Afreximbank H1 profit jumps 30% to $535m as lending hits $35.4bn

By Udeme Akpan

The African Export-Import Bank (Afreximbank) recorded a 30 per cent increase in net income to $534.7 million in the first half of 2026, as stronger lending boosted earnings while the bank’s asset quality improved.

Net income rose from $412.7 million in the first half of 2025, while net interest income increased 22 per cent to $1 billion. Net loans and advances also grew 5.7 per cent to $35.4 billion, from $33.5 billion at the end of 2025.

The bank’s total assets and contingencies increased 7.8 per cent to $52.3 billion, while its non-performing loan ratio improved to 2.20 per cent, from 2.43 per cent at year-end 2025.

Return on average shareholders’ equity rose to 13 per cent, from 11 per cent in H1 2025, while return on average assets increased to 2.54 per cent from 2.22 per cent.

Fee and commission income also climbed 15 per cent to $71.1 million, supported by higher fees from guarantees, letters of credit and advisory services.

Commenting on the performance, Afreximbank’s Senior Executive Vice President, Denys Denya, said the results demonstrated the resilience of the Group despite a challenging global environment.

“Our financial performance and strong position reflect the continued resilience of the Group at a time when our member countries are navigating a particularly complex global environment,” Denya said.

He said the stronger balance sheet would allow the bank to respond to market disruptions while maintaining its support for African and Caribbean economies.

“Our healthy balance sheet gives us the capacity to respond when markets are disrupted, while continuing to finance the trade, industrialisation and investment that underpin longer-term economic resilience,” he said.

Denya said the expansion of lending was supported by strong asset quality and diversified funding, giving the bank greater capacity to address both immediate economic pressures and longer-term development needs.

“The expansion of our lending, the strength of our asset quality and our continued access to diversified funding enable us to remain responsive to immediate challenges while supporting the structural transformation of African and Caribbean economies,” he said.

The bank also maintained a strong liquidity position, with liquid assets accounting for 13 per cent of total assets, within its strategic target range of 10 to 15 per cent.

Shareholders’ funds increased to $8.5 billion, supported by $534.7 million in internally generated profits and $13.9 million in new equity raised during the period.

Afreximbank further strengthened its funding position after the reporting period with a $1.5 billion dual-tranche bond issuance, the largest international debt capital markets transaction in the bank’s history.

The issue comprised $750 million in a 5.5-year tranche and $750 million in a 10-year tranche and was approximately two times oversubscribed.

The strong investor demand reinforces the bank’s access to international capital markets as it seeks to expand financing for trade, industrialisation and investment across Africa and the Caribbean.

The first-half performance comes as African economies face persistent financing gaps and seek greater access to capital for infrastructure, industrial development and intra-African trade.

With profitability strengthening, lending expanding, bad loans declining and funding access remaining robust, Afreximbank is entering the second half of 2026 with increased capacity to support economic transformation across the continent.

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