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.
Officially supported by Venezuela’s Ministry of Hydrocarbons and national oil company PDVSA, the Houston Industry Showcase will take place on 19 August, convening U.S. energy leaders ahead of Venezuela Energy Week 2027 in Caracas
HOUSTON, United States of America, August 10, 2026/APO Group/ –The organizers of Venezuela Energy Week (VEW) have confirmed that the Houston Industry Showcase will take place on 19 August 2026 at The Post Oak Hotel. Officially supported by Venezuela’s Ministry of Hydrocarbons and national oil company PDVSA, the event will bring together U.S. energy companies, investors and policymakers to explore commercial opportunities ahead of Venezuela Energy Week 2027 in Caracas in February.
The showcase will feature Minister of Hydrocarbons Paula Henao as a keynote speaker, providing an update on Venezuela’s energy priorities, investment agenda and opportunities for international partnership. Her participation underscores the country’s commitment to strengthening engagement with global industry as it seeks to expand production and unlock new upstream investment.
Bringing together exploration and production companies, independent operators, oilfield service providers, engineering firms, technology companies and financial institutions, the Houston Industry Showcase will examine opportunities across exploration, production optimization, infrastructure rehabilitation and field development.
As Venezuela works to increase oil and gas production, demand is expected to grow for the technical expertise of U.S. service providers in drilling, well intervention, completion services, production optimization, artificial lift, digital oilfield technologies and infrastructure rehabilitation. Houston-based industry leaders – including SLB, Halliburton, Baker Hughes, Weatherford and a broad network of EPC contractors, equipment manufacturers and specialized service companies – are well positioned to support the modernization of mature fields, improve operational efficiency and deliver the technologies and services needed for future upstream projects.
The Houston event follows a successful Industry Showcase in London, which brought together international investors, operators and energy service companies to explore Venezuela’s evolving investment landscape. Building on that momentum, the Houston edition will deepen engagement with the U.S. energy industry and strengthen commercial dialogue ahead of Venezuela Energy Week 2027.
Venezuela Energy Week – the country’s largest energy investment platform to date – has been confirmed for 22–25 February 2027 in Caracas. Organized by Energy Capital & Power, the event will bring together government leaders, investors and industry stakeholders from across the global energy value chain.
To register for the Houston Industry Showcase on August 19, visit https://apo-opa.co/4g0TncR. To learn more about delegate, sponsorship and partnership opportunities for the showcase or to secure your place at Venezuela Energy Week 2027 in Caracas, contact info@venezuelaenergyweek.com.
Supporting Venezuela’s Earthquake Recovery Our thoughts are with the people and communities affected by the recent earthquakes in Venezuela. As the country begins the long process of recovery, we encourage members of the global energy community to support relief and reconstruction efforts through the CAF Recovery and Reconstruction Fund for Venezuela, which channels contributions from individuals, companies and organizations to emergency assistance, essential services and long-term rebuilding efforts.
To learn more or make a contribution, please visit the CAF Recovery and Reconstruction Fund for Venezuela (https://apo-opa.co/4hkvteE).
Distributed by APO Group on behalf of Energy Capital & Power.
The Smart Stabilization System is a pioneering digital market infrastructure designed to stabilize asset markets by intelligently managing supply-demand gaps and mitigating excessive volatility
JEDDAH, Saudi Arabia, August 10, 2026/APO Group/ –The Islamic Development Bank Institute (IsDBI) (https://IsDBInstitute.org) is pleased to announce that the Intellectual Property Office of Singapore (IPOS) has granted a new patent for its innovative Smart Stabilization System.
The patent was granted on 10 July 2026 under Singapore Patent No. 10202250873B for the invention titled “A Computer Network Stabilization System and Method.” The patent application was filed on 1 September 2022 and was formally granted following a comprehensive review process.
This achievement reflects our commitment to translating pioneering research into practical solutions that contribute to economic resilience and sustainable development
The Smart Stabilization System is a pioneering digital market infrastructure designed to stabilize asset markets by intelligently managing supply-demand gaps and mitigating excessive volatility. Leveraging sophisticated algorithms and advanced simulation models, the system is designed to anticipate supply and demand imbalances and implement programmable stabilization measures before they escalate into market disruptions.
Unlike traditional stabilization mechanisms that rely on capital reserves, buffer funds, or external interventions, the Smart Stabilization System introduces a next-generation framework for achieving autonomous market stabilization through proactive and programmed stabilization mechanisms. By incorporating distributed ledger technology and cryptographic trust mechanisms, the platform enhances transparency, trust, and operational resilience for digital asset and commodity markets.
The successful patent grant reflects IsDBI’s growing contribution to technological innovation and its commitment to developing knowledge-based solutions that address contemporary economic and development challenges.
Since filing the patent application back in 2022, the Institute has continued to advance the Smart Stabilization System through ongoing development and testing, aimed to expand its practical applications and support future capitalization opportunities. These advancements have positioned the system as a potentially transformative solution for enhancing stability and resilience in increasingly digital and interconnected economies.
Commenting on this occasion, Dr. Sami Al-Suwailem, Acting Director General of IsDBI, said, “The grant of this patent by the Intellectual Property Office of Singapore further strengthens the Institute’s position as a leader in developing innovative knowledge-based solutions that leverage modern technologies to address complex development challenges. This achievement reflects our commitment to translating pioneering research into practical solutions that contribute to economic resilience and sustainable development.”
Distributed by APO Group on behalf of Islamic Development Bank Institute (IsDBI).
The Liberia Petroleum Regulatory Authority will host operators, investors and partners in Houston on August 19 to preview future licensing opportunities and showcase the exploration potential of its offshore basins
HOUSTON, United States of America, August 7, 2026/APO Group/ –The Liberia Petroleum Regulatory Authority (LPRA) will present its strategy for the country’s next offshore licensing round at Liberia Investor Day Houston on August 19, bringing together international exploration companies, investors, service providers and energy leaders to discuss the next phase of Liberia’s upstream development.
Hosted in partnership with Energy Capital & Power, the event will provide a platform for the LPRA, led by Director General Hon. Marilyn T. Logan, to outline Liberia’s regulatory framework, investment priorities and plans to attract new participation across the country’s offshore sector. Discussions will focus on upcoming licensing opportunities, exploration prospects and the subsurface data supporting future investment decisions.
Liberia’s offshore sector is entering a new phase of exploration activity, with renewed international participation and a growing pipeline of opportunities. Following the award and ratification of eight Production Sharing Contracts in 2025, Liberia has re-established itself as a frontier exploration destination, with international operators advancing work programs designed to further evaluate the country’s petroleum potential. TotalEnergies is progressing exploration activities that include offshore geochemical surveys, 3D seismic acquisition and seabed mapping, while Oranto Petroleum has also signed contracts to explore Liberia’s offshore.
At the Liberia Investor Day Houston, the LPRA will provide industry stakeholders with insight into the priorities shaping the next licensing round, including the anticipated process, qualification requirements, available acreage and access to technical data. The engagement will give prospective investors a clearer view of Liberia’s exploration landscape and the opportunities emerging across its offshore basins.
The event will also facilitate direct dialogue between LPRA and the global upstream community, connecting companies with policymakers and industry stakeholders involved in shaping Liberia’s next chapter of petroleum development.
As exploration companies continue to seek new frontier opportunities, Liberia Investor Day Houston will highlight the role of regulatory certainty, data availability and strategic partnerships in unlocking long-term investment across Liberia’s offshore sector.
Registration is now open for attendees. Companies interested in Liberia’s emerging offshore opportunities are invited to join LPRA, investors and upstream leaders in Houston for insights into the country’s licensing strategy and exploration outlook. For more information contact info@energycapitalpower.com.
Distributed by APO Group on behalf of Energy Capital & Power.
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