African Export-Import Bank (Afreximbank) has reported a robust set of financial results for the first quarter of 2026, with net income rising 25% year-on-year to US268.9 million, up from US215.4 million in Q1 2025. The results demonstrate continued resilience and disciplined balance sheet management despite a challenging global operating environment.
Profitability and Revenue Growth
Revenue growth was driven by strong lending activity. Total interest income climbed 14% year-on-year to US813.6 million, while net interest income rose 24% to US510.0 million, compared with US411.2 million in Q1 2025 — a notable achievement given declining global benchmark rates. Gross income for the quarter reached US874.1 million, up from US$784.9 million a year earlier.
Average loans and advances stood at US32 billion for the quarter, up 8% on the prior year period, while total credit exposure grew 2% to US42 billion, up from US$41 billion at year-end 2025. Return on average equity improved to 13% from 12%, and return on average assets rose to 2.62% from 2.38%.
Balance Sheet and Asset Quality
The Bank’s balance sheet remained solid across key metrics. Shareholders’ funds grew to US8.6 billion, supported by US268.9 million in internally generated capital and new equity investments received during the quarter. The capital adequacy ratio held steady at 23%, in line with the Bank’s long-term targets.
Asset quality remained firm, with the non-performing loan ratio edging slightly lower to 2.40% from 2.43% at year-end 2025, remaining below the industry average. Liquidity was also well maintained, with cash and cash equivalents of US$5.6 billion representing 14% of total assets. The cost-to-income ratio came in at 19%, well within the Bank’s strategic ceiling of 30%.
Strategic Developments
During the quarter, Afreximbank launched a US$10 billion Gulf Crisis Response Programme in March 2026, aimed at helping member countries absorb the economic spillover effects of the Gulf crisis. The facility is designed to support liquidity, stabilise trade and payments, and address supply-side disruptions in sectors including energy, tourism, aviation, fertilisers and food imports.
A significant membership milestone was also reached when South Africa ratified Afreximbank’s Establishment Agreement in February 2026, bringing one of the continent’s largest and most diversified economies into the fold and giving the Bank full continental coverage across Africa.
Commenting on the results, Denys Denya, Afreximbank’s Senior Executive Vice President, said:
“Against a backdrop of continued global uncertainty, heightened geopolitical risks and tight financial conditions, the Group delivered a resilient first-quarter performance, underpinned by disciplined balance sheet management, sound asset quality and strong capital and liquidity buffers. The growth in net interest income and profitability demonstrates the strength of our operating model and the continued relevance of our mandate. Our swift launch of the US$10 billion Gulf Crisis Response Programme further underscores Afreximbank’s counter-cyclical role in supporting member countries during periods of disruption. We remain focused on stabilising trade flows, easing liquidity pressures and advancing the industrial and economic transformation of Africa and the Caribbean.”