Net interest income reached US$1.4 billion at the end of the 2023 financial year, compared to US$910.3 million in 2022
Our focus is steadfast on fueling industrial growth, boosting trade within Africa, and promoting exports with added value, which are crucial for the continent’s prosperity
CAIRO, Egypt, April 5, 2024/APO Group/ —
African Export-Import Bank (“Afreximbank” or the “Group”) (www.Afreximbank.com) has released the consolidated financial statements of the Bank and its subsidiaries for the year ended 31 December 2023.
Largely propelled by the Bank’s and its subsidiaries’ growth, the Group’s results for the financial year ended 31 December 2023 demonstrate a strong and resilient performance, surpassing prior year results and well ahead of expectations. The Bank remained steadfast in implementing its 6th Strategic Plan and delivering value to stakeholders, and this resulted in the Group ending the year, once again, achieving a solid performance and attaining an exceptional financial position.
It is noteworthy that this performance has been enhanced by the Group’s ability to successfully execute its four strategic pillars focused on “Promoting Intra-African Trade,” “Facilitating Industrialization and Export Development,” “Strengthening Trade Finance Leadership” and “Improving Financial Performance and Soundness”.
Net interest income reached US$1.4 billion at the end of the 2023 financial year, compared to US$910.3 million in 2022. The 58.67% increase was driven by the growth in interest income, which in turn was driven primarily by the growth in the Bank’s portfolio of loans and advances. Net Interest Margin grew to 4.96% compared to the prior year’s level of 3.83%.
Due to global inflationary pressures and investment in human capital to support increased business activities, the Group’s total operating expenses were US$304.5 million, 34.93% higher than in 2022. The capacity expansion and rise in expenditures were envisaged in the five-year Sixth Strategic Plan, which is currently under implementation until December 2026.
The Group’s Total assets grew by 20.12% to US$33.5 billion (FY2022: US$27.9 billion), largely on account of increases in net loans and advances to customers and cash and cash equivalents.
The Group Shareholders’ funds, which largely mirrored the Bank’s Shareholders’ funds, recorded a solid growth of 17.55% to reach US$6.1 billion as of December 31, 2023, compared to the FY’2022 position of US$5.2 billion. Accounting for this growth were the US$546.8 million retained income (which is net of appropriated 2022 dividends) and the US$349.8 million fresh equity raised during the year as shareholders supported the GCI II programme, which aims to raise US$2.6 billion paid-in-capital (US$3.9 billion callable capital) by 2026.
Mr. Denys Denya, Afreximbank’s Senior Executive Vice President, commented:
“During the 2023 financial year, the Afreximbank Group exceeded the budget and significantly surpassed its 2022 performance. This outcome was mainly driven by the Bank’s and its subsidiaries’ achievements. Our focus is steadfast on fueling industrial growth, boosting trade within Africa, and promoting exports with added value, which are crucial for the continent’s prosperity. 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. We are delighted to report results well above forecasts for the financial year ended 31 December 2023, and look forward to delivering stronger financial outcomes in 2024.”
In 2023, the Bank was ranked number one in all three categories in the Bloomberg Capital Markets League Tables Report for African Capital Markets – number one Mandated Lead Arranger, Bookrunner and Administrative Agent for Sub-Saharan Borrower Loans. This is a testament to the Bank’s leadership role in facilitating capital from within and outside the continent.
Additionally, its subsidiary, the Fund for Export Development in Africa (FEDA), received multilateral support from Zimbabwe, Kenya, Congo, Chad, Gabon, Sierra Leone, and São Tomé and Príncipe, who officially signed the FEDA Establishment Agreement. This collective support is pivotal in the Bank’s mission to provide lasting financial support to African economies.
The Bank also celebrated a key milestone — its 30th anniversary, marking three decades of financing and supporting trade in Africa and highlighting the need for Africa to enhance intra-African trade and integration amidst the challenges stemming from the global shocks caused by the COVID-19 pandemic, the adverse economic ramifications of the Ukraine crisis, and other global conflicts.
Moreover, the Bank inaugurated its Afreximbank Caribbean Office, a pivotal step in supporting the implementation of the Partnership Agreement between Afreximbank and the Caribbean Community (CARICOM) member states. This expansion solidifies Afreximbank’s commitment to promote and develop trade between Africa and the Caribbean, aligning with its Diaspora Strategy and the African Union’s designation of the African Diaspora as Africa’s sixth region.
Despite Africa’s economic challenges and constraints, Afreximbank’s management and team demonstrated a focus on supporting member countries by offering customized programmes and facilities designed to address the continent’s distinctive needs. These efforts and interventions assisted member countries in meeting trade finance commitments, assessing crucial imports, boosting food security and commodity production, alleviating supply chain bottlenecks, and adjusting to challenges arising from climate change.
Highlights of the results for the Group and Bank are shown below:
Financial Metrics
FY-2022
FY-2023
Gross Income (US$ billion)
1.50
2.62
Operating Income (US$ billion)
1.03
1.60
Net Income (US$ billion)
455.3
756.1
Total Assets (US$ billion)
27.86
33.47
Total Liabilities (US$ billion)
22.66
27.35
Shareholders’ Funds (US$ billion)
5.21
6.12
Net asset value per share
US$58,500
US$63,683
FY-2022
FY-2023
Profitability Return on average assets (ROAA) Return on average equity (ROAE)
1.87% 9.91%
2.56% 13.31%
Operating Efficiency Net interest margin Cost-to-income ratio
3.83% 21.88%
4.96% 19.09%
Asset Quality Non-performing loans ratio (NPL)
3.40%
2.47%
Liquidity and capital adequacy Cash/Total assets Capital Adequacy ratio (Basel II)
14.71% 27.62%
16.80% 23.77%
Distributed by APO Group on behalf of Afreximbank.
New facility expands in-country drilling and completion fluids capability, advancing the next phase of SLB’s growth in Mozambique
PEMBA, Mozambique, October 9, 2026/APO Group/ –SLB (NYSE: SLB) (www.SLB.com) announced the opening of a new fluids systems plant in Pemba, Mozambique. The new facility strengthens in-country capacity to prepare, store and deliver drilling and completion fluids for offshore operations, reinforcing the infrastructure needed as Mozambique’s offshore activity grows and its role as a strategic energy hub for East Africa continues to expand.
The commissioning of the plant, also known as a liquid mud plant, coincides with SLB marking 70 years of operations in Mozambique. It reflects the company’s long-term commitment to investing in people, infrastructure and capability that support the country’s long-term offshore energy development plans.
With an initial storage capacity of 21,000 barrels, the liquid mud plant provides a scalable platform for future growth, supporting multiple customers and rising offshore activity while improving logistics and enhancing operational flexibility.
As SLB marks 70 years in Mozambique, this investment reflects our confidence in the country’s future and our commitment to supporting its energy ambitions
“As SLB marks 70 years in Mozambique, this investment reflects our confidence in the country’s future and our commitment to supporting its energy ambitions,” said Miguel Baptista, Central, East and Southern Africa, Managing Director, SLB. The new liquid mud plant strengthens local energy infrastructure, expands opportunities for local content development, and enhances our ability to support customers as they deliver some of Africa’s most significant offshore energy resources.”
The liquid mud plant project was delivered with strong local participation and that momentum is expected to continue into operations. During project delivery, more than 100 jobs were created in Pemba with nationals representing 80% of the workforce, reflecting a focus on building local capability.
The project was delivered with a strong focus on safety, operational integrity, and quality, achieving more than 67,000 hours worked without a recordable safety incident.
This key infrastructure strengthens SLB’s ability to support consistent service quality and enhance supply chain readiness for increasing offshore activity across Mozambique, supporting customers execute safely and efficiently while developing local skills and expertise.
Key Points:
SLB has commissioned a new fluids system plant in Pemba, expanding in-country drilling and completion fluids capability for offshore operations.
With an initial storage capacity of 21,000 barrels, the facility provides a scalable platform to support growing offshore activity in Mozambique.
The investment marks the next phase of SLB’s growth in Mozambique, strengthening local capability and supporting long-term offshore energy development.
Battery energy storage systems (BESS) are becoming critical system infrastructure, supporting flexibility, reducing avoidable curtailment, shifting energy into periods of demand and strengthening security of supply
JOHANNESBURG, South Africa, October 9, 2026/APO Group/ –The South African Energy Storage Association (SAESA) (www.SAESA.org.za) welcomes the prioritisation of 4,600 MW of battery energy storage under the first Integrated Resource Plan (IRP) 2025 Section 34 determination.
The timing is significant. Recent Integrated Energy Plan (IEP) modelling and assumptions discussions highlighted a fundamental shift that South Africa’s energy planning now needs to capture: we cannot plan the future power system by counting megawatts of generation alone.
We must plan for when energy is available, where it is available, how it moves through a constrained grid and how it is stored and dispatched when the system needs it most.
The announcement reinforces that shift. Battery energy storage systems (BESS) are becoming critical system infrastructure, supporting flexibility, reducing avoidable curtailment, shifting energy into periods of demand and strengthening security of supply.
For SAESA, the message for the IEP is clear: storage, flexibility and system services must be modelled as integral components of South Africa’s future electricity architecture, with their contribution considered from the outset of generation planning.
“The IEP must plan the power system we are becoming, not simply model the power system we have inherited,” says SAESA.
The IEP must plan the power system we are becoming, not simply model the power system we have inherited
Partnership with C&I Energy + Storage Summit
SAESA is an association partner of the C&I Energy + Storage Summit, created by VUKA Group, taking place on 28–29 October 2026 at The Maslow Hotel, Sandton, Johannesburg.
The summit brings together commercial and industrial energy users, project developers, financiers, regulators and solution providers to explore practical approaches to energy security, procurement and storage deployment.
For businesses assessing how storage can support their operations, the event offers an opportunity to meet SAESA and engage with the wider energy community on the decisions shaping South Africa’s evolving electricity system.
Commercial and industrial energy decision-makers are invited to apply to attend as hosted buyers. Qualifying buyers receive complimentary summit access and curated opportunities to engage with industry partners.
Meet SAESA at C&I Energy + Storage Summit: Join the Hosted Buyer Programme
The Hosted Buyer Programme connects commercial and industrial energy decision-makers with solution providers shaping South Africa’s evolving private energy market.
Qualified energy buyers receive complimentary access to the summit and curated engagement with industry partners exploring energy procurement, storage deployment and project development.
Expanding credible rating coverage can improve the information available to investors and support the development of deeper domestic and regional capital markets
PORT LOUIS, Mauritius, October 8, 2026/APO Group/ –African Export-Import Bank (Afreximbank) (www.Afreximbank.com) welcomes today’s launch of the Africa Credit Rating Agency (AfCRA), an important milestone in strengthening Africa’s financial architecture and expanding the continent’s capacity to generate credible, independent analysis of African credit risk.
Credit ratings play an important role in determining access to capital, influencing investor perceptions and shaping the cost at which governments, institutions and businesses can finance development. It is therefore essential that assessments of African credit risk are independent, rigorous and evidence-based, while reflecting a complete understanding of the structures, institutions and economic realities being assessed.
The establishment of AfCRA adds an important African-led source of credit opinion to the market. Its value will not be measured by whether it produces more favourable ratings, but by the credibility of its analysis, the quality of its data and transparency of its methodology, and its ability to deepen understanding of African sovereigns, sub-sovereigns and corporate credit.
This is particularly important given that many African issuers remain unrated, while local-currency and sub-sovereign markets continue to have limited rating coverage. Expanding credible rating coverage can improve the information available to investors and support the development of deeper domestic and regional capital markets.
AfCRA must set a new benchmark for the continent, maintain its independence, and remain wholly owned and controlled by Africans
Alongside fellow members of the Alliance of African Multilateral Financial Institutions (AAMFI), Afreximbank has consistently maintained that African Multilateral Financial Institutions should be assessed on the basis of their fundamentals, performance, legal frameworks, mandates and operating models. Ensuring that these institutional characteristics are properly understood is essential to achieving informed, balanced and credible assessments of African risk.
Commenting on the uniqueness of the African market, and need for AfCRA’s rating methodology to reflect this, Mr Denys Denya, Senior Executive Vice President, Afreximbank, said: “The rating methodology AfCRA develops must recognise the uniqueness of our environment and its institutional structures. The Agency must set its own standards and not follow those set elsewhere — it must build a unique identity that conforms to an ‘African best practice.”
Highlighting the need for the autonomy of the Africa Credit Rating agency as it takes off, Mr Denya added: “Most importantly, AfCRA must set a new benchmark for the continent, maintain its independence, and remain wholly owned and controlled by Africans. We must all use it, and in return expect a complete assessment of where we (Africa) stand: the strengths the market has ignored, and the weaknesses we still need to fix.”
AfCRA should therefore be seen as complementary to existing international and regional rating agencies, broadening the range of credible analysis available to investors and issuers while strengthening competition, transparency and analytical capacity within Africa’s credit markets.
As Africa seeks to mobilise the scale of capital required for industrialisation, trade, infrastructure and economic transformation, credible African institutions that improve information, strengthen market confidence and deepen the continent’s financial markets will become increasingly important.
Afreximbank congratulates the African Union, the African Peer Review Mechanism (APRM) and all those involved in bringing AfCRA from concept to launch, and looks forward to the contribution the Agency will make to deeper, more transparent and more efficient African capital markets.
Distributed by APO Group on behalf of Afreximbank.
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