The African Export-Import Bank has reported a 29% increase in net income for the 2024 financial year, rising to $973.5 million despite global economic volatility driven by inflation, geopolitical tensions, and high interest rates.
According to BusinessDay, the growth was attributed to expanded business volumes, rising interest rates, and disciplined cost controls. Total income climbed by 23% to $3.3 billion, while net interest income grew by 25% to $1.8 billion, reflecting careful management of funding costs.
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Though total operating expenses rose by 21% to $367.7 million, the bank improved its cost-to-income ratio to 18.35%, down from 19.09% in 2023—an indicator of stronger operational efficiency.
The bank said continued investment in human capital supported its growth strategy, positioning it to navigate ongoing economic challenges while maintaining profitability.
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