Menu

African Export-Import Bank (Afreximbank) has released the consolidated financial statements of the bank and its subsidiaries for the three months ended 31 March 2024.

According to the report, net interest income for Q1 2024 grew by 31.73% to $393.4 million, compared to $298.6 million for the prior year’s comparative period. The increase was largely driven by a 40.07% increase in interest income to US$721.8 million, on the back of the growth in the bank’s portfolio of loans and advances.

Net interest margin improved to 4.82% compared to 4.40% in the corresponding period a year ago.

The Group also posted a lower cost-to-income ratio of 14.50% in Q1 2024, compared to 16.82% in Q1 2023. This was achieved despite a 10.63% increase in operating expenses to $61.4 million (Q1 2023: $55.5 million). Staff costs rose by 28.55% year-on-year, following an increase in staff headcount to support the growth of group business and other initiatives, in line with the bank’s Sixth Strategic Plan, constituting 52.93% of Group’s expenses.

The Group’s total assets closed 1Q 2024 at $32.8 billion compared to $33.5 billion as of 31 December 2023.