…As assets and contingencies rise to $54.1bn
The African Export-Import Bank’s (Afreximbank) net loans and advances rose by 8 percent to $36.2 billion in the nine months ended September 2026, as the bank’s net income increased by 24 percent to $813.5 million, reflecting growing demand for trade and project financing across Africa and the Caribbean.
The bank’s net loans and advances increased from $33.5 billion at the end of 2025, while total assets and contingencies rose by 12 percent to $54.1 billion from $48.5 billion over the same period, highlighting the expansion of its balance sheet and lending activities.
In its nine-month financial results released on Monday, Afreximbank attributed the growth in profitability to increased lending activities, higher interest income and disciplined cost management, despite a challenging global operating environment.
Net income rose from $654.3 million in the corresponding period of 2025 to $813.5 million in the review period, while gross income increased by 11 percent to $2.7 billion.
Interest income grew by 9.1 percent to $2.4 billion from $2.2 billion in the corresponding period of 2025, supported by an increase in average loan balances to $34.8 billion from $28.9 billion.
Net interest income also strengthened by 15 percent to $1.5 billion, while fees and commission income from unfunded business activities, including guarantees, letters of credit and advisory services, increased to $136.9 million from $117.2 million in the prior-year period.
The bank’s operating efficiency improved during the period, with its cost-to-income ratio declining to 20 percent from 21 percent in the corresponding period of 2025, remaining below its strategic ceiling of 30 percent.
Return on average shareholders’ equity remained at 12 percent, while return on average assets improved to 2.48 percent from 2.34 percent, reflecting stronger earnings relative to the bank’s asset base.
Despite the growth in lending and profitability, the bank’s non-performing loan ratio edged up to 2.48 percent from 2.43 percent at the end of December 2025. Provisions for expected credit losses increased to $537.6 million from $481.3 million in the corresponding period of 2025.
The bank’s liquidity position also moderated, with liquid assets totalling $6.1 billion, representing 13 percent of total assets, compared with 15 percent at the end of 2025. Its capital adequacy ratio declined to 22 percent from 23 percent over the same period.
Shareholders’ funds, however, increased to $9 billion from $8.4 billion at the end of 2025, supported by internally generated profits and $195.2 million in new equity contributions under the bank’s General Capital Increase programme.
Commenting on the results, Denys Denya, senior executive vice president of Afreximbank, said the performance demonstrated the bank’s ability to sustain strong financial results while fulfilling its development mandate across Africa and the Caribbean.
He said the expansion of the bank’s lending portfolio, profitability and capital position reflected the effectiveness of its strategy and the growing relevance of its interventions across its target markets.
Denya added that, amid persistent global economic and geopolitical uncertainties, the bank remained committed to providing financing, trade facilitation and strategic investments to strengthen regional value chains, support industrialisation and accelerate economic transformation.
During the period, Afreximbank strengthened its access to international debt capital markets by completing a $1.5 billion dual-tranche bond issuance in July 2026.
The transaction comprised $750 million in 5.5-year notes and another $750 million in 10-year notes and was approximately two times oversubscribed, indicating investor demand for the bank’s debt securities.
Following the issuance, debt securities in issue increased to $4.4 billion from $3.4 billion at the end of 2025, further diversifying the group’s funding base.
The bank also established a $10 billion Gulf Crisis Response Programme to provide 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 addition, the group’s high-impact investments increased by 23 percent to $1.6 billion from $1.3 billion at the end of 2025, supporting development projects aimed at advancing industrialisation, trade competitiveness and economic resilience.
The latest results underline the bank’s expanding role in financing trade and development across its member countries, as growth in its lending portfolio and earnings supports its capacity to fund projects and respond to economic disruptions.
However, the moderation in liquidity and capital adequacy ratios, alongside a slight increase in the non-performing loan ratio, will remain important indicators to watch as the bank continues to expand its balance sheet.
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Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.
