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This article is sponsored by Afreximbank
In 2023, net interest income reached $1.4 billion compared to $910.3 million in 2022, a 58.67% increase. The increase was largely driven by a 78.59% increase in interest income to $2.5 billion, on the back of the growth in the Bank’s portfolio of loans and advances. The Group’s total assets grew by 20.12% to $33.5 billion (FY2022: $27.9 billion), mainly due to increases in net loans and advances to customers and cash and cash equivalents.
The Bank has maintained its focus on its four key pillars: Promoting intra-African trade, facilitating industrialisation and export development, strengthening trade finance leadership and improving financial performance and soundness.
The Bank also made several interventions to help member countries meet trade finance commitments, access crucial imports, boost food security and commodity production, alleviate supply chain bottlenecks and adjust to challenges arising from climate change.
“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,” said Denys Denya, Afreximbank’s Senior Executive Vice President
The Group’s results for the period demonstrate yet again great resilience in the face of challenging geopolitical and macroeconomic conditions. The results show year-on-year growth and an increase in shareholder value.
