.3 billion at the end of 2025, supporting strategic development projects that advance industrialisation, trade competitiveness and economic resilience.